The Central Bank of Nigeria (CBN) has issued fresh guidelines on foreign currency deposits by deposit money banks (DMBs).

CBN made this known in a circular signed by Solaja Olayemi, its acting director of the currency operations department on Friday.

In the circular, the apex bank directed banks to transfer all excess foreign currency notes to its Lagos or Abuja branches.

The financial regulator said this is aimed at boosting liquidity in the foreign exchange market.

According to CBN, each bank would be allowed a maximum deposit of $10 million threshold for $100 notes and $50 notes daily.

“In order to deepen the foreign exchange market, boost liquidity and attain convergence in the exchange rates of the parallel and official markets, the Central Bank of Nigeria (CBN) has approved that DMBs may deposit their excess foreign currency notes with Lagos and Abuja branches of the Bank,” CBN said.

“The approval is a response to the increasing demand by DMBs to deposit their forex cash with CBN for onward credit to their off-shore accounts with the correspondent banks.”

‘3 WORKING DAYS NOTICE FOR INTENT TO DEPOSITS’

The financial regulator said the banks should adhere strictly to its guidelines such as giving three days notice showing intent to deposit foreign currencies.

“Give at least three (3) working days’ notice of their intent to deposit forex cash, in writing to the branch controller, CBN Lagos or/and Abuja. This must be accompanied by the list of owners of foreign currency to be deposited,” CBN said.

“All deposits must be within the threshold of the following per day: (i) USD higher bills ($100 and $50) maximum limit of $10 million. (ii) USD lower bills (20 and below) maximum limit of $1 million. (iii) GBP notes a maximum limit of £1 million. (iv) EURO notes – maximum limit of €1 million.

“Two (2) representatives of the depositing bank must be present to witness and confirm the amount to be deposited.

“Deposits may be in $100, $50, $20, $10, $5, $1 and all GBP and EURO denominations. Each denomination shall be in separate boxes.

“The DMBs shall engage the services of only CBN-registered CIT companies for deposits of foreign currency notes.

“The time for accepting deposits shall be between 8am and 12pm.”

CBN said Abuja and Lagos branches would receive, count and authenticate deposits in the presence of the representatives of the depositing bank on the same day.

“The bank shall credit the DMBs account through their correspondent bank within the cycle time of T+5.” the apex bank said.

“The handling charge of 0.30 per cent of the authenticated amount should be recovered from the DMB current account with CBN.

“The Bank would not accept forex deposits from any DMB that fails to comply with any of the guidelines.”

The Federal Government through the 3 Million Technical Talents (3MTT) program, has announced job opportunities for the 30,000 fellows that have graduated from cohort 1 of the program.

The program coordinators announced this on Thursday, asking the fellows to start applying. While the nature of the jobs was not disclosed, the coordinators said the fellows would see the jobs that are available locally and remotely once they log in to their dashboards.

“We are happy to announce that you can now explore job opportunities on the 3MTT Job Boards! These Job Boards are accessible to Fellows who have completed both online courses and ALC training. Sign up today and apply for roles both locally and remotely,” the announcement read.

While announcing the commencement of the second phase of the program in March, the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, said that the government was working to provide jobs for the cohort 1 fellows including placing them as interns with partnering companies.

“As we continue to interact, we are working with partners to ensure that those of them who want to go the route of entrepreneurship can be supported to kick off their small businesses to start their technology startups and hopefully help create the solutions to many of the problems that we face in the country that technology can help address,” the Minister added.

In addition, the Minister the government was also working on the possibility of providing unemployment benefits for Nigerians participating in the program.

Tijani said the idea of the unemployment benefits for participants was at the behest of President Bola Tinubu, who is deeply committed to the program. According to him, the 3MTT program is based on the President’s promise of creating 2 million digital jobs.

While noting that the country is now building the emerging talent for the workforce that the world requires to be able to power the application of technology, the Minister said:

“The President has been very clear; he has asked that we also look at the possibility of providing unemployment benefits to those who qualify within this program.
“As we continue to build out these opportunities, our goal is to support our people to ensure that we can give them the skill set that they require to participate in the global digital economy.

“We understand that as we empower them, we will end up strengthening our ability to defend our GDP as a country to defend the complexity of our economy as well as ensure that we continue to drive the growth that we want to see in our beloved country.”

According to Tijani, the 3MTT program is a critical part of the Renewed Hope agenda, and is aimed at building Nigeria’s technical talent backbone to power its digital economy and position Nigeria as a net talent exporter.

The program started with 30,000 Nigerians, representing 1% of the 3 million target, while the 270,000 selected for the second cohort brought the number to 10%.

To achieve the program’s target, Tijani said the different phases will be executed based on the framework co-created with key stakeholders across government agencies, training providers, educational institutions, development agencies, and the private sector.

Some of the skills Nigerians are being trained on include skills that utilize technology to enhance various roles without directly involving tech creation.

These include Digital Marketing, Project Management Software, Cloud Platforms Navigation, Data Analysis and Visualisation, Digital Marketing, Search Engine Optimisation (SEO), CRM Management, Accounting Software, Graphics Design, and UX/UI Design, among several others.

Leading steel manufacturing company, Aarti Steel Nigeria Limited has debunked media report alleging that the company plans on exiting Nigeria.

The firm according to its statement titled, “False Media Reports on Aarti Steel Nigeria Limited’s Planned Exit from Nigeria” stated that, “Aarti Steel Nigeria Limited wishes to address and categorically refute the recent media reports falsely claiming that the Company is planning to exit Nigeria. These reports are entirely unfounded and do not reflect our intentions or actions”.

“We are currently exploring various avenues to address and mitigate the impact of the false media reports. These erroneous claims have the potential to disrupt our business operations and create unnecessary uncertainty among our stakeholders. We are taking all necessary steps to correct the misinformation and assure our stakeholders of our continued presence and investment in Nigeria”, the statement further read.

Reaffirming its commitment to Nigeria, Aarti in the statement jointly signed by its Chief Finance Officer, Sunil Kumar Sharma and the Director and Head of Operations, Mr. Girish Chandra Tripathi stated that, “We assure our stakeholders, partners, and the general public that Aarti Steel Nigeria Limited has no plans to exit the country. Since our inception in 2003, we have invested a cumulative total of US$100 million into the Nigerian economy, underscoring our commitment to the nation’s industrial growth and development.

Our strategy has always been focused on the long-term survival and growth of our operations in Nigeria. We have consistently communicated our plans and initiatives to recapitalize the Company to our banking partners, ensuring that they are kept informed of our efforts to sustain and enhance our business operations”.

Aarti further held that, “Despite the current economic instability and the challenges presented by the foreign exchange crisis, Aarti Steel Nigeria Limited remains steadfast in its belief in the resilience of the Nigerian economy. We have successfully navigated through similar challenges in the past and are confident in our ability to do so again. Our commitment to Nigeria is unwavering, and we continue to invest in our operations, workforce, and the communities we operate in”.

Established in the year 2003 and formal operations commencing in 2007, Aarti has grown to be one of the leading manufacturing companies in Nigeria providing employment and invested over US$100 million into the nation’s economy. “We have contributed significantly to the country by providing cost-effective indigenous products to local customers and creating employment opportunities for society. Our operations have not only supported local industries but also fostered economic growth, making a substantial impact on the communities we serve.

Since our company became operational in Nigeria in 2007 with the commissioning of our first state-of-the-art galvanizing line, we have continued to expand capacities and product range through several projects. These initiatives have brought our cumulative investment to about US$100 million, making us one of the top producers of steel products in Nigeria. Nigeria also serves as the hub of our African businesses, which span across six other locations on the continent”, its statement debunking the alleged media reports further read.

The firm listed some of its impact on the Nigeria economy to include but not limited to:

High-Quality Products and Services: Delivering top-tier steel products that support local industries and infrastructure development.
Industrial Base Expansion: Enhancing local production capabilities through forward and backward integration, reducing import dependency.
Employment Creation: Generating direct and indirect employment opportunities, contributing to socio-economic development.
Economic Contributions: Paying taxes and fulfilling regulatory obligations, supporting government revenues and public services.
Export Expansion: Driving foreign currency generation through exports, strengthening Nigeria’s economic stability.
Corporate Social Responsibility: Engaging in CSR initiatives to improve education, healthcare, and community welfare.