President Buhari Receives Emefiele, CBN Governor In Aso Rock

President Muhammadu Buhari on Tuesday, March 14th received the Central Bank Governor, Godwin Emefiele in Aso Rock.

The President also received Saraki and Dogara today at the state house.

Full Details Of How CBN, NCC Stopped Banks From Taking Over Etisalat

Nigerian Communications Commission, NCC, and the Central Bank of Nigeria, CBN, last Friday secured a reprieve for Etisalat, which is facing a N541.8 billion debt crisis.

The company was set to be taken over by its creditors because it has defaulted in repaying the loan.

Tony Ojobo, the Director of Public Affairs of the NCC, said in a statement on Saturday in Lagos that the reprieve came following a meeting convened by CBN and NCC to find a quick resolution to the crisis.

Ojobo said in the statement: “Friday’s meeting succeeded in halting the attempt by Etisalat’s creditors at bringing it under any form of take over.

“Receivership was completely taken off the table in a meeting that was very productive and constructive.

“The meeting was held at the CBN office in Lagos with the consortium of creditor banks and Etisalat in attendance.

“The banks and the mobile network operator agreed to concrete actions that will bring all parties closest to a resolution.”

Ojobo said that CBN and NCC were able to secure for Etisalat the necessary “oxygen” to enable it continue to meet urgent operational expenses.

Ojobo said that the CBN Governor, Godwin Emefiele, who chaired the meeting, was firm in declaring what needed to be done by both parties towards a quick resolution.

He said that NCC equally made it clear that everything necessary must be done to protect the 23 million Etisalat subscribers.

The director said there was also the need to protect the telecom industry to prevent potential investors from developing cold feet.

According to him, effort has been made to ensure that Etisalat remains in business while the consortium of banks meet their obligations to their customers.

He said: “A meeting will hold on March 16 to agree on a payment restructuring path going forward.

“The NCC will lead the CBN in a possible crucial meeting with Etisalat’s shareholders anytime soon.”

On March 8, there was an attempt by a consortium of banks to take over Etisalat, because of its N541.8 billion debt.

A consortium of some foreign and Nigerian banks, including Guaranty Trust Bank, Access Bank and Zenith Bank, have been having a running battle with the mobile telephone operator, over a loan facility totalling $1.72 billion (about N541.8 billion) obtained in 2015.

The banks said their attempt to recover the loan by all means was fuelled by the pressure from the Asset Management Company of Nigeria demanding immediate cut down on the rate of their non-performing loans.

The NCC appears not to be favourably disposed to the takeover proposal as it believes that Etisalat is not only a viable going concern, but also willing and able to negotiate the servicing of its loans.

Etisalat is Nigeria’s fourth largest telecommunications operator with about 21 million subscribers as at January 2017.

It commenced business in Nigeria in 2009.

Naira Appreciates Against Dollars

The Naira on Friday appreciated against the dollar in all the segments of the Forex market.

The Nigerian currency exchanged at N422 to the dollar, gaining 3 points from N425 it traded on Thursday, while the Pound Sterling and the Euro closed at N535 and N464 respectively.

At the Bureau De Change segment of the market, the Naira also strengthened against the dollar, exchanging at N415, and N535 and N460 to the Pound Sterling and the Euro, respectively.

At the inter-bank segment of the market, the Naira extended its gains, closing at N314.77 to the dollar, from N331 it recorded at the end of trading on Tuesday.

Traders at the market expressed the hope that the Naira would appreciate further with the lifting of the ban on nine banks from participating in the Forex market by the Central Bank of Nigeria.

The CBN had earlier banned nine Deposit Money Banks from dealing on Forex for their failure to comply with government’s directive on the Treasury Single Account.

CBN directs banks to sell Dollars to Hajj Pilgrims at just N197

The Central Bank of Nigeria, CBN, on Thursday directed banks and authorized forex dealers to sell the Pilgrims Travelling Allowance, PTA, to intending pilgrims at a concessionary exchange rate of N197 to $1. Soon after the directive was issued, Nigerians started complaining.