03 Jun

Daily Watch – CBN fine-tunes new forex regime, Nollywood hits Europe

  • The CBN is fine-tuning the operating modalities for the newly announced Foreign Exchange regime in order to address all perceived loopholes that could lead to arbitrage, particularly from the special window that it is now creating to fund critical transactions in the economy. According to BusinessDay, the new framework was actually ready as at the time CBN Governor, Godwin Emefiele, announced the new policy, but immediate concerns raised by market operators and analysts necessitated the regulator to rethink the content of the framework, to ensure it meets current realities. Some of the areas of concerns by some analysts include, the definition of the small window and critical transactions and whether arbitrage and round tripping would not be encouraged through the official window, among others.
  • The Police Service Commission has announced that 338,227 applicants have been shortlisted from 911,438 that applied for 10,000 police jobs. Mike Okiro, PSC chairman, said that those shortlisted will go to the next stage of recruitment which involves physical screening exercise at their states of origin. Screening will begin Monday. Of the 338,227 shortlisted candidates, 44,661 are looking to be Assistant Superintendents, 87,736 are looking to be Inspectors and 205,830 want to be Constables. Benue state has 29,000 applicants invited for the next stage, the second highest Kogi state has 19,000 while Lagos has one of the lowest number of applicants at about 2000.
  • NERC has banned the mass disconnection of electricity debtors by the 11 Distribution companies. The DisCos were instructed to only cut-off long-term debtors. The order came after NERC got numerous complaints from various communities, villages, estates about DisCos indiscriminately cutting off power supply due to non-payment of electricity bills. NERC said any customer wrongfully disconnected from electricity supply should report to the commission for its further action. NERC further announced that residents wrongfully disconnected were to be compensated with ₦1,000 for each day of the period they were affected. The penalty is ₦1,500 for commercial and ₦2,000 for industrial consumers.
  • Nigeria’s film industry, which is currently worth $7.2 billion, has gained traction in Europe as local producers are seeking opportunities to expand their products beyond the shores of Nigeria. Filmmakers who are currently in Paris for a film festival say the platform has the potential of enabling Nollywood become popular not just in France, but in most European countries, thereby enabling them sell more content and repatriate revenues to Nigeria. With an estimated one million people directly or indirectly employed by Nollywood, the making, distributing and screening of moving pictures has become the country’s second-biggest source of employment after agriculture. The film industry accounts for more than 1.4% of GDP.