The Central Bank of Nigeria has said the decision of Deposit Money Banks to place a restriction on the use of Automated Teller Machine cards abroad by bank customers is due to scarcity of foreign exchange.

The apex bank said while it had no powers to reverse the restriction placed by the DMBs on the use of the ATMs abroad, the CBN was in support of the decision as it would assist in reducing the pressure on the naira.

The Director, Monetary Policy Department, CBN, Mr. Moses Tule, who said these in Abuja while speaking with journalists, explained that the restriction might continue until the country could increase its foreign exchange earnings.

He said if banks had not taken the decision to restrict the use of the ATM cards abroad, some of them would current be experiencing challenges meeting the overseas demand of their customers.

This, he added, would have caused huge liabilities in the balance sheet of the banks, thus affecting their operations.

Tule said much as the CBN sympathised with Nigerians for the sufferings they were experiencing in carrying out transactions abroad, there was little it could do to reverse the decision of the banks.

He said, “The limitation on the use of debit or credit cards outside the country was not a limitation that was placed by the CBN.

“They were restrictions that Deposit Money Banks placed because they have to settle whatever transactions you make with your debit cards with their corresponding banks in foreign currency. And if the banks do not have the foreign currency to do that, then you create a liability problem for them.”

He said, going forward, the priority of the CBN would be to use the foreign exchange to settle matured Letters of Credit that had been opened for importation of petroleum products and other raw materials.

“Given the level of current flow into the reserves, by the time we meet these priority areas, you will discover that people who are using their debit cards overseas for shopping can never be on the priority list,” he added.

On the devaluation of the naira, Tule said President Muhammadu Buhari had, using the budget, given a policy direction on what the CBN should do, adding that “hard choices” would be taken next year by the bank.

He, however, failed to provide details of what he meant by hard choices.

He said, “If you read the budget speech of the President, there was one sentence there where he said we must make hard choices in 2016. The budget is designed to open the growth potential of the economy and the President has said we must make hard choices.

“As policymakers, we are going to make those hard choices so at the right time, the CBN will take the appropriate decisions that will strengthen the foreign exchange market.”

A local government official, Abdul Jalil, said a suicide bomber attacked a mosque of the minority Ahmadiyya Muslim sect in northern Bangladesh, injuring five worshippers.

The blast in the district of Rajshahi took place during Friday prayers.

Jalil said a suicide vest was found at the Syedpur Ahmadiyya Muslim Jamaat Mosque, and the fatality was the assailant.

The mosque is located 200 kilometres north-west of the capital, Dhaka.

The Chief Administrator of Baghmara sub-district, Triqul Islam, said some 30 people were in the mosque when the explosion took place.

As Christians all over the world celebrate the birthday of Jesus Christ today, Pope Francis of the Roman Catholic Church, Queen Elizabeth II of the United Kingdom and the National Leader of the All Progressives Congress (APC), Asiwaju Bola Tinubu have urged all Christians to keep up hope after year marked by terrorist attacks and refugee crisis.

In his Christmas message to a crowd of thousands during Mass in St. Peter’s Basilica in Rome on Christmas Eve, Pope Francis told his congregation to ‘act soberly’ and ‘to do God’s will’. The Pope said further that Christmas was the time to ‘discover who we are.’

The pope urged those “intoxicated” by possessions to return to a more simple life, and said that everyone should allow the simplicity of the child Jesus, who was born in a manger, to inspire their lives.
“In a society so often intoxicated by consumerism and hedonism, wealth and extravagance, appearances and narcissism, this Child calls us to act soberly,” he said in his homily to thousands in attendance.

Addressing the nation in a prerecorded speech that will be broadcast on Friday afternoon, Queen Elizabeth II urged people to keep up their hopes at the end of a year that has been marked by disasters, including deadly extremist attacks and a refugee crisis that has seen millions flee their homes.

The monarch used her 63rd speech to emphasise her belief that light will overcome dark.
Also, in his Christmas message, Tinubu urged Christians to learn the lessons from the birth of Jesus.

“The lessons of humility, selflessness, humanity and meekness that we glean from the evergreen Christmas story must not depart from our relationships here on earth”. According to Tinubu, this is the only way the blessings of Christmas will abide always beyond the celebration.

“Nigeria is at the cusp of a new moral threshold and the role of religion in making a success of this effort is critical. While wishing Nigerians a merry Christmas we must not forget that Nigeria needs us to contribute our quota in making it achieve greatness,” the APC leader said in a statement released on Thursday night.
The former governor of Lagos state advised Nigerians to make the sacrifice necessary and appropriate in making the new political dispensation a success. To do otherwise is to remain held down by the forces of failure and anti-progressiveness.

If you are among those whose Network Providers Deduct their Airtime for no just reason or they 'help' you activate one useless package or the other and collect you money and when you called to complain, they tell you stories such as "you might have activated it unknowingly", "somebody or something activated if on your behalf", as if you and a ghost uses your phone or do they bombard with different useless messages and calls each and everyday. Have you complained times without number to them but you still get to suffer at their hands?

Well if you are among any of those categories mentioned above, don't worry anymore for their is a way to deal with these Network Providers.

Nigeria Communications Commission {NCC} released this No. 622 for you to call and report any telecommunication company that is deducting your money illegally through dial tunes, SMS etc.

So place that call now it's toll free. Meaning you call 622 free of charge.
Call now and help pass this info round. This stealing just have to stop.

Eleven people were killed when three female suicide bombers attacked Benisheik town, in Borno State on Monday, a vigilante source told SaharaReporters.

Also, the police in Gombe State said three policemen and two civilians were killed during an attack on Triacta Construction Company’s quarters by gunmen in Buba Shango area of Gombe metropolis.

The Gombe State Police Public Relations Officer, DSP Fwaje Atajiri, confirmed the attack while speaking with newsmen in Gombe on Monday.

He said the incident occurred on Saturday night and investigation into the matter had commenced.

“For now, we are not going to pre-empt the investigators, we are waiting for them to carry out their duties to a logical conclusion and we will let you know their findings later,” he said.

According to him, the officers lost their lives while trying to repel the attack.

The News Agency of Nigeria learnt that the two civilians were a security guard and a generator technician.

It was further learnt that the contractors had travelled for the Christmas and New Year celebrations.

The female suicide bombers, SaharaReporters quoting a vigilante source, killed the 11 people on Sunday night.

He said the attackers comprised three teenage females, who stormed a checkpoint and detonated IEDs they had on them.

The bombers and six villagers were killed, while over 30 others were injured.

“They killed four women and two men as well as the bombers, also the injured persons have been taken to Maiduguri for treatment,” SaharaReporters quoted Lawan Musa as saying.

A hospital source at the Maiduguri State Specialist Hospital said that two of the victims were brought into the hospital dead, while 30 others who were injured were receiving treatment. The victims, he added, had been buried.

Deposit Money Banks in the country are recording unprecedented foreign exchange bills owing to heavy and frequent use of payment cards by their customers who travel abroad, it has been learnt.

The development, which has created huge forex debts with the banks’ international financial partners, has forced many DMBs to stop their customers from using their Automatic Teller Machine cards abroad, top bank executives told our correspondent on Sunday.

The top bankers, who spoke on condition of anonymity because of the sensitive nature of the matter, listed the countries mostly affected by the measure as China, United Arab Emirates and all African countries.

One of the bankers explained, “We stopped customers from using their payment cards when they travel abroad because a large number of them have created settlement problems for us. We have huge bills to pay in forex because many of the customers who are traders and importers are using multiple ATM cards to incur heavy forex liability for us in China and Dubai and some African countries.

“Also, some customers are engaging in round-tripping. They go to some of these countries, especially neighbouring countries in Africa, and use their ATM cards to create heavy forex liabilities for us. We just have to stop it; it is too much,” one of the bankers explained.

Diamond Bank, in a notice to its customers, blamed the current foreign exchange problems as the reason.

“Due to the current FX market realities, please be informed that your naira debit card has been restricted from usage in the UAE, China and African countries. We encourage you to make use of the Diamond USD or Diamond GBP debit card to transact in any of the above-mentioned countries,” Diamond Bank said in a notice to its customers.

As a result of the development, economic and financial experts have advised the CBN to look at the possibility of devaluing the naira as a way out of the problem.

Renowned economist and Managing Director, Financial Derivatives Limited, Mr. Bismarck Rewane, said, “The move by the banks are obvious signs of rationing and restriction by the CBN. I am not surprised. The solution is to let the exchange rate change.

“How long can we hold it? The forex is not there; so, the only thing is to allow the exchange rate to go. I think a combination of devaluation of the naira and some restriction will save us from the situation.”

The Head, Investment and Research, Afrinvest West Africa, Mr. Ayodeji Ebo, said the forex scarcity was caused by the administrative controls and restrictions by the CBN.

He said, “This measure and others will only compound our problem. The CBN needs to know that we don’t have sufficient reserves to keep holding the currency; the way out is to allow the naira to flow in order to reduce the dollar scarcity. If you devalue the naira, the scarcity will reduce.”

On his part, the Managing Director, Economics Associates, Dr. Ayo Teriba, said the move by the banks would weaken confidence of wealth holders, and advised the fiscal and monetary authorities to come up with plans to address the problem.

He said, “This is not a positive signal for us who are trying to attract and retain savings. If people are trapped overseas because they can’t use their cards, they will think twice in the future whether they should keep their money in Nigerian banks or outside the country.

“This is because when the rule of the game changes suddenly like this and people become stranded, they will think twice.”

Below is the communique sent to MTN staff and share holders:

Herewith a further update on the fine imposed on MTN Nigeria and renewal of cautionary announcement: Further to the SENS announcement issued by the Company on 4 December 2015, shareholders are advised that all factors having a bearing on the matter have been thoroughly and carefully considered including a review of the circumstances leading to the fine and the subsequent letters received from the Nigerian Communications Commission (NCC).

MTN Nigeria acting on legal advice has resolved that the manner of the imposition of the fine and the quantum thereof is not in accordance with the NCC’s powers under the Nigerian Communications Act and therefore there are valid grounds upon which to challenge the fine.

Accordingly MTN has followed due process and has instructed its lawyers to proceed with an action in the Federal High Court in Lagos seeking the appropriate reliefs. MTN is advised that in the current circumstances in line with the lis pendens rule (pending legal action) the parties are enjoined to restrain from taking further action until the matter is finally determined.This is consistent with previous judicial decisions in Nigeria.

Notwithstanding this action, the Company will continue to engage with the Nigerian Authorities to try and ensure an amicable resolution in the best interests of the Company, its stakeholders and the Nigerian Authorities Shareholders are therefore advised to continue to exercise caution when dealing in the Company’s securities until a further announcement is made. As advised previously, we will keep you updated as the matter unfolds. I encourage you to continue focusing on our customers and strive to keep our promise to provide the bold, new Digital World to them.

Former Minister of Petroleum, Mrs. Diezani Alison-Madueke, is not dead, family sources have disclosed and kicked back at rumors.

This is coming after the rumour of her death went viral on social media on Thursday.

According to the report, the former minister died of cancer in London and is being prepared to be flown back to Nigeria on Saturday from the United Kingdom, where she has been receiving treatment.

“The report is untrue. She’s alive and well,” a family source said.

Report reaching us says her family is holding a crucial meeting over her deteriorating health condition.

More details later.

José Mourinho has been sacked by Chelsea, with the club’s former caretaker manager Guus Hiddink lined up to take over for the rest of the season. The
Portuguese has paid the price for the team’s dismal Premier League form and he has become the latest casualty of the Roman Abramovich era.
The Chelsea owner has now dismissed eight managers since his takeover in 2003 but he had held off for as long as possible on Mourinho, and not only because he
had given him a new four-year contract worth £250,000 a week, or £13m a year, in August.
Abramovich desperately wanted Mourinho to build upon last season’s title triumph but so bad has this season been that he knew he needed to act. Chelsea’s 2-1 loss at Leicester City on Monday night was a ninth defeat in 16 league matches and it left them just one point above the relegation zone.
Abramovich was equally concerned by Mourinho’s post-match comments , in which he said that his work had been “ betrayed” by the players at the King Power
Stadium. Mourinho said that they had failed to carry out his orders and it was tantamount to him saying that they had stopped listening to him.
Mourinho will now attempt to reach a settlement on his massive contract and attention has turned towards
who will succeed him and be charged with the clean- up operation. Hiddink, who worked as the caretaker manager at the club in 2009 after the sacking of Luis
Felipe Scolari , is now set to return to Stamford Bridge.
Hiddink led the club to the FA Cup, but has not enjoyed much success since in stints with Russia, Anzhi Makhachkala and Holland, who failed to qualify for
Euro 2016.
Chelsea, whose next match is at home to Sunderland on Saturday, released a statement a little after 3pm, saying that they wished “to make clear José leaves us
on good terms”.
The full statement read: “Chelsea Football Club and José Mourinho have today parted company by mutual consent. All at Chelsea thank José for his immense
contribution since he returned as manager in the summer of 2013.
“His three league titles, FA Cup, Community Shield and three League Cup wins over two spells make him the most successful manager in our 110-year history. But both José and the board agreed results have not been good enough this season and believe it is in the best interests of both parties to go our separate ways.
“The club wishes to make clear José leaves us on good terms and will always remain a much-loved, respected
and significant figure at Chelsea. His legacy at Stamford Bridge and in England has long been guaranteed and he will always be warmly welcomed back to Stamford Bridge.
“The club’s focus is now on ensuring our talented squad reaches its potential.”
This is the end of Mourinho’s second stint in charge of the club – his first spell in charge of Chelsea ended in
September of 2007, after he won the Premier League title in 2005 and 2006.

The Independent National Electoral Commission, INEC, has fixed January 9, next year for the supplementary election of the Southern Ijaw Local Council cancelled by the body recently.

Impeccable multi sources within the Commission said yesterday that the tentative date being canvassed by top officials and stakeholders seems to be widely acceptable to all the principal actors in the election saga.

“Apart from the fact that the yuletide period is around the corner, consideration was given to the fact that a lot of people would return home to their villages and they wouldn’t want to be bogged down with the inconveniences of the election.

The commission wants to consult with the various stake holders and needs time to prepare for the make or mar re-run,” one of the sources said.
SEE ALSO: Bayelsa guber: APC primaries cancelled, postponed indefinitely

In order to perform its duty, Yakubu was said to have decided to carry everybody along and involve all concerned in widespread consultations.

The electoral boss, alongside his top lieutenants yesterday, met with security chiefs in the area including the Commissioner of Police, Mr. Sanusi Oki, his Army counterpart, Major General Alali Okunola and those of the Naval, Air Force and Nigeria Security and Civil Defense Corps.

The security situation during the recent election was discussed at the meeting, while plans were laid out to prevent a recurrence of the lapses recorded in the last poll.

The INEC boss is set to meet with all the parties that participated in the last election, together with all the candidates on Thursday in Abuja.

“They are expected to come to the meeting with all their grievances and those present are also expected to thrash all the issues exhaustively,” another source revealed.

“The chairman has been consulting widely and he wants to carry along all the stakeholders, regardless of their status or affiliations.”

It shall be the turn of the media and civil societies groups on Friday, during which INEC is expected to announce the date for the bye-election.

“INEC is trying to ensure that it shakes off the under-performance tag that is being attached to it. The boss wants to be seen as being fair and effective.

“After the Kogi near-disaster, he can’t afford to have another misstep in this one. His integrity and that of the commission are at stake here,” a source said.

A bored Yemi Alade put up some pictures on her Instagram so that fans can ‘copy her swag’ by sending in their pictures imitating her poses in the pictures. The winner(s) of the competition, according to her, “gwan get a customised gift from YemiSanta”.
Pictures below:

One of the fasted-rising artistes in Nigeria, Kiss Daniel, has hailed top Nigerian rapper, Olamide, who he says he pays respect to.

The G-Worldwide act said the rapper has music in his veins, which is why he drops hit singles on a regular basis.

According to Kiss Daniel, who gain prominence in the Nigerian music industry in 2014, “To say the fact, Olamide, is over talented; too much music in his vein. ‘EyanMayWeather’, my favourite, don’t stop.”

Former Cameroon captain and Chelsea striker, Samuel Eto’o has been appointed interim player-manager at Turkish side Antalyaspor.
The score star, who joined Antalyaspor on a three-year contract in June, has been given three matches to impress at the helm.
He takes over from Yusuf Simsek, whose contract was terminated by mutual consent on 7 December.
Antalyaspor will make a decision about whether to give Eto’o the role permanently.

Following the announcement by Indigenous People of Biafra (IPOB), that pro-Biafra protest will hold in Lagos State on December 16 and 17, major roads in the state were shut down today as the group staged a peaceful rally for the release of Radio Biafra Director, Nnamdi Kanu. The second day of protests will see marchers visit the offices of Amnesty International, the United Nations (UN), as well as several embassies. Continue to see photos…

President Muhammadu Buhari has written to the National Assembly, seeking its consent to appear before a joint session of the Senate and House of Representatives on Tuesday, December 22, where he would present the 2016 Appropriation Bill.

Already, it was learnt that the National Assembly had given indication that it would suspend going on Christmas and New Year breaks, if President Buhari would present the 2016 Appropriation Bill before December 25.

Confirming the development to reporters in Abuja, the Chairman, Senate Committee on Media and Public Affairs, Senator Aliyu Sabi, said the Senate considered the request of Mr. Buhari and granted him permission to present the 2016 Appropriation Bill on December 22 as requested.

The presidential memo for the presentation of the 2016 budget came just as the Senate on Wednesday approved the Medium Term Expenditure Framework (MTEF) submitted to the National Assembly.

The consideration and approval of the MTEF paves the way for the presentation of the annual Appropriation Bill.

In what appeared to be a cordial relationship between the legislature and executive, the $38 per barrel oil benchmark proposed by the Presidency was retained even as the lawmakers approved the exchange rate of N197 to $1, also as proposed by the Presidency.