N-Power: We have cleared all outstanding payments – FG
The Federal Government says it has cleared all the outstanding payments of Batches A and B beneficiaries of N-Power programme.
The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Farouq, told journalists on Sunday in Abuja that one million beneficiaries would be taken in two streams of 500,000 participants each.
Farouq also said her ministry in partnership with the Office of the Accountant-General of the Federation had successfully cleared all outstanding payments.
“We have sorted out all the backlogs of N-Power payments with the Office of the Accountant-General of the Federation and we have moved on to the next batch.
“N-Power is the job creation and economic component of the NSIP for young unemployed Nigerians. It has provided temporary income-generating opportunities for 500,000 unemployed youths of Batches A and B N-Power beneficiaries.
“Currently the ministry is about concluding the enrollment of 1,000,000 Batch C applicants in two streams of 500,000 in the first instance and another 500,000 later.”
Farouq further stated that under the National Social Register, a total number of 6,969,230 households and 29,766,599 persons had been captured.
She said about 4,000,000 households and 20,000,000 persons were to be added to the social register, as one million households and 5.6 million persons had been captured under the Conditional Cash Transfer.
“There is a plan to add another batch of 1,000,000 households and 5,600,000 persons to the CCT,” she added.
CBN warns banks over foreign exchange malpractices
The Central Bank of Nigeria, CBN, has insisted that the FX operating license of any bank or banks that are found guilty of ongoing investigations in foreign exchange malpractices would be suspended for at least a year.
The circular signed today by the Director Trade and Exchange Department, CBN, Ozoemena Nnaji stated: “In line with the continuing close surveillance of our financial markets in general and the FX market in particular, the CBN wishes to remind all banks that it is their responsibility to not only Know their Customers (KYC requirements) but also Know their customers’ business (KYCB requirements).
“Given these responsibilities and in view of recent occurrences in the market, the CBN would like to remind banks to desist from all and any forms of FX malpractices.
“We wish to reiterate that the FX operating license of any bank or banks that are found culpable with ongoing investigations would be suspended for at least one year. Please note and ensure compliance.”
Naira hits historic low of 543 against dollar
The naira has continued to depreciate on the parallel market, selling for N543 to the dollar on Thursday.
The bureau de change operators in Abuja bought dollar at N540, then it was sold for N543.
The British Pound was also sold for £1/N740.
This comes 44 days after the Central Bank of Nigeria barred sale of Forex to all bureau de change operators across the country.
On June 27, 2021, the CBN ended the sales of Forex to BDCs saying the parallel market had become a conduit for illicit Forex flows and graft.
The CBN said it would also no longer process applications for BDC licences in the country.