In the ongoing CBN intervention of the Dollar against the Naira, a new policy has been issued by the Apex bank on the dollar to BDC operators in order to achieve their goal. The Central Bank of Nigeria (CBN) yesterday reduced rate at which it sells foreign exchange (forex) to bureau de change (BDCs) from N381 to dollar to N360 to dollar. The BDCs are to sell to end users at N362 to dollar. The rate reduction comes barely 24 hours after its directive to Deposit Money Banks (DMBs) in the country to sell forex obtained from it to retail end-users at not more than N360 to dollar for invisible. The CBN Acting Director of Corporate Communications, Isaac Okorafor, confirmed the directive in Abuja, adding that the CBN, under the new policy, will sell forex to the licensed BDCs at the rate of N360/$1, while they will in turn sell to customers at a rate not more than N362 to dollar. Okorafor said the objective of the new forex sale policy was to ensure a convergence of rates in the interbank and BDC. this benchmark rate will help to confine the rate a point of stability but this stability would not be a long term programme as it shall curb the situation on a short term bases. on the long run a better policy need to be put in place for sustainability of the Naira which eventually bring down the price of goods.
In a related development there is a report that’Insurance firms owe N19.7b pension fund’ – The Pension Transitional Arrangement Directorate (PTAD) yesterday accused insurance firms of failing to remit pension funds totaling N19.7billion. Its Executive Secretary, Sharon Ikeazor who spoke at a news conference in Abuja, said only Leadway Assurance has successfully transferred the funds in its kitty to the the e-collection account of the agency with the Central Bank of Nigeria (CBN). She also explained that the implementation of the report of the staff audit conducted by the office of the Head of Service for the agency was ongoing and did not rule out the possibility of the five Directors fired recently from the agency being made to refund some money to government. She said the agency saddled with the responsibility of handling pension matters under the Defined Benefit Scheme is working with the Minister of Finance to ensure that all outstanding legacy funds are transferred to the agency in order to have money to defray some of the liabilities arising from the non payment of pensions.
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