CBN moves to end round tripping in banks, monitors OTC forex sales
THE Central Bank of Nigeria (CBN) has commenced the monitoring of deposit money banks to ensure their compliance to the regulations of foreign exchange (fx) market.
Its move is to ensure an end to round tripping where banks divert foreign exchange obtained from the CBN at official rate to the black market for higher profits.
The practice had created artificial scarcity and had denied users of foreign exchange even in their most basic transactions.
Governor of CBN, Godwin Emefiele, led a team of management staff to monitor Over-the-counter (OTC) sales of forex by banks to users irrespective of whether they are account holders or not.
The CBN had last week directed banks to begin OTC sale of forex to all customers once they possess the necessary documents.
Emefiele, who visited the zonal headquarters of some banks in Abuja yesterday, urged members of the public to go to the banks for all their foreign exchange needs.
He explained that one did not need to be a customer to obtain forex from the banks and that such transactions should be concluded on the spot, once the applicants have their basic travelling documents such as international passport, valid visa and flight ticket. His words: “We have issued a directive that all banks are mandated to sell basic transport allowance (BTA) to anybody that walks into their banks. It is deliberate. Whether he is a customer of the bank or not, he should get forex. It is the bank’s primary responsibility to provide currency for travelers out of the country.
“So, all you need are your passport, visa and return ticket. And you are not expected to just deposit your documents and go away. They should attend to you over the counter.
“The essence of this visit is to see whether the banks are doing what they were asked to do. I must say that I am happy. The policy hasn’t gained ground. I would have loved to see a long queue of people waiting to buy BTA at the banks.”
He said the banks have enough foreign currencies and that people should not have problem getting foreign exchange, stressing that customers should access forex at designated PTA/BTA stands or Bureau de Change (BDCS).
Corps doctor takes healthcare services to A’ibom community
AS the National Youth Service Corps (NYSC) marks its 45 years anniversary, serving corps members have urged the federal and state governments to improve their welfare packages for more effective service delivery.
They also asked for better packages for staff of the scheme
The corps members, who were interviewed during a road walk show along Ali Akilu Road in Kaduna yesterday said the scheme had not done bad in the past 45 years but believed it could do better in the next 45 years with greater support of all and sundry.
Glory Olaniyi, a graduate of Animal Production and Health from the Ladoke Akintola University of Science and Technology (LAUTECH), Ogbomoso, Oyo State, said she considered the national service an opportunity to know her country better, meet new people and increase her chances of entrepreneurship.
“I think the scheme is not doing badly, especially in the area of national integration. I am a living example. I am from Osun, schooled in Oyo and now serving in Kaduna, which to me is the ideal thing.
Also sharing her experience, Garba Salome, a graduate of Physics Education from Adamawa State University believed the scheme was making progress as she could see some changes in the way young people do things.
“Those that passed through the service are doing things as evidence of the self-reliance training they received during the one year mandatory service to their fatherland,” she added.
State Coordinator of the scheme, Dahunsi Muhammad said, the NYSC was already a household name and one of the few organisations that have contributed to the progress and achievements of the country, describing those calling for its scrapping as ‘ignorant’ of its achievements over the years.
Meanwhile, a medical doctor and a serving National Youth Service Corps NYSC member, Mrs. Esther Akpan, who is serving at the Nigeria Medical Association Clinic in Uruan Local Council, Akwa Ibom State, has build a clinic for Adadia Community as her personal Community Development Service (CDS).
Akpan, who said she was moved to serve lives and make people feel happy, also donated desks and sick bays to four schools in the same local government area of her primary assignment.
Again, she said she was motivated to make the donation on the realisation that health posts were not available in most schools in Uruan Local Council, while some children sat on the floor to receive classes.
She undertook de-worming of pupils of government primary school, Ibiaku Issiet, liaised with state government to provide desks to the primary school, set up a sickbay in Adiaha Obong Secondary School, Ekpene Ukim and Methodist Secondary School, Ibiaku Issiet.