'Transactions settlement on NSE may reduce to one day J OHNSON O KAHL..WON
1:_81""'_
settlement rycIe at Ule
_I
may be l1!duced to just one day Ytilen the dJequt truncation
the Central Bank 0( NIge1a commences.
.,...." ..."..., by
lnvest1gatlons
by
Mirror shovt-ed that the tr"8.nS8I!tlon5 done on the U'1ldc day wW be settled by exchange d money and securltiesoo the JBf!le day instead d the currmt thm! day! (T+3). The Manacinl Dlrect.or d APT Securitie! &011 Funds lJm. iled. AlhoVI Kasbnu Kundl, said that ~ in equities can wp turning around th~lr capital if
the money mar1let eliminates the bottle:oeck a51!lOCiated with PhYsical......,1aHon r L _ He said., "'It is the money market that is ~ the PlQ'll)ent .,...." to the thin! dol< If the cheque can be clean!d in a da.l' iIM!ston can !Mill and get !heir payment and can lrn'eSt 10 other aecurltk>s same da,y." The ManagIng DIrector rL Lambert Securities LlmJted. Mt: Davkl Adonrl. noted that cheque truncation system is possible. but the Exchange needs to align with the money market to lmproo.oe 00 lIS '"""-" Abo, the QUe( """"""" 001cer d 'I'nl5l ~ Securities Unlit·
ed. AIhoIi"""-' _ _
with Adonrl. aklinII: that the I!fti!o. tiYerle!lI5 d the 5)'Item wUI bnproo.>e the Ilquldity '" the _ _ ......
timeD ~oosts. '11le cheque trunc:aUon, a prooe5S that lnYoIves stopplna the physical lJlO\'emf!tlt d CheQlES and replaclns the Instrument with the lmageu the I.nsuv.ment ~ data rontalned in Mngnetic Ink Character Recogn1Uon (MICR) 1Jne. Unlike the c::onunon ronn
and the
where • cheque Is ph,ysk:ally ~ sented to the P'O'lnI bank. • truncated cheque ellminates the c:umberaome asaoclated with phYsical pre;entaUon and saves time and
....... inc""'"
TheAc1ingManaging 0 ........
eX NIger1a inter-Bank SetUement
PIc. Me Nlyl ........... the pUot scheme d the process
System
had been operational slnoe: AU 1USl2011. He explained. "We would ccm· IllII!DCe cheque tnmcaUon. With that. ~'e wiD be able to reduce the nwnber d clearing . , d cheques from the c:urrent T-+3 to T+2. as part d the cashless La· P polic]l: It would make peop}e ""'" other _ rL making ~ts.
the only
cash should not be:
~t
option. We 1ft
_the_period", cheques.
- _ NlBSS i s _
un.
cIoaeIy with the CBN. SIna! we have been running the auto-
mated clMrb:J& system In OUT d · Doe. That brought alllhe banks together ti:Ir automated dearb'c d Instruments - cheques and other non paper Instruments. "The I)'SIeID M! 1ft Pr1I: to me
Ir cheque 1n>IlCI1Ilon. ...... the papercbeque MJUkl come the _ _ b not as _ to ..... live siJu August this )QU: Banks an ~ Il So. we hoM been m a pilot 8Cheme. 11te system is t1!IllIdx the cJearinIIlxJu!es are I't'8(ty am the bcmks are aha tmd:lt' He abo said that the NIBSS had been saddled with the responsibU· Ity d ensurinc that the ~ whlch seeks to ~ the domi· nance of cash in the system. was
"""""'-
Aviation, petroleum ministries discussing Jet A1 supplies OLUSEGUN Kouy
E
bid to pennanenUy 801ft
the problem of lCarclty d Jet othMwi<le known R9 av\ation fuel. the Ministry 0( Aviation has nached an ~t with U~ M.lru6try Petroleum RI!!OUJ"ce5 OIl how best to tICkle the problem whirh hos cauaed
or
untold hardship ftr a1rtines and their PBB!Il&9f'S in recent tbnes. The Special AsJlstant Medla. to the Mlnistar 01 Avlatkln. Me.
Joe ObI. in an 1I1~rvn wUb NOlionol AfimJr tn Lap ex plained that the MioWerc( Avl--
atioo. f"rtncas Stell:l Oduah 1.5 meeting ..lfh her counterputs In the Ministry fA P£!troIeum ~ SOI.1I1:e, Mn. Oklz'.dl.I AI.lbonMaduKe 00 the lYtle. Obi explained 1h-"1t the meet ing "'35 pan 0( n'COltlllleflda.
lions suaested by the aviaUon fuI!I oomm1ttee set up by the mJn. is.... last JuIJ< lie stated I\u-ther that acarclty d 8YiaUoo f\Je1 could not be done independently in the sector with0U1 the oooperation u other sec> tors especially the mlnistry 0( petrokrum, adding that the two
ministries are pt"BgenUy talk· llli on bow to ma.ke the prnduct available and affordable to the airline. He ak1, "It was port cI the rnp a r t s _ bytheoommJttee to the mlnisieJ: The Issue U t'uel IC3rdIy cannot be done Indepel)odmt\lIbut rather in""""",",," with other ministries. The' min Isuy rL - . . " " " " " ' " bas comes in and liM:! hW mWsten are ~ 00 oot just provId inc the product, but they oqua1ly want to make it ~ and e\Ul at international rate...
SON em barks on nationwide survey of substandard goods StnndardR OrganisatlonrL Nl"..ril (SON)..". it _ eubqd.ed on a natimwlde. mal'ket I.ITW)' eX subItlndanl pnxllJd!; Ii:lUowtnc an1Wners' COI1lplalnw espedalIy CMlI" c:eIl phone aC'o.-ories and
"'tOO should just stve us Mother mooth lOr OW' final nmrds to be out and ...e "uuk! be atHe to c:onflrm tbe~eX su~ aoodI in the 0JUDttJ: The situa.tion b \W'J bid and people have
Or Joaeph OdlUJ!Odu, Dlree-...~ rL S<N. inId the N<ws _ ~ M,.,.., (NAN) (bat the outamt 01 the SW"'o"e)' MJuId be mMte publc by the end
in the madr.et because that makes It a lot easier ror us to roonItcr what is bappenlnc and abo to ensure that our enb1:ement is tar·
d lhemonth.
Odumodu ..... He saki that SON had. KhlI!ved ale\"'e! U starx1ardl!a1io in spite fI the .::tMties d lOme hudu-
TI
-
He, bowever;
clh>m.iaed the
specu.latim 818196 p'ramt rI ceU phone &CCeS5Otiei and electronb in N1caria Mrt a.Jb.etandard. - , don't know"'Mre tbestatlstics came rrom but Ule basis can not be Ine. we an> CllrrentJy 0011· d~
another
i!IOOO as thai b
~u 'WY
aud as
comp.eted I ",'OUkl
mea"e the statJst.k:s
a ri&bt to complain.
-we haw! just lIl!Cllnd a place
_corrtdlyand _ _ -
Jentpeop~
~ who were b.aviug a Hcld day sudden1y calJed thrun· aelVO!l to order and if 100 chedI. \'\"I'Y we.Il, we have actualJ.y im· pounded phone a:x:tS5Oi Ies 00 a
routlne_-
CBN disburses N175m agric loans J OHNSON OKAHLAWON
tmlUlIon each from United Bank fOr Aftica and UnJon Bank d NI· geriaPIc~
T
he Central Bank of NIp.
da has dlsbuned Nt75bn out 01 tile N200bn ear· martu!d for the Commercial A&:. rlcuIturai Credlt ~me as at March:D, "12The CON said durin, the period. Abla State GcM!rnment ac· 0!SIJI!d Nt bn, whHe RM!n am
Baucbl tate G<M>mments accessed addlUonaI NJbn and Nlbn respecll\~ rrom the flmd. In • circular • the CBN webshe ~ the number d stale ~lS parUdpalJ.ng In the achw1e stlrxts at 29., add.iJli: that these state (pM.n\Illen13 IGI9IIld I\mis iJr ~ to f'armfn' Wlims.~andOnancq
d otlw areas d agrIcuhuralinlerYI!rlt.iom in Ulelc various states. AalonIIni 10 the CON, the fed. era! Cnpltal l'trrttory accessed
MBauchi State accessed Nlbn each ltom USA and UON PIc respectiveIJc: wtille RMn State accessed N4bn from Zenith Bank PIc... the cln:ular added. It explained that d~ the period under review. the sum cI Nto.7bn was released to 511: banks
l'
as-
with respea to commercial ricWturaI C1!d.it !Cherne ~ _ _ _ bytheCIIN
since tr.:eptjon b1 axe to NI75.5bt. On the perirmanoe d deposit money banks I.lIldt!r the ~ from the inception.. 18 t.nks. namelx Access Bank PIc. F1deI. Hy Bank, First Bank d Ni&erla. Cuaranty 'I"rust Bank. Eco Bank Pk:, Skye Bank and Stanbk: lBTC participated. Others are Union Bank of NI· geria. United Bank for Africa. Unity Bank Pk, ZenIth Bank PIc,
DlanOid Bank Pic, Sterling, CI· libank, Wema. Mainstream Bank. Enterprise Bank and FCMB. The circuJar- added that sioce Inception In :1.0», the CON hils released the swn 01 Nl7S.5bn for" dlsbursement to 222 benefidaries made up d 193 privatI! pnxnoten and 29 state JI)\'t!nUnI!flts that ac· cessed the swn eX N33bn. -in the period . . - revleo: the swn d N(7Om 9II-aI wlthdnIwn from Stanblc urrc Bank In respect of AIbookys Nigeria Lim· lted due to mntnl\1!I1tion or the .cherne ~1f!S. 11M! bank was sanctioned with a pt'Nllty charge d N4'7_7OIm. .. the CON said. The analysls or nwnber d projects Ilnanoed under" the acheme.show!d that out 01 the 195 privatI! sector spon3OI"I!d pro;ects; production accounted for 47 per cent and dominated the act.ivIties funded. while processin8 aa::ount· ed ror ag per cenl