In line with its pledge to sustain liquidity in the foreign exchange market, the Central Bank of Nigeria (CBN) will from Monday, April 3, 2017 commence twice weekly FOREX sales to licensed Bureaux de Change (BDCs) in the country.
A statement by the Banks Acting Director, Corporate Communications Department, Isaac Okorafor, disclosed that weekly sale amount has been increased to $10, 000 (i.e. $5000 per bid).
The statement further disclosed that licensed BDCs are henceforth required to fund their accounts with the CBN on Mondays and Wednesdays while they receive their purchases on Tuesdays and Thursdays, respectively.
According to Okorafor, this strategic move is aimed at ensuring wider spread and liquidity in the market to Deposit Money Banks as well as BDCs.
Meanwhile, the CBN on Thursday, March 30, 2017, offered the total sum of $100 million to authorized dealers to service forwards request by wholesale customers in the interbank market.
It will be recalled that the CBN, in its resolve to sustain liquidity in the FOREX market, on Monday, March 27, 2017, offered $100m in wholesale forwards to DMBs, which was fully taken.
Meanwhile, the Federal Ministry of Finance on Thursday, announced details of members of the board and management of the newly licensed Development Bank of Nigeria (DBN).
The Management team is led by Mr. Tony Okpanachi, a banker and erstwhile Deputy Managing Director/Deputy CEO, Ecobank Nigeria Limited.
Before his appointment as Managing Director/ CEO of Development Bank of Nigeria, he was the Deputy Managing Director of Ecobank Nigeria Limited. Prior to that, he was the Managing Director, Ecobank Kenya and Cluster Managing Director for East Africa (comprising Kenya, Uganda, Tanzania, Burundi, Rwanda, South Sudan and Ethiopia). He was also at various times Managing Director of Ecobank Malawi and Regional Coordinator for Lagos and South West of Ecobank Nigeria.
A seasoned Banker with over 26 years’ experience, He holds a Master degree in Business Administration (MBA) from Manchester Business School UK and a Master of Science degree in Economics from University of Lagos.
Mr Okpanachi will be supported by the Chief Financial Officer, Mrs. Ijeoma Ozulumba and Chief Risk Officer, Mr. Olu Adegbola.
The Board members include: Chairman, Dr. Shehu Yahaya (who was the interim MD of DBN and former Executive Director, AfDB); Managing Director/Chief Executive, Nigeria Sovereign Investment Authority, Uche Orji and Mohammed Kalif, of the African Development Bank.
Independent Directors of the DBN are former Group Managing Director/CEO of United Bank for Africa (UBA), Mr. Philips Oduoza; President and CEO, African Finance Corporation, Mr. Andrew Alli; Chairman, FBN Merchant Bank, Alhaji Bello Maccido; Founder/Managing Director, JNC International Limited, Mrs Clare Omatseye and the Managing Director, CEO Excel Professional Service Limited, Mr. Oladimeji Alo.
The Finance Ministry had on recently received notice from the regulator that it was free to commence operations of the Micro, Small, and Medium Enterprise (MSME) focused Development Bank of Nigeria.
