210m in the foreign exchange market to meet the requests of customers, as the regulator continues its efforts to maintain a stable exchange rate for the naira. 55m each to the Small and Medium-scale Enterprises segment and the invisibles segment to meet needs for tuition and medical payments and Basic Travel Allowance, among others. Confirming the releases, the CBN Acting Director in charge of the Corporate Communications Department, Isaac Okorafor, said the continued intervention by the bank was in line with its commitment to ensure liquidity in the market as well as reduce pressure on the naira. Okorafor said that the CBN six forces of forex pleased with the current market situation brought about by policies it had put in place to check forex speculators, round trippers and rent-seekers.
According to Okorafor, the bank will not relent in its effort to manage the country’s forex with a view to reducing its import bills and checking any hemorrhage of its foreign reserves. 210m to cater for requests in the various segments of the forex market. 1 in the BDC segment of the market on Wednesday. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH. Bi-weekly profit by professionally trading your Forex, Cryptocurrency and Binary accounts for you. The Nigerian Army said on Monday that its troops encountered armed hoodlums in the Bassa Local Government Area of Kogi State, during which six of the suspects were shot dead. One of our correspondents learnt that the troops from the Army Records, Headquarters Command, who were on an operation codenamed, Total Freedom, killed the bandits at Kpanche, Bereko and Ozugbe villages in the Bassa LGA.
According to the army, items recovered from the hoodlums include two AK-47 rifles with five magazines, 25 rounds of ammunition, one G3 rifle with one magazine, 188 rounds of ammunition, among others. The Director, Army Public Relations, Brig. Texas Chukwu, who confirmed the incident, advised residents not to panic, urging them to report suspicious persons and activities to the military. Six of the suspects were neutralised during the encounter, while others fled following the firepower of the troops. Items recovered included two AK-47 rifles with five magazines, 25 rounds of ammunition, one G3 rifle with one magazine, 188 rounds of ammunition and two locally-made guns. Fleeing residents have been reassured of their safety and advised not to panic.
They should report any suspicious activity or movement to law enforcement agencies. In a related development, some suspected herdsmen on Sunday reportedly killed one of the military officers on peace keeping mission in the Logo LGA of Benue State. One of our correspondents gathered that the assailants ambushed the operative and shot him dead on Anyiin-Gbeji Road, while he was on a commercial motorcycle. PUNCH Metro learnt that the victim was travelling from Uwev, in the Logo area, to Anyiin, when he was gunned down. We learnt from his colleagues that he had earlier received a call from his wife that the family was in need of money. So, he took permission on Sunday to go to Anyiin for a bank transaction.
He boarded a commercial motorcycle around 5pm and on the way, they ran into armed herdsmen who were grazing their cattle freely near Jootar. The rider, whose motorcycle was also taken away by the attackers, managed to escape into the bush unhurt, from where he raised the alarm. The victim was rushed to a hospital at Ayiin, where he died because he had lost a lot of blood. But before his death, he told his colleagues what happened. The efforts of the medical personnel on the ground to save his life proved abortive. Efforts by PUNCH Metro to get the reaction of the Assistant Director, Army Public Relations, 707 Special Forces Brigade, Makurdi, Major Olabisi Ayeni, were not successful as he did not pick his telephone calls.
This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH. Bi-weekly profit by professionally trading your Forex, Cryptocurrency and Binary accounts for you. Hence these banks are excluded from the restrictions on dividend payment. Unity and Union, met the minimum requirement stipulated by the CBN. Union Bank had a CAR of 13. 10 per cent shall not be allowed to pay dividend, the report said only FBN Holdings has a non-performing loan ratio above 10 per cent which should disqualify the entity from paying dividend. NPL ratio of more than five per cent but less than 10 per cent shall have dividend payout ratio of not more than 30 per cent.
Tier-1 bank restricted to a maximum payout ratio of 30 per cent on the basis of the fact that its NPL ratio stood at 9. 6 per cent in nine months of 2016. Similarly, Diamond Bank, Fidelity Bank, Stanbic IBTC, Sterling and Union Bank are also restricted to a maximum of 30 per cent maximum payout ratio with respective NPL ratio above five per cent but below 10 per cent. NPL ratio of more than five per cent but less than 10 per cent, shall save dividend payout ratio of not more than 75 per cent of profit after tax. Under this condition, ETI is the only Tier-1 bank that is restricted to 75 per cent maximum dividend payout ratio. Stanbic is the only Tier-2 bank eligible to pay up to 75 per cent as dividend payout. NPL ratio of not more than five per cent, the report said it is expected that the Board of such institutions will recommend payouts based on effective risk assessment and economic realities.
On the policy that no bank or discount house shall be allowed to pay dividend out of reserves, the analysis shows that no Nigerian bank breached this provision. On the requirement that banks shall submit their Board approved dividend payout policy to the CBN before the payment of dividend shall be permitted, analysts believe the CBN will ensure compliance with the set guidelines before approval of dividend payment by the banks. It said that in light of these new guidelines and based on our analysis of the banks using their nine month 2017 results, most of the banks, especially the Tier-1 banks, such as Access Bank, Guaranty Trust Bank, United Bank for Africa and Zenith Bank, save for FBNH, are not likely to be significantly impacted and are expected to sustain the historical dividend payment trend. 30 per cent is placed on the bank. Union Bank has concluded a N50 billion rights issue in order to improve its capital base.
Furthermore, given the premium Nigerian investors place on dividend paying stocks, we believe banks will strive to improve on dividend payment. Nevertheless, we do not rule out the possibility of some kneejerk sell-off reactions by investors especially in stocks that are affected by the dividend payment restrictions. Do you get a good or bad response from your wife after making love? Four Businessman Gas Cylinder, Trafficking, man Enugu RRS Fraud Man Suspected rapists Grandmother Ekiti, Prison, Police , Local gin.