Connect with us

Money market

CIBN wants banks to stop unreasonable target setting for staff

Published

on

The Chartered Institute of Bankers of Nigeria (CIBN) has called on banks’ managements to stop setting unreasonable targets for their staff.

The Institute made the call in Abuja on Wednesday while presenting a research report with title ‘The Analysis of Human Capital Attrition in an Evolving Glocal Context: A Case Study of the Nigerian Banking Industry.’

The research was presented at the 15th Annual Banking and Finance Conference of the institute with title ‘Repositioning the Financial Services Industry for an Evolving Glocal Context.’

Dr Grace Makinde, the Coordinator of the research, said undue targets given to bank staff by their managers contributed to human capital attrition in the banking industry.

She said that employees’ attrition impacted negatively on the economic performance of any organisation or industry.

Makinde, a Senior Lecturer at Babcock University, said that work load, job recognition and work environment be given due attention by managers in the industry.

She suggested that regular review of policies and benchmark work pattern to meet international best practices be adopted in the banking sector.

According to her, the banking industry “was bleeding, people are leaving and it is affecting all of us.

“If we can work on these push factors, things that are pushing people out of the work place then, many workers will prefer to stay.

“They will stay when the environment is conducive and culture acceptable,” she said.

Dr Ken Opara, the President/Chairman of CIBN, said that the recommendations from the research and the event would be disseminated to policy makers and participants.

“As a pivotal sector of the economy, we are not oblivious of the brain drain or Japa syndrome affecting the workforce in our country.

“This is an annual event of our Institute that offers the banking profession a platform to engage with stakeholders and the economy on developments affecting the industry.

“We are in the digital age where technology has made a significant impact on every industry, including the financial services industry,” he said.

Opara said that technology had transformed financial services with the latest fintech solutions and modern trends.

“As a result, the financial services industry would need to adapt to this much faster pace of change.

“Services, products and technologies that were new and useful yesterday will not necessarily be so soon.

“This year’s edition of the conference aims to consider the forces that could significantly impact the overall landscape of the financial services industry in a rapidly evolving world,” he said.

Money market

Naira will continue to appreciate against dollar – Shettima

Published

on

Vice President Kashim Shettima has expressed optimism that the Naira would continue to appreciate against the dollar at the forex market.

Spokesperson of the Vice-President, Mr Stanley Nkwocha, in a statement on Saturday, said Shettima stated this at a meeting with officials of the Lagos Chamber of Commerce and Industry (LCCI), at the President Villa, Abuja.

He said President Bola Tinubu ended the fuel subsidy and ensured the unification of the multiple exchange rate because the former arrangement was producing billionaires overnight.

“Naira went haywire and some people were celebrating but inwardly we were laughing at them because we knew that we have the leadership to reverse the trend.

“Asiwaju knows the game, and truly the Naira is gaining and the difference will drop further.”

He recalled that the quality of leadership provided by President Tinubu as governor of Lagos laid the foundation for the massive development witnessed in the state.

Shettima assured that the Tinubu administration is doing its best to address challenges in the power sector.

According to him, Tinubu’s administration is aware that power is absolutely essential for development.

“We are determined to ensure that we generate jobs for our youths. Honestly, the President’s obsession is to live in a place of glory, to transform this country to a higher pedestal.

“He wants to leave a legacy, one of qualitative leadership because the hope of the black man, the hope of Africa rests with Nigeria.

“I want to assure you that President Bola Ahmed Tinubu is one of you. He understands your ecosystem. In this government, you have an ally and a friend.”

Earlier, the President of LCCI, Gabriel Idahosa, emphasised the need for the Federal Government to consider more innovations to address the insecurity challenge in the country.

He also urged the Tinubu administration to ensure a significant upswing in the pace and scale of alternative policy measures that promote credit access, stimulate investment, and support entrepreneurship.

“This could include targeted interventions such as concessional lending facilities, loan guarantees, and interest rate subsidies tailored to the needs of SMEs and key sectors of the economy like agriculture, manufacturing and power technology.”

Continue Reading

Money market

LCCI advocates discipline, export to sustain Naira appreciation

Published

on

LCCI advocates discipline, export to sustain Naira appreciationThe Lagos Chamber of Commerce and Industry (LCCI) has emphasised the importance of maintaining discipline in the foreign exchange market to sustain the steady appreciation of the Naira.

The President and Chairman of the Council of LCCI, Mr Gabriel Idahosa, made the call in an interview with newsmen on Wednesday in Lagos.

Idahosa praised the efforts of the Central Bank of Nigeria in imposing discipline, attributing the recent Naira appreciation to curbing speculative activities.

“On the monetary side, the CBN is doing it. The primary efforts should continue to impose discipline in the foreign currency market.

“The abuses in the foreign currency market were prevalent and most of the fall in the value of the Naira in the last six months is not because there was any sudden calamity in the Nigerian economy.

“It was primarily because of very reckless speculations, that people were just speculating in the dollar, they had nothing to export, nothing to import, they were just buying the dollar for speculative reasons.

“And once the Central Bank started to impose discipline in the foreign currency market, we saw the value of the Naira rising very quickly by stopping speculation,” he said.

According to him, the strategies of the Central Bank, now, are designed to achieve a sustained discipline in the foreign currency market.

Idahosa highlighted the need to continue reducing the number of Bureau de Change operators, stressing that many operated without contributing to international trade.

He applauded the Central Bank’s move to enforce documentation and identification of buyers and sellers at BDCs, aiming to deter reckless speculation and curb illicit financial flows.

On the fiscal side, Idahosa urged President Bola Tinubu to prioritise a nationwide export drive, citing it as the key to bolstering the Naira and providing essential foreign exchange.

He emphasised the importance of fostering a culture of export among Nigerians across all scales of enterprise to reduce reliance on imports and strengthen the country’s economic resilience.

Continue Reading

Money market

Foreign reserves decline to $32.29bn

Published

on

The foreign reserve has depleted to $32.29 billion, which is a six-year low in the Central Bank’s course to save the naira.

This is the lowest level the reserves have been since September 25, 2017, when it was $32.28 billion.

The country’s foreign reserves declined by 6.2 percent, losing $2.6 billion since March 18, when the naira started its rebound from record-low levels against the dollar to $32.29 billion as of Monday, based on the latest available data from the CBN.

At the beginning of the month, the reserve was at $33.57 billion, then further dipped to $32.6 billion by April 12.

This comes as the CBN has attempted to save the naira through various interventions such as raising interest rates to 24.75 percent and managing foreign exchange trades.

It stepped up its intervention in the FX market with sales at both the official market and to BDC operators who sell dollars on the streets.

The apex bank, which sells $10,000 to each BDC every week, mandated them to only sell at a spread of 1.5 percent, which comes to N1,117 per US dollar.

The rate sold by the BDCs has set a defacto floor for the naira in the black market since the apex bank resumed sales to them in February.

Also, last month the CBN said it had cleared a backlog of $7 billion since the beginning of the year. That was built over the years as the central bank pegged its currency against the dollar, leading to a scarcity of foreign currency that deterred foreign portfolio investment. However, it’s unclear how much dollar debt the CBN retains on its books.

Akpan Ekpo, a professor of economics and public policy, said the CBN’s managed float system in which it is trying to ensure supply and curtail demand is not sustainable in the long term.

He said the CBN needs to be careful with how it depletes the foreign reserves as its main source is oil revenue.

“We need to manufacture non-oil goods and services, export them, and get foreign exchange and not depend on oil income,” he said.

Continue Reading

Trending