PMB sends CBN board nominees to Senate

…As bank promises to help foreign investors repatriate dividends

By Omodele Adigun

President Muhammadu Buhari has forwarded the list of non-Executive Directors of the Board of the Central Bank of Nigeria (CBN) to the Senate for confirmation, just as the apex bank said it would soon resume selling large volumes of dollars on the spot market and make the greenback available to foreign investors so that they can repatriate dividends.
NAN reports that forwarding the nominees to the senate for confirmation is in compliance with Sections 6 (1) (d) and 10 (1) and (2) of the Central Bank of Nigeria (Establishment) Act of 2007.
A statement issued on Wednesday by Mr. Femi Adesina, the media and publicity adviser, said the letter containing the nominees was forwarded to Senate President, Bukola Saraki.
The nominees are Professor Ummu Ahmed Jalingo from North East, Professor Justitia Odinakachukwu Nnabuko, South East; Professor Mike I. Obadan, South South; Dr. Abdu Abubakar, North West; and Mr. Adeola Adetunji, representing South West.CBN
Meanwhile, the apex bank in a statement, said that it would soon begin spot forex auction (and) open a special window for investors to trade freely … dividends and investment remittances.”
Yesterday, it released additional $250 million on seven to 30-day forwards for agriculture, airline, petroleum products and raw materials.
The bank also called for bids for wholesale spot for $100 million for Basic/Personal Travelling Allowance, medicals and tuition fees.
Confirming this in Abuja on Wednesday, the CBNís acting Director of Corporate Communications, Mr. Isaac Okorafor, stated that it has also commenced heavy injections into the spot market in addition to the settlement of requests for wholesale spot bids for invisibles like school fees, medicals and personal travel allowance.
Recall that early this week, the apex bank had disbursed $20,000 each to the Bureau De Change (BDC) operators in two tranches of $10,000 each to ensure liquidity in the foreign exchange market.
The bank also said on Monday it would sell up to $20,000 per quarter to small firms. It did not disclose a rate of exchange for the sale.
CBN operates at least five exchange rates: the official rate, the black market, a rate for Muslim pilgrims going to Saudi Arabia, a retail rate set by licensed exchange bureaus and a rate for foreign travel, school and medical fees.
On the forex market, the naira closed trading on Wednesday at 306.10 on the spot market, supported by CBN dollar sales, and N410 on the black market.