Connect with us

Business

CBN sets daily deposit limits for Commercial Banks

Published

on

…says foreign currency deposits limited to Abuja and Lagos CBN branches

By Opeyemi Abdulsalam

The Central Bank of Nigeria (CBN) has released new directives to commercial banks regarding the deposit of foreign currency cash with the apex bank.

In a circular COD/DIR/INT/CIR/001/016 published on the bank’s website, the Director of Currency Operations, Mr. Mohammed Solaja, instructed Deposit Money Banks (DMBs) to submit a written notification to the Central Bank of Nigeria (CBN) at least three working days prior to depositing foreign currency notes, indicating their intention to make such a deposit.

The Central Bank of Nigeria (CBN) has specified that deposits of foreign currency can only be made at its branches in Abuja and Lagos.

It further directed that each bank would be allowed a maximum deposit of $10 million threshold for USD 100 notes and USD 50 notes daily.

The CBN said that smaller denominations of $ 20 notes and belows would be at a maximum of $1 million daily.

British Pound and Euro were also pegged at GBP 1 million and Euro 1 Million per day per DMB.

According to the circular, each denominations would be in separate boxes and two representatives of a DMB wanting to make.deposits must be present to witness the counting and confirm the amount.

It added that only CBN-registered CIT companies for deposit of foreign currency notes would be allowed to representative the DMBs in the exercise.

CBN directed that the deposits would take place between 8.00 am and 12 noon and that the selected branches must confirm the deposits same day.

Handling charge, it.said would be at 0.30 percent and would be received from the Current Accounts of DMBs with the CBN.

The bank said that the new guidelines supersede the June 17, 2017 circular referenced: COD/DIR/GEN/CMF/11/094.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Alternative building materials to cut costs, boost housing affordability — NBRRI

Published

on

By Esther Agbo

The Director of Consultancy & Executive Services at the Nigerian Building and Road Research Institute (NBRRI), Makava David, has revealed that using alternative building materials like bricks and laterite can reduce housing construction costs by 25 to 30 percent, making homeownership more attainable for Nigerians.

He announced this over the weekend in Calabar following a presentation at the Cross River State Ministry of Housing. The presentation detailed NBRRI’s partnership with the Regional Sustainable Energy Centre of Excellence for Sub-Saharan Africa to initiate a 3,000-unit low-cost housing scheme across the state’s three senatorial districts, with backing from international agencies and local banks.

Speaking to journalists after the presentation, Mr. David stated that the use of alternative building materials would make houses much more affordable for the average person.

He said, “The cost of materials now is on the high side, the technology that NBRRI is bringing is mainly the use of locally sourced material used in building houses .

“We will use clay for the blocks, fibre for the roofing sheets and this will practically bring down the cost of the building up to 25 to 30 percent compared to conventional building material.

“The aesthetics is next to none, when it’s cold outside it’s warm inside and when it is hot outside it’s cool inside, that is why we are bringing this technology to the good people of Cross River with a payment period of 30 years, so that our people can have affordable houses they can call their home.

“Our target and the mandate of the consultant is to provide 3,000 units of low cost housing units in the three Senatorial districts of the state, and it takes less time to build once the materials are in place.”

Cross Rivers Commissioner for Housing, Dr. Beatrice Igwe, expressed government support for the initiative, highlighting Governor Bassey Otu’s commitment to projects that improve living standards. She lauded the tripartite meeting as a significant step towards reducing the state’s housing challenges by providing affordable, quality housing.

She noted, “The tripartite meeting you just witnessed is the birthing of a project that can reduce the housing challenges of the people of Cross River with a view to giving them modest and affordable housing.

“Alternative building materials are the future and the way forward. The presentation we have witnessed has shown that if properly executed there will be progress as well as a boost in the availability of low cost housing in the state.

“I can assure the partners , and other stakeholders that our Governor who has always put the people first , will key into any programme that will alleviate the suffering of the people and improve their living standard.

“I believe he will surely key into any good program that will make life comfortable for the common CrossRiverian.”

Project facilitator Sir Clay Ogeh Ekpong noted the state’s housing deficit, which prompted the outreach to both foreign and local partners to initiate low-cost housing estates.

He praised Governor Bassey Otu, describing him as a people-friendly leader, for his full support and commitment to the housing scheme.

Ekpong emphasised that the project aligns with the governor’s vision of providing homes for Cross River residents, significantly reducing housing challenges. He stated that plans are underway to construct 1,000 bungalows each in Odukpani, Ikom, and Ogoja/Yala local government areas.

Additionally, the CEO of RSECESSA, Dr. Ibrahim Aminu, expressed enthusiasm and anticipation for the project’s start.

CEO of RSECESSA, Dr. Ibrahim Aminu, expressed enthusiasm for the project’s commencement, noting that it aims to deliver affordable, high-quality housing without financial strain on buyers. The broader program targets building one million houses across Nigeria and the FCT, in partnership with NBRRI.

Aminu stated, “The partners have already put plans in motion to make the project a reality, the idea of reducing the challenges of housing is one aspect and then using alternative materials to build is another major aspect with a view of giving the people quality for their money without breaking the bank.

“We want to ensure that we bring affordable housing to our people and make sure they can also pay for these houses with ease and no pressures, and after retirement they can own good houses at the end of the day.”

Continue Reading

Business

FG threatens termination of major road contracts over delays

Published

on

By Esther Agbo

Minister of Works, Sen. David Umahi, has issued a warning that the Federal Government is prepared to terminate contracts with Julius Berger, CCECC, and RCC firms involved in two major South South road projects if they fail to demonstrate commitment within one week.

Speaking in Uyo, the Minister addressed Senate President Godswill Akpabio and other stakeholders from Akwa Ibom, emphasising President Bola Tinubu’s intention to launch the Calabar-Akwa Ibom sections of the Lagos-Calabar Coastal Highway by August.

Umahi specifically identified the Eleme-Onne Section of the East-West Road in Rivers State under RCC, and the Calabar-Itu Road sections managed by Julius Berger and CCECC as projects of concern.

He criticised the contractors for prolonged delays and incomplete work, accusing some of lobbying government officials to avoid penalties from the Works Ministry.

Umahi stated, “By end of this coming week, if Julius Berger fails to re-mobilise to site and CCECC fails to re-mobilise to at least 3 Sessions, their jobs will be terminated.”

Regarding the Eleme-Onne section of the East-West Road, Umahi stated, “The worse of the roads in the entire South South is that Section on the East West Road. RCC has collected over N40 billion. 15km of Road, N156 billion inherited from the past administration.

“We’ve been on them to change their ways. And by the end of next week the 14 days notice of termination will elapse and we will terminate the contract.”

Senate President Akpabio and Akwa Ibom Governor Umo Eno urged Umahi to address other neglected federal road projects in the state and ensure contractors fulfil their obligations to benefit residents and travellers.

Continue Reading

Business

Tinubu set to launch next phase of Lagos-Calabar coastal highway in August

Published

on

By Esther Agbo

The Federal Government, continuing its infrastructural development under the Renewed Hope Agenda, has announced plans to inaugurate the next phase of the Lagos-Calabar Coastal Highway, spanning from Cross River to Akwa Ibom, in August.

This announcement was made by the Minister of Works, David Umahi, during a stakeholders engagement meeting at Ibom Hall in Uyo, Akwa Ibom State, on Saturday. The details were provided in a statement by the ministry’s Director of Information and Public Relations, Edet Ekpenyong, on Sunday.

Umahi highlighted that, “We are here to introduce Section Three and Four of the famous Lagos-Calabar Coastal Highway.

“We started and awarded Section One which started in Lagos and terminated at deep port in Lagos and is at 47.4km.

“There is Section Two that is starting at Lekki Deep Sea Port and taking it to the famous Dangote Refinery.

“The President has graciously directed that Section Three and Four must start at Cross River and stop at Akwa Ibom.”

He went further by asserting that, “Section Three has 27 km on Akwa Ibom land 38 km on Cross River State. While Section Four is entirely on Akwa Ibom that is 80 km.When you add 27 km and 80km, you have 107km. So, you are benefiting from maximising this coastal highway.

“When we complete the procurement process and award this Section Three and Four, work will start in many sub- sections of this section all at the same time.

“Tinubu is a man who matches his words with actions. So we are happy with the level of commendations and support we received from Nigerians and so many benefits of the coastal highway.”

Minister Umahi however praised President Tinubu for his commitment to matching words with actions, acknowledging the commendations and support from Nigerians.

Concluding the event, Senate President Godswill Akpabio thanked President Tinubu for initiating Sections Three and Four, urging Akwa Ibom State Governor, Pastor Umo Eno, to provide full support to the Federal Government.

Continue Reading

Trending