TheNewsGuru

Tag: DMBs

  • CBN Governor admits Nigerian banks facing pressure

    CBN Governor admits Nigerian banks facing pressure

    The Central Bank of Nigeria (CBN) has admitted that Nigeria’s Deposit Money Banks (DMBs) are faced with both external and internal pressures but that they are “satisfactorily resilient” amid the pressures.

    Mr Yemi Cardoso, the Governor of the CBN, said this on Tuesday in Abuja while presenting a communiqué issued at the end of the 298th meeting of the apex bank’s Monetary Policy Committee (MPC).

    According to Cardoso, members of the MPC noted with satisfaction the continued resilience and stability of the banking system in spite of significant exogenous and endogenous headwinds.

    “Key financial soundness indicators such as the Capital Adequacy Ratio (CAR), Non-Performing Loan ratio (NPL), and Liquidity Ratio (LR), amongst others, remain strong,” he said.

    He, however, said that the CBN would maintain its close surveillance on the banking system to sustain compliance with regulatory thresholds and continued health of the industry.

    He said that the MPC acknowledged the efforts of the CBN in deepening financial inclusion towards improving the transmission mechanism of monetary policy to enhance policy effectiveness.

    Cardoso said that the MPC members were focused on the optimal policy choice to address the uptrend in price development, stabilise the exchange rate, and anchor inflation expectations appropriately.

    According to him, data from the National Bureau of Statistics (NBS) showed that headline inflation
    (year-on-year) rose to 33.88 per cent in October, from 32.70 per cent in September.

    “On a month-on-month basis, it also rose to 2.64 per cent in October, from 2.52 per cent in the previous month. Both the food and core components contributed to the continued rise in headline inflation.

    ”Food inflation rose further to 39.16 per cent in October, from 37.77 per cent in September, while core inflation also rose to 28.37 per cent in October, from 27.43 per cent in September.

    “The MPC, however, noted the moderation in the prices of farm produce and commended the efforts of the Federal Government in driving increased productivity in the agricultural sector,” he said.

    He said that the recovery of output growth was sustained, with real Gross Domestic Product (GDP) (year-on-year) growing by 3.46 per cent in the third quarter of 2024.

    “The growth is driven by both the oil and non-oil sectors, with a notable contribution from the services sector. The non-oil sector grew by 3.37 per cent in the third quarter compared with 2.80 per cent in the second quarter.

    “The oil sector grew by 5.17 per cent (year-on-year), compared with 10.15 per cent in the preceding quarter ” he said.

    He said that the external reserves rose marginally to 40.88 billion dollars as at Nov. 21 from 40.06 billion dollars at the end of October. According to Cardoso, the external reserves are available to finance 17 months of imports.

    CBN continues monetary policy tightening, raises interest rate by 25 basis points

    Meanwhile, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has further raised interest rate by 25 basis points to 27.50 per cent from 27.25 per cent.

    The Governor of the CBN and Chairman of the MPC, Yemi Cardoso, announced the raise on Tuesday in Abuja, while presenting a communiqué after the 298th meeting of the committee.

    Cardoso, however, announced that the committee also decided to hold all other parameters constant.

    The MPC, thus, retained the Cash Reserved Ratio (CRR) at 50 per cent for Deposit Money Banks (DMBs) and 16 per cent for merchant banks, retained the Liquidity Ratio at 30 per cent, and also retained the Assymetric Corridor at +500/-100 basis points around the MPR.

    Cardoso said that the decisions were unanimously adopted by all 12 members of the MPC who were present at the meeting.

    Tuesday’s decision is the sixth consecutive tightening of the MPR since Cardoso assumed office as CBN governor.

    The first decision under Cardoso was an aggressive hike in the MPR by 400 basis points from 18.75 per cent to 22.75 per cent in February.

    In March, the committee, again, increased the MPR by 200 basis points to 24.75 per cent, followed by subsequent hikes to 26.25 in May, 26.75 per cent in July, and 27.25 basis points in September.

    Cardoso has, thus, raised the MPR by 875 basis points since he assumed office.

    These decisions are aimed at combating inflation, stabilising the economy, and promoting economic growth.

  • ICYMI: Merger, acquisition of banks coming soon in Nigeria

    ICYMI: Merger, acquisition of banks coming soon in Nigeria

    Mr Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN) has disclosed plans to implement a new round of banking recapitalisation for Deposit Money Banks (DMBs) in the country.

    TheNewsGuru.com (TNG) reports the planned recapitalisation means that DMBs will be required to raise additional capital to meet the demands of Nigeria’s economy.

    This may result in merger of banks in the country or outright acquisition of smaller banks by big players in the sector; for DMBs that will not be able to meet the threshold to be determined by the CBN.

    Recall the CBN had on July 6th 2004 announced the recapitalization of banks in the country from N2 billion to N25 billion with effect from 31st December, 2005.

    The initiation of increasing the banks minimum capital base to N25 billion in 2006 led to a remarkable reduction in number of banks from 89 to 24. Some of the banks merged and some were completely taken over by the stronger banks.

    Mr Cardoso had noted that President Bola Ahmed Tinubu in his Policy Advisory Council report on the nation’s economy, had set an ambitious goal of achieving a Gross Domestic Product (GDP) of one trillion dollars by 2030, with clearly defined priority areas and strategies.

    While CBN is yet to officially announce the recapitalization and details of the resultant merger and acquisition are yet to be conceived, Mr Cardoso said it was important that banks have a role to play in the anticipated one trillion dollars Nigerian economy by 2030.

    Speaking at the 58th Annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) on Friday night in Lagos, the CBN Governor said going by the huge developmental role the apex bank would want the banks to play in the next seven years, it had become imperative to demand their recapitalisation.

    “The administration has already commenced this journey through fiscal reforms, including the removal of petrol subsidies and the unification of the foreign exchange market rate.

    “Considering the policy imperatives and the projected economic growth, it is crucial for us to evaluate the adequacy of our banking industry to serve the envisioned larger economy.

    “It is not just about the stability of the financial system in the present moment, as we have already established that the current assessment shows stability.

    “However, we need to ask ourselves: Will Nigerian banks have sufficient capital relative to the financial system’s needs in servicing a $1.0 trillion economy in the near future? In my opinion, the answer is “No!” unless we take action.

    “Therefore, we must make difficult decisions regarding capital adequacy. As a first step, we will be directing banks to increase their capital,’’ he said.

    Economist lauds planned banks recapitalisation

    Meanwhile, an economist, Prof. Uche Uwaleke, says the idea of recapitalisation of banks is a welcome one.

    Uwaleke, President, Association of Capital Market Academics of Nigeria, said this in an interview on Saturday.

    He said, “It goes without saying that capital is needed to finance big-ticket projects, especially when the government is targeting a one trillion dollar economy in a few years’ time.

    “Also, if the experience of 2005 is any guide, the recapitalisation exercise is likely to rejuvenate the stock market.

    “But I think the strategy should be somewhat different from the approach adopted in 2005. It should be more about incentives than coercion.

    “Some DMBs (especially many in the FUGAZ category) are already making efforts to increase their capital base.”

    He said that the CBN could use prudential guidelines to strengthen the present tiered arrangements.

    Uwaleke said the use of the CAR (the ratio of a Bank’s capital to risk weighted assets) was a good example.

    “The apex bank can also use differential cash reserve requirements as well as preferential participation in the forex market for well capitalised banks as some of the incentives.

    “For whatever it is worth, smaller banks playing at the regional level should not be regulated out of existence,” he said.

  • CBN releases more old notes to DMBs, as banks confirm receiving more cash

    CBN releases more old notes to DMBs, as banks confirm receiving more cash

    As the Central Bank of Nigeria (CBN) steps up efforts to flood the economy with more cash after a prolonged cash crunch that has made life difficult for millions of Nigerians and residents, the apex bank has released more old notes to Deposit Money Banks (DMBs).

    The CBN had on Thursday begun the release of billions of naira to DMBs. Bank officials said the CBN again released several billions of naira to lenders on Friday.

    TheNewsGuru.com (TNG) observed how several branches of banks opened over the weekend and dispensed cash to their customers via Automated Teller Machines and over-the-counter.

    Some of the banks had sent out emails to their customers notifying them that they would be open over the weekend for banking operations as ordered by the apex bank.

    Visits to banks’ branches in Lagos, Abuja, Ogun and other states revealed that most banks complied with the order of the CBN and attended to customers both in the banking hall and dispensed cash via ATM.

    Most of the banks’ branches along the Oshodi-Apapa Expressway and Gbagada area of Lagos opened on Saturday and Sunday and subsequently dispensing cash to their customers.

    The Access Bank branch at Sadiku Bus stop along the Oshodi-Apapa Expressway dispensed cash via its ATMS.

    The United Bank for Africa branch at Oshodi, close to the expressway dispensed cash both in the banking hall and at its ATMs. Customers were able to get N20,000 over-the-counter.

    The Access Bank branch next to it allowed its customers to get N20,000 while holders of other banks’’ ATMs got N5,000 only.

    Fidelity Bank branch also at Oshodi expressway paid N20,000 inside the banking hall. Of its three ATMs, only one was dispensing, paying other banks’ customers N5,000 and its customers N20,000.

    Meanwhile, none of the banks were seen dispensing crispy naira notes and customers did not care as long as they got the cash.

    A taxi driver, who identified himself as Baba Taju, said the kind of naira notes didn’t matter as long as he got some to spend.

    “You think that’s important now? What did we do when we couldn’t get any cash? Please any cash is welcome as long as I can spend it,” he said.

    Also, customers in the Federal Capital Territory continued to receive naira notes on Sunday.

    Some crowds of customers were seen at banks’ ATM galleries while others tried to perform over-the-counter transactions.

    Along the airport road, only Guaranty Trust Bank opened for physical operations, Stanbic IBTC loaded its ATMS with cash while Zenith Bank didn’t open for business.

    by TheNewsGuru.com (TNG) also observed that the old N1,000 notes distributed were not crisp ones as officials separated mutilated notes before giving them to customers.

    In Ogun State, findings at Zenith Bank, PremiumTrust Bank, GTB, Unity Bank and Access Bank branches in Redemption Camp along the Lagos-Ibadan Expressway indicated that all the ATMs were fully loaded with cash

    TheNewsGuru.com (TNG) observed that there were no long queues and after the Sunday service, bank customers were allowed to walk in and carry out their normal transactions.

    Also, both old and new naira notes were dispensed.

    Along the Ojodu-Berger axis of Lagos State, our correspondent visited six banks. The banks were Union Bank Plc, Ecobank, Access Bank, GTB, Zenith Bank, and First Bank. All six banks, apart from Guaranty Trust Bank did not open their banking halls to customers. ATMs were also not loaded.

  • Valentine: Nigerians compelled to prioritise, save, as cash crisis persists

    Valentine: Nigerians compelled to prioritise, save, as cash crisis persists

    Access to cash remains a major challenge for Nigerians despite efforts by the Central Bank of Nigeria (CBN) to monitor distribution of the new naira notes through its Banks’ Branch Spot-Checks on ATMs and many cash-starved citizens are worried the situation would impact the valentine’s day celebration.

    For weeks, cash-starved citizens have experienced perilous times making cash withdrawals from their deposits with commercial banks, leading to protests and attacks on several bank facilities in the country.

    Trade blames between the CBN and commercial banks over the poor circulation of the newly designed naira notes led to a nation-wide monitoring exercise by the apex bank.

    The Banks’ Branch Spot-Checks on ATMs was carried out in collaboration with the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and other related offences Commission (ICPC), in exercise of the CBN’s administration and control functions over the monetary and financial sector.

    This action uncovered stacks of cash hoarded by the banks which they had deprived their customers of having and led to the arrests of some bank staff.

    But regardless of these measures and despite assurances from the regulator and the Supreme Court’s ruling, the situation has worsened as even Point of Sales (POS) operators are also unable to meet the demand for cash withdrawals, while over-the-counter and ATM withdrawals remain restricted to between N1000 – N5000 per day.

    According to a recent report on the average amount spent on valentine’s day gifts by individuals across different countries in 2021, Nigerians spent an average of EUR 24 (N11,295) on Valentine’s day.

    It went further to state that men spend more on Valentine’s gifts (N22,154) than women (N10,000) and 91 per cent of Nigerians celebrate Valentine’s day while only 9 per cent do not.

    However, with the cash crisis biting even harder, many Nigerians are now compelled to cultivate a lifestyle of saving, as they starve themselves off certain wants and pleasures which may translate into investment and impact interest rates.

  • CBN issues new directives to banks over Naira notes redesign

    CBN issues new directives to banks over Naira notes redesign

    The Central Bank of Nigeria (CBN) has instructed commercial banks in the country to work on Saturdays till January 31, 2023 to enable bank customers to return old naira notes for new ones.

    Mr Osita Nwasinobi, the Director, Corporate Communications Department of the apex bank, stated this at the CBN fair in Ilorin on Thursday.

    The fair was themed: “Promoting Financial Stability and Economic Development”.

    He explained that the new and existing currencies shall remain legal tender and circulated together until January 31, 2023 when the existing notes shall cease to be legal tender in the country.

    Nwasinobi, who was represented by Mr Akpama Uket, the Acting Director, Corporate Communications, CBN, said that Deposit Money Banks (DMBs) have been directed to immediately start returning the existing currencies to the CBN.

    “They have also been instructed to receive the existing banknotes beyond the threshold stipulated by the Cashless Policy without charges to customers.

    “Consequently, you must return all the current N200, N500 and N1,000 banknotes to your bank before the expiration of the deadline,” he said.

    The CBN boss said that the redesigning of the Naira notes was for macroeconomic stability.

    He said the aim was to build a strong, stable and resilient economy that is self-sustaining and ability to weather unanticipated shocks.

    “The bank will achieve this by applying appropriate monetary policy tools, reining inflation and continuously encouraging a productive economy through interventions.”

    Recall that the CBN has announced plans to redesign, produce, release and circulate new series of three banknotes, out of the existing eight banknotes.

    These are the N200, N500 and N1,000 denominations, which will take effect from Dec. 15, after its launch by President Muhammadu Buhari.

    The CBN also warned Nigerians of the consequences of mishandling the Naira notes.

    “The Naira remains a symbol of our national pride. Treat it with utmost dignity. Do not spray, squeeze or counterfeit the Naira, as default goes with consequences,” Nwasinobi warned.

  • CBN clarifies position on operation of domiciliary accounts

    CBN clarifies position on operation of domiciliary accounts

    The Central Bank of Nigeria (CBN) says it has not prohibited the acceptance of foreign currency cash deposits by Deposit Money Banks (DMBs).

    The CBN Director, Corporate Communications, Mr Issac Okorafor made the clarification while speaking to newsmen in Abuja on Sunday.

    A domiciliary account is a type of current account that allows you to fund it with foreign currencies such as dollars, pounds or euros and enables you to do foreign transactions on that account.

    The account could be used to transfer money to another country or receive foreign currency from another country.

    Okorafor explained that only electronic fund transfers into Domiciliary accounts could also be transferred from such accounts while cash deposits into such accounts could as well allow to be withdrawn in cash also.

    He said the clarification was necessary due to misrepresentation of facts and uncertainties surrounding the operations of domiciliary accounts in the country.

    Okorafor therefore urged stakeholders and other interested parties in banking sector to always endeavour to seek clarification on issues.

    According to him, rumours and speculative tendencies are detrimental to the financial system.

  • CBN orders DMBs, Microfinance institutions to open 7.6m new savings accounts

    The Central Bank of Nigeria (CBN) has ordered all Deposit Money Banks (DMBs) and Microfinance banks to open 7,608,180 new savings accounts to meet its financial Inclusion target.

    Financial institutions in all the states and the Federal Capital Territory (FCT) were given different targets. Lagos banks have the highest target of 2,293,080 while banks in Abuja are to attract 153,000 savings account customers.

    CBN Abuja Branch Controller, Mrs Elizabeth O. Agu made this disclosure yesterday in Abuja at the inauguration of Financial Inclusion States’ steering committee (FISSCO).

    Agu stated that the apex bank has ordered all Deposit Money Banks (DMB) and Microfinance in the the Federal Capital Territory (FCT) to attract a minimum of 1500 and 2500 new savings customers respectively in 2018.

    She also confirmed that the apex bank has commenced the review of the strategy document for achieving required levels of financial inclusion in the country.

    Come 2020, the CBN is targeting 20% adult exclusion from financial services.

    The review is expected to throw up major challenges and corrective options to be adopted to put Nigeria back on track of meeting the 20% exclusion target by 2020.

    According to her, “as we speak, the bank is working on initiatives that are targeted at North East, North West and North Central zones of the country where exclusion rates are still very high. We intend to hold stakeholders’ workshops in those parts of the country to drill down on strategic measures that will give us quick results.”

    She added that “the bank is also working on developing non-interest financial products for the region. We are conceptualizing ways and means to reach out to women whose culture and religion require specialized products and channels”.

    The CBN Abuja Controller informed members of Abuja FISSCO steering committee which comprise top officers of Deposit Money Banks branches in Abuja metropolis and representatives of key agencies that, CBN has evolved appropriate governance arrangements for the implementation of Financial Inclusion Strategy at all levels.

    “We are therefore, inaugurating the Financial inclusion strategy State steering committee to be chaired by the CBN Branch Controller while the head of development finance office will serve as technical officer in the State/ committee” she said.

    In his address, Permanent Secretary, Federal Capital Territory Administration (FCTA) represented by Mr. Abubakar Sanni Pai urged the CBN to create a common platform for stakeholders to contribute their views to achieve the National Financial Inclusion Strategy (NFIS).

    Pai noted that “one of the ways to assist the masses to attain economic independence especially those at the bottom of the pyramid is to provide them adequate access to financial services in a convenient and affordable manner.”

    NFIS was launched on the 23rd of October, 2012 with the overall target of reducing the percentage of adult Nigerians excluded from access to financial service from 46.3% in 2010 to 20% in 2020 and make use of financial services with at least 70% of the number in the formal sector.

  • DMBs dare CBN, resume bank-to-bank forex sales without approval

    DMBs dare CBN, resume bank-to-bank forex sales without approval

    Indications have emerged that some Deposit Money Banks, DMBs, in the country have commenced direct sell of foreign exchange (forex) to one another, without seeking prior approval of the Central Bank of Nigeria (CBN).

    The policy shift became exigent following the improvement in forex supply to key segments of the market, a development that has shored up market confidence.

    A top manager in one of the Tier-1 lenders, who disclosed this at the weekend, said the CBN had in the heat of the forex scarcity stopped commercial banks from selling foreign exchange to one another, unless they had its approval.

    But the regulator has in the last few weeks reversed the policy. It now allows lenders to sell foreign exchange to one another. But there is a condition: ”In bank-to-bank forex deals, the buying bank must not resell to another lender, except to end-users”.

    The source, who spoke anonymously because she was not supposed to disclose such development to the public, said: “The CBN has lifted restrictions on banks not to sell forex to one another except it is approved by the regulator. Today, banks can sell forex to one another, but the buying bank cannot resell to another lender, except to an end-user”.

    According to the source, the CBN has since January, spent over $7.7 billion to stablise the forex market. The Investors’ & Exporters’ FX Window currently records about $80 million daily turnover, with the CBN contributing about 15 per cent of the transactions.

    The Investors & Exporters Forex Window was introduced by the CBN on April 24. About $3.83 billion has been traded through the window since inception. The window has impacted positively on the naira. The window, where buyers and sellers are free to agree an exchange rate, was introduced to attract foreign investors and boost the supply of dollars.

    Traders said $407 million was traded last week as against $354.8 million in the previous week, indicating a gradual return in investors’ confidence in the forex market.

    There has been continuous improvement in dollar inflow into the market from offshore investors, a trend that has also reflected in the volume of transactions at the equity market. Before the window came on board, the CBN was the main supplier of hard currency on the interbank forex market, after foreign investors fled naira assets in the wake of an oil price slump in 2014.

    Aside establishing the Investors’ & Exporters’ FX Window, the CBN also opened a special forex window for SMEs. The window, which allocates $20,000 per business per quarter, helps the SMEs import “eligible finished and semi-finished items” needed for their businesses. The CBN said the bank’s special intervention was necessitated by its findings that many SMEs were being crowded out of the forex space by large firms.

    “The sum of $20,000 per SME customer per quarter can be done through telegraphic transfer, subject to completion of Form ‘M’ supported with a pro forma invoice and the importer’s Bank Verification Number (BVN),” it said.

    All the processing banks are to ensure that the importers submit shipping documents not later than 60 days from the date of the transfer.

     

  • Senate to invite CBN, DMBs over forex crisis, high interest rates

    …Says Presidency will sign 2017 Appropriation Bill soon

    Senate President, Dr. Bukola Saraki has said the Senate as part of its legislative function will intervene in the high interest rates on loans and forex crisis that has lingered for a while now by inviting the apex bank, Central Bank of Nigeria, CBN and Deposit Money Banks, DMBs, to technically proffer long lasting solutions.

    He stated that in an economy where workers were being retrenched and people were losing investments, it was immoral for certain sectors to be making astronomical profits.

    Saraki stated this in an interactive session with newsmen in Ilorin, Kwara State on Sunday. In his words: “They (banks) will tell you that they are doing business but in doing business, there must be social responsibility. We must be able to sit down and look at ourselves eyeball to eyeball, and we intend to do that; and I can promise Nigerians that we can find a solution. Hopefully with the stability in the forex market, we will now begin to address the high interest rate.

    “There is no business that can make money if it is trying to borrow at 28 or 29 per cent. It cannot work and if we cannot get the banks to lend to the real sector and they carry on their money to government instruments, there cannot be growth. So, we must tackle that. I can assure you that I will lead that challenge. We must sit down and discuss it.”

    Saraki added, “They are in business to make money but we must look at what money is reasonable in this kind of environment. You may have to reduce that profitability to allow your country to grow. It is that balancing that we need, but in doing that, there must be some incentives. We may have to tell them, ‘Listen, we may have to limit how much you put in government security’.

    “What do you do with that extra amount of money? It must go to the real sector. It must go to the business that produce made-in-Nigeria products. They may say that it is too risky to do that. In doing that, we must give them some assistance. This is the kind of negotiation we must make.”

    He said the Senate would discuss with the Central Bank of Nigeria and the banks on how to address the high interest rate regime.

    The Senate President urged Nigerians to patronise homemade products, adding that people should report any Ministry, Department and Agency that flouted the Senate’s directive that indigenous companies producing such commodities should be given the option of first refusal during public procurement.

    On the delay in the signing of the 2017 budget into law, Saraki told Nigerians not to be apprehensive about whether the Presidency would assent to the budget or not.

    He said, “There was a comment I read online where the Presidency had said it did not have an intention not to sign. I do not think that (not signing the budget) will happen; I doubt very much.

    “Nigerians should not be concerned about that; I am pretty sure that the Executive will sign the bill and we will begin to implement the budget. I am confident that the Executive will sign it very soon. There should be no anxiety there.”

  • FG closes 20,000 accounts with DMBs, saves N5.4tn into TSA

    The Federal Government on Tuesday said it has closed down over 20,000 accounts belonging to Ministries, Departments and Agencies, MDAs domiciled with the various Deposit Money Banks, DMBs and saved over N5.4tn in the Treasury Single Account, TSA.

    TheNewsGuru.com recalls that TSA commenced in September 2015.

    The Accountant General of the Federation, Ali Ahmed Idris, gave the figures on Tuesday in Abuja, while speaking at the opening session of a two day retreat on TSA.

    The event which was attended by Acting President Yemi Osinbajo, the Minister of Finance, Mrs Kemi Adeosun, the Secretary to the Government of the Federation, Mr Babachir Lawal among other top government officials had as its theme, “One year anniversary of Treasury Single Account: Benefits, challenges and way forward.”

    TheNewsGuru.com reports that the TSA is a platform used by the government to unify all its accounts by ensuring that all monies belonging to it are kept with the Central Bank of Nigeria.

    The initiative which took off fully in September 2015 had been complied with by over 900 agencies of government.

    Speaking on advantages of the TSA, the Accountant-General explained that through the policy, the government has been able to block leakages and abuse which had characterised the public sector before its commencement in September 2015.

    Idris also said the TSA had assisted the government to overcome the burden of indiscriminate borrowings by MDAs thus saving government a lot of bank charges associated with these borrowings.

    The Account-General noted that prior to the full commencement of the TSA, the government was incurring about N4.7bn monthly on bank charges, adding that this has been eliminated through the TSA initiative.

    In his words: “The TSA journey started way back in April 2012. That journey could not see the light of the day as no significant gains were recorded largely due to the lack of political will.

    “However, the issuance of TSA circular in August, 2015, coupled with the political will and enforcement, enabled us to achieve considerable progress on the TSA implementation.

    “As at the 10th of February,2017, the total inflow of funds through the mop-up and direct debits by the Central Bank of Nigeria amounted to N5.24trn.

    “We have successfully eliminated multiple banking arrangements, resulting into consolidation of over 20,000 bank accounts, which were spread over Deposit Money Banks across the country.

    “This has further brought about transparency and effective tracking of government revenues,” Idris said.