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Banks Tighten Forex Access as Reserves Drop to $38.57bn

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By Joseph Amah, Abuja

Nigeria’s external reserves hit a seven-month low after falling to $38.57bn as of May 25, 2022, according to figures obtained from the Central Bank of Nigeria.


Findings have shown that the continuous decline in the country’s external reserves used to defend the naira value is making the banks tighten access to foreign exchange to travellers and other legitimate users as scarcity bites harder.


According to figures obtained from the CBN on movement in external reserves, the reserves which had been fluctuating for weeks now, experienced its lowest of $39.

01bn and $38.39bn on October 10 and 8, 2021 respectively.


Due to scarcity, many banks are extending waiting period to access forex for foreign trips, thereby denying travellers with urgent trips access to apply for Personal Travel Allowance or the Business Travel Allowance requests.


The banks have also been reducing the amount a customer can spend on the cards in dollar terms.
Ecobank Nigeria on Sunday explained its current stand on retail foreign exchange transactions for international school fees, accommodation and upkeep payments as well as PTA/BTA requests.


The Head, Consumer Banking, Korede Demola-Adeniyi, Ecobank said, “Due to current market trends, we require a 30-day window to complete requests for school fees, accommodation, and upkeep.”
He said part of the process involved a review of all documents to ensure compliance with regulatory requirements.
The statement added that “In order to ensure smooth service and allow disbursement of PTA/BTA within the timeline, we request that applications are submitted with the required documentation.”


Access Bank also explained its stand in a mail to its customers on forex needs for international school fees, upkeep payments and PTA/BTA requests.


It stated that, “All requests are reviewed to ensure that they meet regulatory requirements. In addition, due to limited forex availability provided by the Central Bank of Nigeria, we require a 30-day period to fulfil requests for school fees, upkeep and rent payment.


“However, for PTA/BTA, we request that you submit your application 14 days before your proposed travel date to allow disbursement within the timeline.”


First Bank had earlier notified its customers of cut in dollar access in a mail titled, ‘Reduction of naira card cross border rate to $20’.
“Due to current market realities on foreign exchange, we’ve reviewed cross border transaction limits for the Naira Mastercard, Naira Credit Card, our Virtual card and Visa Prepaid Naira card further to $20 monthly. This will take effect on 1 April 2022. Also, International ATM withdrawals will not be allowed with our Naira cards at this time.”


The CBN Governor, Godwin Emefiele, while giving reasons on dwindling reserves at the last Monetary Policy Committee meeting, noted that the gross external reserves declined moderately from $39.28bn at the end of March 2022.


“This was attributed to the weak accretion to the reserves from exports and the high cost of importation of refined petroleum products,” he said.


A past President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, said politicians were mopping up the forex for their campaign.


He said, “Part of the reason why there is no forex is the activities of the politicians. They cannot carry a huge sum of naira to spend for delegates so they have changed all the money into dollars.
“You will see that after all the primaries, the dollar will come down. The banks don’t have dollar to give to genuine importers. Also, the speculative activities on forex are not helpful. Nigeria needs to be productive to earn more forex.”
According to him, external and internal volatility are having effects on the forex.

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Bandits Invade Niger Local Market,  Village  Head, 20 Others Killed

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From Dan Amasingha,  Minna

After relative  peace since the start of the Ramadan fast,daredevil Bandits  invaded a Niger local market and killed the Village head and 20 traders in Madaka, Rijau local government areas of Niger State.Rijau Local Government which borders  neighbouring Kebbi State, has experienced consistent banditry attacks in the past one year.

Eye witnesses inform our Correspondent that the suspected bandits riding on motorcycles stormed the market  on Thursday  afternoon  around 3.
30- 4pm  when activities at the market  were  at its peak.According  to the source,  the invading  bandits who shot sporadically  into the air to scare away traders later started ransacking big time traders by carting away food stuffs  and Cash.
Villagers who had the pandemonium at the market square fled into nearby bushes to take cover and the Village head who attempted  to find out  what was happening was shot dead at close range.”At the end of the confusion, we discovered that twenty one persons  including our Village  head were wasted,The Source  maintained that, the bandits before leaving  later set about 50 houses  including commercial shops on fire, and a  number of cars and motorcycles were burnt down during the incident.”After  killing innocent victims and burning down the market they also went away with an unspecified number of the villagers to an unidentified destination”Confirming  the incident,  Madaka District Head, Alhaji Isah Bawale  said  it was a black Thursday evening in a telephone interview on Friday morning.He further recounted that the Community  had come under similar attack some times ago when his predecessor  was killed without any resistance from security agencies.When contacted, Niger State Command of Police Public Relations Officer PPRO SP Wasiu Abiodun assured to verify and get back but he couldn’t revert at the time of filing in the report.Meanwhile, the Niger state government, especially the commissioner for security, General Bello Abdullahi Mohammed (retired) is yet to speak on the incident.

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Women Are Nation Builders, Bayelsa NAWOJ

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From Mike Tayese, Yenagoa

The Nigerian Association of Women Journalists, NAWOJ, Bayelsa State chapter has described women as society builders hence they should be empowered to harness their potentials for nation building.

Chairperson of NAWOJ Bayelsa, Mrs Grace Orumieyefa handed down this during a one day program to commemorate the 2024 International Women Day held at the Nigerian Union of Journalists, NUJ Press Centre in Yenagoa, the state capital.

Mrs Orumieyefa noted that NAWOJ has over the years been at the forefront of advocacy for women rights as the empowerment of women brings empowerment for everyone around her which makes a better society.

Also speaking, Chief Executive Officer, Eunice Nnachi Women Advocacy Foundation, ENWAF, Lady Eunice Nnachi urged women to take advantage of technological advancement to improve their learning and training in order to empower themselves.

“You can learn almost anything using the internet, through YouTube, women should use this medium to learn many things and train themselves.”

While responding to questions, she said, women should not be desperate to get life partners but should ensure that they have partners who can help them to achieve their dreams.

The Keynote Speaker, Mrs Ebi Kakandar who delivered a lecture on “Harnessing the Prospects and Potentials of Women” called on women to shun all forms of laziness, be determined and courageous to pursue their life ambitions.

Mrs Kakandar pointed out that factors such as building a growth mindset, improving your emotional mindset, developing willpower, cultivating strong social support, aspiring for greatness and setting achievable goals are some of the keys to achieving success as a woman.

She encouraged women to seek more knowledge and inspire themselves to be self-reliant.

Various organizations such as NUJ, FIDA, NLC, MWAN, Starzz Initiative, DO Foundation, POWA and other women organizations as well as NGOS delivered Goodwill messages for women advising to aspire for higher achievement.

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Students Loan: FG Explains Delay in Take-off, Sets New Date

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The Federal Government has set the month of March for a definite opening of the Nigeria Education Loan Fund (NELFund) portal for eligible students.

Dr Akintunde Sawyerr, Execute Secretary NELFund, who disclosed this in an interview with newsmen on Thursday in Abuja urged eligible students to register to access the fund.

President Bola Tinubu on June 12, 2023, signed the Access to Higher Education Bill into law to enable indigent student access interest-free loan to pursue their education in any Nigerian tertiary institutions.

The scheme was slated to commence between September and October 2023, but because of unforeseen circumstances, there was a revised timeline to January.

Giving reasons for the delay in starting the scheme as earlier scheduled, Sawyerr explained that the process is technically driven and necessary measures needed to be put in place for proper execution.

“The take-off date is this month (March) and the reason for the delay is that we are trying to get it right.

“This is not a political programme where we say, oh! we are just going to do it, it doesn’t  matter how it works.

“This is a programme that will, probably run beyond me as a human being, not even as a Secretary. This is something that we want to run adequately, so we have to get it right,’’ he said.

Sawyerr, reiterated President Tinubu’s commitment to ensure that lack of finance should not be a reason for any student in Nigeria to halt education at a tertiary level.

According to him, the scheme was designed for indigent Nigerian students in tertiary institutions and applications would be done online.

“We have decided that, all applicants should be able to access this scheme regardless of where they are, who they are and who they know.

“We want this to be a process that is fair to all and we will advertise the portal widely so that applicants will be able to go to the website to fill series of forms and answer certain questions.

“Base on the data they input and their answers to the questions, the system will be able to determine appropriately, whether they are eligible to apply or not,’’ Sawyerr explained. (NAN)

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