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[mynewshq]

Idris: Fuel Subsidy Removal, Forex Windows Unification Aimed at Rescuing Nigeria’s Economy

The Minister of Information and National Orientation, Mohammed Idris, yesterday argued that the removal of petrol subsidy as well as merging of the foreign exchange windows were meant to rescue Nigeria’s economy from failing. However, the Chairman of THISDAY and Arise TV Media Group, Prince Nduka Obaigbena, maintained that by announcing the two reforms at the same time, the economy was overwhelmed because at the time the subsidy was removed, Nigeria needed a stable exchange rate to modulate the economy. The minister and Obaigbena spoke during Idris’ visit to the Arise TV office in Ikoyi, Lagos. Idris stressed that Tinubu had to take the decision to save Nigeria’s economy, which was almost moribund when the president took over, admitting that the last 14 months of this government had been challenging. He explained that the removal of subsidy resuscitated the economy and boosted government’s revenue which almost doubled few months after the introduction of the policy and also crashed the volume of fuel product consumed in the country. The minister remarked that the past administration did not include subsidy in the 2023 budget because it lacked the courage to take such a decisive action, stressing that by removing the underpayments, Tinubu ensured its non-provision in subsequent budgets. He maintained that by the end of last year, government had already saved about N1.45 trillion from the removal of subsidy and the decision reduced the demand for petroleum by about 50 per cent. The minister and Obaigbena spoke during Idris’ visit to the Arise TV office in Ikoyi, Lagos. Idris stressed that Tinubu had to take the decision to save Nigeria’s economy, which was almost moribund when the president took over, admitting that the last 14 months of this government had been challenging. He explained that the removal of subsidy resuscitated the economy and boosted government’s revenue which almost doubled few months after the introduction of the policy and also crashed the volume of fuel product consumed in the country. The minister remarked that the past administration did not include subsidy in the 2023 budget because it lacked the courage to take such a decisive action, stressing that by removing the underpayments, Tinubu ensured its non-provision in subsequent budgets. He maintained that by the end of last year, government had already saved about N1.45 trillion from the removal of subsidy and the decision reduced the demand for petroleum by about 50 per cent. Read the full article

[hardynwa]

767 manufacturers shut down in 2023 – MAN

The Manufacturers Association of Nigeria has said that 767 manufacturers shut down operations while 335 became distressed in 2023. This came against the backdrop of exchange rate volatility, rising inflation and other economic challenges that have worsened the investment climate. MAN stated this in a statement in which it condemned the recently introduced Expatriate Employment Levy by the Federal Government. The association said it was struck with disbelief, seeing that the levy runs contrary to President Bola Tinubu’s Renewed Hope Agenda and the kernel of his Fiscal Policy and Tax Reform initiative. According to MAN, the unintended negative consequences on the manufacturing sector are humongous and cannot be accommodated at this time of evident downturn in our economy. The statement read in part, “The imposition of EEL poses a potential impact on the manufacturing sector and the economy at large. “This will in turn mark an unwarranted and unprecedented addition to the cost of doing business in Nigeria, especially to manufacturers. The manufacturing sector is already beset with multidimensional challenges. In the year 2023, 335 manufacturing companies became distressed and 767 shut down.” The statement further noted that capacity utilisation in the sector has declined to 56 per cent amid rising interest rates and scarcity of forex needed to import raw materials and machinery. It added, “Inventory of unsold finished products has increased to N350bn and the real growth has dropped to 2.4 per cent.” MAN also said it was concerned that the EEL contradicts our international trade agreements and the obligations contained therein. It argued that Nigeria is a signatory to the African Continental Free Trade Area agreement, which seeks to promote the free movement of skilled labour across the continent, which is complemented by non-discriminatory measures against fellow Africans. The association expressed worry that the introduction of the levy could trigger retaliatory measures against Nigerians working across Africa and other nations of the world and may also frustrate regional integration efforts and portray Nigeria as a spoiler among her peers. “We are equally worried that the imposition of such a levy could have far-reaching implications for our national economy and potentially exert pressure on our national currency could be introduced through a Handbook, rather than a law enacted by the National Assembly. This levy, if not reversed, might expose the Federal Government to a plethora of lawsuits that would distract Government from the task of salvaging the current dire situation of our economy,” the statement added. In its recommendation, MAN urged the president to direct that the implementation of the Expatriate Employment Levy be discontinued. The Expatriate Employment Levy, a new policy introduced by the Federal Government aims to address wage gaps between expatriates and the Nigerian Labor force while encouraging skills transfer and the employment of qualified Nigerians in foreign-owned companies. The new levy is $10,000 for staff and $15,000 for directors. This represents a significant shift from the $2,000 paid by foreign nationals for the Combined Expatriate Residence Permit and Alien Card. According to NBS, Nigerian nationals constitute only 59 per cent of total jobs in Nigeria, their wages account for less than 45 per cent of total wages, and the average basic salary of expatriates stands at more than 45 per cent above the basic salary. However, the introduction of the EEL has been met with strong criticism from members of Nigeria’s Organised Private Sector, who argue that the policy may negatively affect Foreign Direct Investments in the country. In a statement signed by its Director-General, Chinyere Almona the Lagos Chamber of Commerce and Industry said it is concerned about the likely perception by foreign investors that the Nigerian government is not accommodating to foreign workers. The chamber expressed concern that this perception would be harmful to our drive for Foreign Direct Investments inflows. The statement read in part, “The Expatriate Employment Levy may cause unintended consequences that may trigger the relocation of foreign companies to neighbouring countries that present a more conducive and less expensive environment for business. “The imposition of this levy may likely spark retaliatory actions taken by other countries by imposing levies on foreigners and particularly targeting Nigerian workers. This will in turn affect diaspora remittances from Nigerian workers resident in other countries.” In the same vein, the Centre for the Promotion of Private Enterprise, in a statement signed by its Chief Executive Officer, Muda Yusuf, criticised the new policy directive. The Centre said that the policy could be a major setback for the continental economic integration vision. The statement read, “There are serious implications for diaspora Nigerians. The policy may trigger reciprocal actions from other countries and this may affect Nigerians in the diaspora. “There are currently over 17 million Nigerians in various countries around the world doing extremely well in the fields of education, medicine, health, sports, media & entertainment, leadership & politics, finance, science & ICT, transportation, tourism, industry and agribusiness.” Read the full article

[crimechannels]

By • Olalekan Fagbade Naira to Dollar exchange rate for today 17th Aug, 2023   The naira, Nigeria’s legal tender, is currently trading at N890 per dollar at the parallel section of the foreign exchange (FX) market. The figure represents an appreciation of 60 or 6.3 percent from the N950 it traded last week. Speaking to TheCable on Wednesday afternoon, Bureaux De Change (BDC) operators in the Victoria Island area of Lagos said the naira has been steadily gaining against the US currency at the street market. They put the buying price of the dollar at N870 and the selling price at N890, leaving a N20 profit margin. “Dollar has been dropping. Yesterday, I sold it for N930. No matter how the dollar goes up, it always comes back down. That’s how it is,” a currency trader in the Victoria Island market told TheCable. Meanwhile, currency traders in the Agbara area of Ogun state said they are currently buying the local currency at N850/$ and selling it for N860 per dollar. At the investors and exporters (I&E) forex window, the local currency depreciated by 4.08 percent to close at N774.77/$ on Tuesday , according to details on FMDQ OTC Securities Exchange — a platform where FX is officially traded. An exchange rate of N799.9 to the dollar was the highest rate recorded within the day’s trading before it settled at N774.77. The data also showed that forex worth $95.79 million was transacted among market dealers. On Monday, the Central Bank of Nigeria (CBN) said it would take new measures to stabilise the naira against the dollar. Folasodun Shonubi, acting governor of the CBN, said President Bola Tinubu was worried about the consistent fall of the local currency against the greenback, hence efforts would be made to curb the situation. “We do not believe that the changes going on in the parallel market are driven by pure economic demand and supply, but are touched by speculative demand from people,” Shonubi said. “Some of the plans and strategies, which I am not at liberty to share with you, means sooner rather than later, the speculators should be careful because we believe the things we’re doing, when they come to fruition, may result in significant losses to them. “But my presence here is more about the concerns the president has and his needs to know that we are doing something about it, assurances of which I have given him totally. “We are doing things which will significantly impact the market in a few days time and we will all see it.” #dollar #exchangerate #money #Naira

[newsnigeria]

The 'Foolish Man' and his mega refinery complex

Chief Bayo Onanuga writes; Some years ago, Aliko Dangote, Africa's richest man invited media leaders to a luncheon at the Protea Hotel in Ikeja to mark his 55th birthday. Some of his guests sat around him at the centre table. They chatted freely. Discussions about our country, and the state of the economy soon veered into discussing the absurdity of our country, being a major crude exporter, and also a major importer of refined petroleum products. Our colleague from a major business paper said the local conditions were unfavourable to any investor who wanted to build a refinery. He then made a remark that I believe he would live to regret: "Only a foolish man will build a refinery in Nigeria". Aliko who had listened to all our business and political pontifications, interjected: "I am that foolish man". A pin-drop silence enveloped the table as he dropped the unexpected news: "My company has just decided to build a refinery in the country. But we are doing it big". Those were his exact words, as the multi-dollar billionaire told us he was willing to spend close to $9 billion on the project. The media big man became speechless. The rest of us caught the contagion of being flummoxed as well, as Aliko expatiated on the project. He said it will be a petrochemical complex. As the project was still on the drawing board, he did not tell us it will be the biggest refinery in the world, capable of processing 650,000 barrels of crude daily. All the hint he gave was that it will be 'big'. Our takeaway was that it will be big like Aliko's involvement in cement, sugar, pasta, and other businesses. He didn't say it will include a fertilizer plant and a power plant that can supply enough electricity to Nigeria's South West, excluding Lagos. Initially billed for Ogun State, the Dangote Petroleum Refinery surprisingly shifted location to Lagos, just opposite the creek separating the two states. Governor Dapo Abiodun may want to probe his predecessor, Ibikunle Amosun, why he allowed the complex to move to neighbouring Lagos. The gigantic project, which cost $15 billion, is now sitting in all majesty in the Lekki Free Trade Zone in Ibeju-Lekki, covering a land area of approximately 2,635 hectares, seven times the size of Victoria Island. The complex is the world’s Largest Single-Train 650,000 barrels per day Petroleum Refinery with 900 KTPA Polypropylene Plant. It comes with a 435 MW Power Plant, which will be able to meet the total power requirement of Ibadan DisCo of 860,316 MWh covering five States including Oyo, Ogun, Osun, Kwara, and Ekiti. The refinery, according to its fact sheet, can meet 100% of the Nigerian requirement for all refined products, including Gasoline, Diesel, Kerosene, and Aviation Jets. It will also be able to produce a surplus of each of these products for export. Designed for 100% Nigerian Crude, the refinery has the flexibility to process other crudes. No wonder it is located near the seashore. Today President Muhammadu Buhari commissioned the gigantic petrochemical complex. Just as we rejoice with Aliko Dangote and the Dangote Group family, we need to give kudos to the Buhari administration for ensuring that the complex comes to fruition, by ensuring that it was not starved of needed foreign exchange and taking a stake in it. For Aliko, all is well that ends well. The complex will bring to an end our country's many decades of shame, for being unable to refine its crude and having to depend on importation, wasting scarce forex. The 'foolish man' of 11 years ago has demonstrated once again that he is a man of wisdom, a peerless shrewd investor who sees clearly the 'bigger picture' when his compatriots are bogged down by parochialism and immediate monetary gains. Read the full article

[akarrushdiy]

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[fxasker-blog]

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[hardynwa]

767 manufacturers shut down in 2023 – MAN

The Manufacturers Association of Nigeria has said that 767 manufacturers shut down operations while 335 became distressed in 2023. This came against the backdrop of exchange rate volatility, rising inflation and other economic challenges that have worsened the investment climate. MAN stated this in a statement in which it condemned the recently introduced Expatriate Employment Levy by the Federal Government. The association said it was struck with disbelief, seeing that the levy runs contrary to President Bola Tinubu’s Renewed Hope Agenda and the kernel of his Fiscal Policy and Tax Reform initiative. According to MAN, the unintended negative consequences on the manufacturing sector are humongous and cannot be accommodated at this time of evident downturn in our economy. The statement read in part, “The imposition of EEL poses a potential impact on the manufacturing sector and the economy at large. “This will in turn mark an unwarranted and unprecedented addition to the cost of doing business in Nigeria, especially to manufacturers. The manufacturing sector is already beset with multidimensional challenges. In the year 2023, 335 manufacturing companies became distressed and 767 shut down.” The statement further noted that capacity utilisation in the sector has declined to 56 per cent amid rising interest rates and scarcity of forex needed to import raw materials and machinery. It added, “Inventory of unsold finished products has increased to N350bn and the real growth has dropped to 2.4 per cent.” MAN also said it was concerned that the EEL contradicts our international trade agreements and the obligations contained therein. It argued that Nigeria is a signatory to the African Continental Free Trade Area agreement, which seeks to promote the free movement of skilled labour across the continent, which is complemented by non-discriminatory measures against fellow Africans. The association expressed worry that the introduction of the levy could trigger retaliatory measures against Nigerians working across Africa and other nations of the world and may also frustrate regional integration efforts and portray Nigeria as a spoiler among her peers. “We are equally worried that the imposition of such a levy could have far-reaching implications for our national economy and potentially exert pressure on our national currency could be introduced through a Handbook, rather than a law enacted by the National Assembly. This levy, if not reversed, might expose the Federal Government to a plethora of lawsuits that would distract Government from the task of salvaging the current dire situation of our economy,” the statement added. In its recommendation, MAN urged the president to direct that the implementation of the Expatriate Employment Levy be discontinued. The Expatriate Employment Levy, a new policy introduced by the Federal Government aims to address wage gaps between expatriates and the Nigerian Labor force while encouraging skills transfer and the employment of qualified Nigerians in foreign-owned companies. The new levy is $10,000 for staff and $15,000 for directors. This represents a significant shift from the $2,000 paid by foreign nationals for the Combined Expatriate Residence Permit and Alien Card. According to NBS, Nigerian nationals constitute only 59 per cent of total jobs in Nigeria, their wages account for less than 45 per cent of total wages, and the average basic salary of expatriates stands at more than 45 per cent above the basic salary. However, the introduction of the EEL has been met with strong criticism from members of Nigeria’s Organised Private Sector, who argue that the policy may negatively affect Foreign Direct Investments in the country. In a statement signed by its Director-General, Chinyere Almona the Lagos Chamber of Commerce and Industry said it is concerned about the likely perception by foreign investors that the Nigerian government is not accommodating to foreign workers. The chamber expressed concern that this perception would be harmful to our drive for Foreign Direct Investments inflows. The statement read in part, “The Expatriate Employment Levy may cause unintended consequences that may trigger the relocation of foreign companies to neighbouring countries that present a more conducive and less expensive environment for business. “The imposition of this levy may likely spark retaliatory actions taken by other countries by imposing levies on foreigners and particularly targeting Nigerian workers. This will in turn affect diaspora remittances from Nigerian workers resident in other countries.” In the same vein, the Centre for the Promotion of Private Enterprise, in a statement signed by its Chief Executive Officer, Muda Yusuf, criticised the new policy directive. The Centre said that the policy could be a major setback for the continental economic integration vision. The statement read, “There are serious implications for diaspora Nigerians. The policy may trigger reciprocal actions from other countries and this may affect Nigerians in the diaspora. “There are currently over 17 million Nigerians in various countries around the world doing extremely well in the fields of education, medicine, health, sports, media & entertainment, leadership & politics, finance, science & ICT, transportation, tourism, industry and agribusiness.” Read the full article

[akarrushdiy]

A Complete Guide to Cryptocurrency Trading for Beginners (Part One)

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What is Trading?

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Trading is a fundamental economic concept that involves buying and selling assets.

These can be goods and services, where the buyer pays the compensation to the seller.

In other cases, the transaction can involve the exchange of goods and services between the trading parties.

In the context of the financial markets, the assets being traded are called financial instruments.

These can be stocks, bonds, currency pairs on the Forex market, options, futures, margin products, cryptocurrency, and many others.

If these terms are new to you, don’t worry – we’ll explain them all later.

The term trading is commonly used to refer to short-term trading, where traders actively enter and exit positions over relatively short time frames.

However, this is a slightly misleading assumption.

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We’ll go through each of them in more detail later.

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What is Investing?

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Investing is allocating resources (such as capital) with the expectation of generating a profit.

This can include using money to fund and kickstart a business or buying land with the goal of reselling it later at a higher price.

In the financial markets, this typically involves investing in financial instruments with the hopes of selling them later at a higher price.

The expectation of a return is core to the concept of investment (this is also known as ROI).

As opposed to trading, investing typically takes a longer-term approach to wealth accrual.

The goal of an investor is to build wealth over a long period of time (years, or even decades).

There are plenty of ways to do that, but investors will typically use fundamental factors to find potentially good investment opportunities.

Due to the long-term nature of their approach, investors usually don’t concern themselves with short-term price fluctuations.

As such, they will typically stay relatively passive, without worrying too much about short-term losses.

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Trading vs. Investing – What’s the Difference?

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Both traders and investors seek to generate profits in the financial markets.

Their methods to achieve this goal, however, are quite different.

Generally, investors seek to generate a return over a longer period of time – think years or even decades.

Since investors have a larger time horizon, their targeted returns for each investment tend to be larger as well.

Traders, on the other hand, try to take advantage of the market volatility.

They enter and exit positions more frequently, and may seek smaller returns with each trade (since they’re often entering multiple trades).

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Which one is better?

Which one is more suitable for you?

That’s for you to decide.

You can start educating yourself about the markets, and then learn by doing.

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[gospelmusic]

CBN Devalues Naira To N410.25 Per Dollar

The Central Bank of Nigeria (CBN) has devalued the naira to N410.25 to dollar. The devaluation of the local currency was confirmed by the adoption of the Nigerian Autonomous Foreign Exchange Rate (NAFEX), also known as the Investor and Exporter (I&E) forex window rate of N410.25 as its official exchange rate to the dollar. The apex bank had nearly two weeks ago, removed the N379 to dollar exchange rate, the previous official rate from its website. The naira was yesterday exchanging at N487 to dollar at the parallel market. CBN Governor, Godwin Emefiele said Nigeria, like other emerging market countries and countries reliant on oil exports, the decline in crude oil earnings as well as the retreat by foreign portfolio investors significantly affected the supply of foreign exchange to Nigeria. Speaking at the 55th Annual Bankers’ Dinner in Lagos, the CBN boss said the need to adjust for the decrease in supply of foreign exchange led to the depreciation of the naira. “With the decline in our foreign exchange earnings and successive exchange rate adjustments, the CBN has continued to implement a demand management framework, which is designed to bolster the production of items that can be produced in Nigeria, and aid conservation of our external reserves,” he said. Emefiele explained that due to the unprecedented nature of the shock, the apex bank has continued to favour a gradual liberalisation of the foreign exchange market in order to smoothen exchange rate volatility and mitigate the impact which, rapid changes in the exchange rate could have on key macro-economic variables. This, he said, was in line with international best practices in countries where managed float arrangements are in operation. “At the same time, measures are being taken by the authorities to improve our non-oil exports and other sources of foreign exchange. These measures have helped to prevent a significant decline in our reserves,” he added. The CBN had, in April 2017, established the I&E forex window as part of efforts to deepen the foreign exchange market and accommodate all forex obligations. The purpose of the window was to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions. In the note titled: ‘No more official rate – act of Omission or Commission?’, an economist and Managing Director, Financial Derivatives Company Limited, Bismarck Rewane, said the erasure of the official exchange rate from the CBN website for over 11 days is being interpreted by the markets as a move towards exchange rate convergence. “In 2020, the official rate was taken down from the CBN website – but for only three days. The CBN seems to have used the last 10 days to evaluate market reaction, which has been largely positive. This could mean the beginning of a move to a more market determined exchange rate mechanism,” he added. According to Rewane, the gap between the parallel rate (N486/$) and the official rate (N412/$) has declined from N100 early this year to N74 today. In addition to this, the path to full convertibility is typically preceded by the move from an auction system to an interbank market. He said the move will help Nigeria meet some conditions precedent to its proposed $3 billion Eurobond issue and accessing a $1.5 billion loan from the World Bank. Also, the IMF has consistently insisted that restrictions on access to forex for certain categories of goods, and multiple exchange rates create distortions in both private and public sectors decision making. They discourage long-term investment, encourage smuggling and provide avenues for corruption. The Fund suggested removal of foreign exchange restrictions, and a full exchange rate unification, in line with the authorities’ Economic Recovery and Growth Plan (ERGP), will help keep the parallel market premium low in a more sustained manner. It therefore called for unified exchange rate for the naira to promote growth and attractive foreign capital. According to the IMF, foreign exchange backlog and shortages are intensifying Balance of Payment (BoP) pressures insisting that exchange rate unification was imperative to reduce BoP risks. It said that fiscal deficit will stay elevated in the medium term, while additional domestic revenue mobilisation is required to reduce fiscal risks.

[hardynwa]

Forex scandal: EFCC probes $347bn funds, summons foreign firms

Industrial companies, banks get lion’s share under Emefiele, social services receive least forex allocation •Anti-corruption agency deepens forex scandal probe, detectives may grill five foreign companies next week The Economic and Financial Crimes Commission is investigating at least $347bn allocated to companies in Nigeria between January 2014 and June 2023, according to findings by The PUNCH. This came as fresh findings show that the anti-graft agency has extended its forex allocation probe to include some foreign firms operating in Nigeria. However, the Central Bank of Nigeria data analysed by us on Wednesday revealed that local and foreign companies in Nigeria got at least $347.49 billion from the apex bank to service their foreign exchange needs and obligations within the 10-year period. The data was contained in the sectoral utilisation of the CBN’s forex data. Sectoral utilisation of foreign exchange also reveals how foreign exchange is allocated and used across different sectors or industries of the economy. The development came against the backdrop of the EFCC’s probe of forex allocations to Dangote Group and 51 other companies under the immediate past Governor of the Central Bank of Nigeria, Godwin Emefiele. the findings on Wednesday revealed that the EFCC was beaming its searchlight on the 52 companies because they got the largest chunk of the $347bn within the timeframe. However, the amount the 52 top recipients of forex allocation under Emefiele got in the period under review could not be ascertained as of press time on Wednesday. Meanwhile, an analysis of the CBN’s quarterly statistical bulletin showed that under the import category, the sectors that benefitted from forex allocation include industrial, food products, manufactured products, transport, agriculture, minerals, and oil. Other sectors included communication, construction and related engineering, distribution, education, environment, financial, health and social services, tourism and travel, recreational, cultural, and sporting services. A breakdown of the allocation per year showed that the bank disbursed $65.99bn in 2014, $44.6bn in 2015, $25.5bn in 2016, $27.64bn in 2017, $40.81bn in 2018, $43.99bn in 2019, $28.24bn in 2020, $16.4bn between January 2021 and September 2021. Also, $17.38bn was disbursed between October 2021 and March 2022, while $36.88bn was given between April 2022 and June 2023. Under the imports category, the industrial sector got the most forex allocation, with $69.71bn in the period being reported. Others include food products ($24.88bn), manufactured products ($32.73bn), transport sector ($6.67bn), agricultural sector ($2.83bn), minerals (2.88bn), and oil sector ($37.46bn). Under the invisible category, financial services ($136.54bn) got the most forex allocation. Others include business services ($13.47bn), communication services ($3.08bn), construction and related engineering services ($147.71m), distribution services ($257.99m), education services ($4.98bn), environmental services ($40,000), health-related and social services ($31.03m), tourism and travel related services ($721.54m), recreational, cultural and sporting services ($3.18m), transport services ($7.32bn), and other services not included elsewhere ($3.79bn). On January 4, 2023, operatives of the EFCC visited the headquarters of Dangote Industries Limited in Ikoyi, Lagos, as part of the ongoing investigation into the alleged abuse of the foreign exchange allocations by Emefiele. Emefiele and his activities as the apex bank governor are currently under investigation by a Special Investigator on the CBN and Related Entities, Jim Obazee. In July 2023, the President, Asiwaju Bola Tinubu, appointed a special investigator to probe the Central Bank of Nigeria. The investigator, Obazee, was tasked with investigating the apex bank and key Government Business Entities. Obazee submitted the report of the investigation sometime in December 2023. According to reports, 52 companies have been directed to provide documents supporting the allocation and utilisation of foreign exchange sold to them at official rates in the last 10 years. The EFCC had demanded that the firms submit their Form A and Form M, which detailed their forex allocations between 2014 and June 2023. Before now, Dangote Industries had, in November 2023, denied allegations that it was involved in forex malpractices estimated at $3.4bn and allegedly facilitated by Emefiele. The conglomerate refuted claims that the money was funnelled to its non-Nigerian subsidiaries, prompting illicit financial flows and round-tripping. In a rebuttal, Dangote Industries referred to past approvals granted by the CBN between 2010 and 2018, which allowed it to purchase forex totalling $3.76bn for the funding of its projects across Africa, of which it said only 47.70 per cent was utilised. The company stated that forex for its investment undertakings was sourced from the interbank market, with all transactions supported by Letters of Credit in line with international standards. Dangote Group had since stated that it was cooperating with the EFCC. The firm said, “We remain committed to providing the EFCC with all necessary information and cooperation.” According to reports, some companies affected by the EFCC’s directive have complied, while several others asked for time to get the proper documents. Following its raid on Dangote Group, the EFCC has reportedly written to over 85 entities comprising corporate organisations and individuals over an ongoing investigation into alleged fraudulent foreign exchange allocations under Emefiele. Unconfirmed reports claimed Emefiele might face an amended charge to include discoveries in the ongoing probe of forex transactions under his probe. According to reports, the anti-graft agency has summoned senior officials of the affected entities and asked them to provide detailed documents of their foreign exchange transactions covering the last 10 years. Forex scarcity has plagued the Nigerian economy in recent years, with the Central Bank of Nigeria owing FX backlogs and more. This has led to the shutting down of many firms. About five multinationals have closed down operations, fully or partially, in the last 10 months. One of the firms, Procter & Gamble, stated that it had become increasingly difficult to operate in Nigeria. The Chief Financial Officer of the group, Andre Schulten, said, “The other reality that arises in some of these markets is that it gets increasingly difficult to operate and create U.S dollar value. So, when you think about places like Nigeria and Argentina, it is difficult for us to operate because of the macroeconomic environment.” Foreign firms’ probe Amidst the ongoing probe, information reaching us suggests that the EFCC may have started investigating some foreign firms for import and export violations. According to The PUNCH’s findings, some of the foreign firms currently under its radar are Crane Currency Limited, Gleseck+Deverint GmbH, De La Rue Ltd, Oberthur Fiduclaire SAS, and Orelll Fussli. This was contained in an internal memo of the anti-graft agency, which was signed by the Director of Operations, Hadiza Junaidu, and titled ‘Request for Information,’ and with reference number CB:4000/EFCC/DOPS/VOL.28/104, and dated December 21, 2023. The memo read in part, “I am directed to request that you check the records of cases referred to your respective commands/sections for investigation and confirm whether the under mentioned foreign companies has/is being investigated for import/export violations or any other offence. “i. Crane Currency Limited ii. Gleseck+Deverint GmbH iii. De La Rue Ltd iv. Oberthur Fiduciaire SAS v. Orelll Fussli” While directing its recipients to act “urgently” on the memo, the EFCC director listed the distribution list to include zonal commanders and heads of operations. It is unclear how soon the EFCC will end the forex allocation probe. Read the full article

[thisdaynews]

ABCON urges CBN to make BDCs agents for Diaspora remittances

New Post has been published on https://thebiafrastar.com/abcon-urges-cbn-to-make-bdcs-agents-for-diaspora-remittances/

ABCON urges CBN to make BDCs agents for Diaspora remittances

The Association of Bureaux De Change Operators of Nigeria (ABCON) has engaged the Central Bank of Nigeria (CBN) to make Bureaux De Change (BDCs) payout specialists for Diaspora settlements.

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ABCON President, Alhaji (Dr) Aminu Gwadabe, who expressed this in Lagos as of late, said the summit bank should use on the more than 5,000 authorized BDCs across the six international zones to get the greenback flawlessly to recipients.

Gwadabe said that the arrangement would help in giving a more advantageous divert to Nigerians in the Diaspora to dispatch assets back to the nation to support monetary turn of events.

As indicated by the ABCON chief, the yearly settlement inflow of near $25 billion is basic to Nigeria’s cash the board and solidness and ought to be given consistent stream to the economy.

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Such assets, he added, would uphold Nigeria’s equilibrium of installment position, lessen reliance on outer acquiring and relieve the effect of COVID-19 on unfamiliar trade inflows into the nation.

He said BDCs remain the biggest unfamiliar money administrators in Nigeria, consequently making them payout specialists for Diaspora settlements will shield the market from forex cartel that won’t observe rules by the pinnacle bank.

He clarified that such move would help in accomplishing market value balance, offer profundity to the forex market, support dollar liquidity on the lookout, improve unfamiliar stores accumulation and advance swapping scale steadiness.

Proceeding, the ABCON supervisor said doling out such part to BDCs would improve their operational limit and manageability while cementing the safeguard of the Naira against different monetary standards.

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As per Gwadabe, the need to carry BDCs into the Diaspora settlements assortment business has become urgent after reports of maltreatment by Mobile Money Operators (MMOs) restricted to paying settlements recipients in dollars as commanded by the CBN.

On November 30, the CBN expressed that recipients of Diaspora Remittances through International Money Transfer Operators (IMTOs) will from this time forward get such inflows in unfamiliar cash (US Dollars) through the assigned bank of their decision.

Gwadabe extolled the CBN’s order, saying it will stop misbehaviors ceaselessly making dollar scant and keeping the neighborhood cash helpless before the greenback. He said the CBN mandates have assisted with introducing naira bounce back to N465/$ in the equal market and ought to be maintained.

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Examined information on IMTOs inflows into the nation over the previous year, and through examinations found that some IMTOs, as opposed to contend on improving exchange volumes and make more productive ways for Nigerians in the Diaspora to dispatch reserves, depended on taking part in exchange plans on the naira-dollar conversion standard, which to an enormous degree brought about a critical drop inflows into the nation.

This empowered the utilization of perilous informal channels, which likewise upheld redirection of settlement streams implied for Nigeria, along these lines subverting Nigeria’s unfamiliar trade the executives system.

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The CBN had additionally reprimanded MMOs for spurning its orders, demanding that notwithstanding explaining methodology “unfortunately, a couple of administrators keep on paying settlements in nearby money in opposition to the administrative mandate”.

The controller, subsequently, coordinated all MMOs to quickly incapacitate wallets from receipt of assets from IMTOs while installment specialist co-ops are coordinated to stop incorporating their frameworks with IMTOs going ahead and should forestall the coming ling of settlements with other real exchanges.

Gwadabe demands that for Nigeria to get the full estimation of what is because of her in the settlement market, BDCs must be remembered for the settlements installment channels and permitted to get assets from Nigerians in Diaspora.

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He recorded significance of traveler settlements to the economy to incorporate filling in as a help for the beneficiaries little family unit in the economy and utilized for wellbeing, sustenance, training and cultural requirements. The settlements are likewise higher than both Foreign Direct Investment and unfamiliar guides stream to the economy , still, are less expensive wellsprings of assets.

[jiokcareers]

Forex Training Manager At Bookminders Nigeria

Forex Training Manager At Bookminders Nigeria

JOB TITLE: Forex Training Manager At Bookminders Nigeria COMPANY: JOB DESCRIPTION: Bookminders Nigeria is recruiting suitably qualified candidates to fill the position below: Job Title: Forex Training Manager Location: Lagos Employment Type: Full Time Job Brief You will be responsible for performing training needs assessments, designing and delivering curriculum and learning materials and for…

[upshotre]

Consume local products, forex support may stop, Emefiele tells Nigerians

By Tony Ademiluyi The Governor, Central Bank of Nigeria, Godwin Emefiele, has urged Nigerians to support the production and consumption of local products, as the country may not have foreign exchange to support some activities in the future. He spoke during the 2019 annual bankers’ dinner in Lagos on Friday night. Emefiele while speaking on the topic, ‘Strong sustainable growth for the Nigerian Economy’, said, “We must therefore support measures that will drive domestic productivity and diversify our export base. “We should encourage Nigerians to consume goods that can be produced in Nigeria, knowing full well that a time will come when we may not have the foreign exchange to aid such activities, if we continue to rely on earnings from the export of crude oil.” He said it was possible to envision a productive Nigerian economy not reliant on crude oil exports. At some point in Nigeria’s history, he said, the country had an economy that supported productive activities, which created multiple streams of earnings for the nation. He recalled that in the 60s, Nigeria’s economy was heavily reliant on agriculture, with increased cultivation and exports of primary products such as cocoa, palm oil, cotton and groundnut. The CBN governor said, “The agricultural sector in 1961 represented close to 70 per cent of Nigeria’s gross domestic product, and generated close to 70 per cent of our export earnings. “It was the principal source of employment, as over 85 per cent of Nigerians lived in rural communities. These agricultural products also supported the food needs of our nation and provided raw materials for emerging industries.” He noted that the revenues generated from the export of these products helped to fund the infrastructure and human capital needs of the various regions. “We are all aware of how the export earnings from cocoa built the Cocoa House in Ibadan; export earnings from palm plantations supported the development of agricultural settlements in the eastern region and the Trans Amadi Industrial Layout in Port Harcourt.” he said. According to him, the sale of groundnuts and cotton supported developments in the northern region.

Read the full article

[247newsgh-blog]

FULL SPEECH: NAM1 officially speaks first time after arrest, return from Dubai

Good morning Ladies and Gentlemen of the Press. Thank you for coming to this event meant to provide you with the detailed state of our companies especially, what has bedeviled Menzgold for the past twelve months and the way forward. May I state humbly that, this communication is without Prejudice. First of all, let me start by praying the almighty God for grace today and to thank him gratefully as we count our many blessings. Let me also take the opportunity to thank the Government of Ghana; Ambassador of Ghana to the United Arab Emirates; His Excellency Alhaji Ahmed Ramadan, for the consular services extended to me during my eight months detention in Dubai. I thank the Ghana Police Service for the warm reception and the exhibit of professionalism in the discharge of their duty on my arrival to Ghana on the 11th July, 2019. I express my greatest form of immense gratitude to the ruler of Dubai, His Royal Highness Sheik Mohammed bin Rashid Al Maktoum, in his gracious name the Dubai Prosecutions and the Dubai Courts exhibited the highest form of integrity, by boldly upholding the rule of law, handing me justice before the Dubai first instance and superior Courts in the case number 68807/2018, an acquittal and discharge. May Allah, ever merciful, most compassionate bless and prosper Dubai forever. Allah Kareem. I owe an immense debt of gratitude to the people of Ghana, our legal team abroad and in Ghana, led by Mr. Kwame Boafo Akuffo, my brother and my good friend; who has been resolute, exhibited loyalty and courage in the face our adversity, exhibiting his service and commitment to nothing but the law. Today, I cannot forget to bless the over one thousand staff of Menzgold, Zylofon Media, Brew Marketing Consult and all our other companies in Ghana, as well as our families for their unwavering support, since the unfortunate events of the past few months. To you all I say; you made a good choice which would be well rewarded by God almighty, especially Mr. Kwame Boafo, like the biblical Moses, you chose to side and share in the afflicting of God’s people, instead of enjoying the temporary pleasures of sin. Thank you so much. I also reserve my biggest gratitude to our cherished Menzgold customers for their continued support, encouragement, loyalty and prayers through the trying times. Thank you. Even though I am still receiving the much-needed medical attention, swellings-blood clots in my pelvic region and knees with excruciating pains following a past surgical procedure, due to my well-publicized long nine-months detention in Dubai and Ghana. Regardless, I deem it very fit to make this address to the general public, especially to Menzgold customers in a bid to keep them abreast with the on goings. Menzgold Ghana Company Limited is a licensed reputable Ghanaian gold dealership firm, with six years of impeccable and enviable service delivery and gold trading record. It would interest you to know that in five years, Menzgold consistently met the demands of its customers, suppliers and foreign partners who do business with us, but for the force majeure; the regulatory questions raised by the Bank of Ghana and the Securities and Exchange Commission; regulatory intervention of which we respectfully contested and is still before the Ghanaian courts of law. A question of statutory interpretation of; as to whether or not the trading of gold collectibles or jewelry and the return of monthly profits on same to traders is, “Deposits-Taking” or “Deposits Mobilization” Activity or “trade in Securities”. As to whether or not the exports of tons of gold dore bars of very fine percentage purity, with many evidence of inflows in forex via the bank of Ghana is a “Ponzi scheme?”, praying the just and august Ghanaian Courts to make consequential orders to repair Menzgold damage, if any. Ladies and Gentlemen, Menzgold got very successful with its gold dealership business, resulting in the buying of gold, exports and the produce of fine gold collectibles (jewelries) to satisfy the domestic market, an innovative drive in adherence to the government’s campaign for made in Ghana goods. We saw the need to embark on a drive for international expansion in a quest to broaden our market share size, which saw the openings of some international outlets in Madrid, London and Lagos. The famous “shut-down” letter landed our business, staff, customers and shareholders a catastrophic blow, which sadly led to many very horrific occurrences that brought untold economic hardship to our families, our dear customers and the staff body of all our companies, many of whom are customers too due to the reputable nature of our business. To you all who suffered various degrees of upsets, being it directly or indirectly, we share equally in your pain. With God on our side, we shall soon change this sad Menzgold tale to a very happy narrative, as i grasp a resolve now to drive Menzgold from good to great. The Menzgold product line that has been questioned, is one that is just an act of innovation characterized by most businesses worldwide. We sought to build a word processor out of a typewriter in our line of business, with the hope of being encouraged to create wealth in the face of globalization. I noticed that, the 21st century witnesses a blowing wave of globalization, yet Africa has seen limited technological innovative advancements, which stifle our economic growth and lame our progress due to lack of will to invest in the difficult task of creating new things, this turn to make companies in Africa fail in the future, no matter how big a company’s stated capital is or who is in the helm of affairs. With this background juxtaposed with my vision and drive to build a business that would surpass our generation, innovation was the only option. As it turned out with the “cease and desist” directive from the Securities and Exchange Commission, the need arose for us to mobilize Company assets, especially outstanding payments due to our company from several companies and individual buyers in several countries, particularly in the United Arab Emirates to meet the payment obligations owed to Menzgold traders/customers and other business associates. It was in this regard that I embarked on the pursuit of Company assets/debt recovery overseas. In the course of my pursuits, upon my arrival in Dubai on the 7th December, 2017, I was framed by one of the companies; Horizon Royal Diamond, which owes our Company 750kgs of gold, valued at usd$39,000,000 dollars, believing that Menzgold is doomed for closure, due to the unfavorable media reportage and customers protests in Ghana, hence, tabled a bogus claim that they have been defrauded by another Ghanaian Company; Just Gold Company Linited, with frivolous claims of the Just Gold limited having associations with our Company, which is very false. The subsequent action by the Economic and Organised Crime Office (EOCO) to freeze Menzgold and my personal assets further hardened the resolve of some of our debtors who thought Menzgold was a thing of the past. Following my graceful acquittal and discharge in the Dubai Superior Court, the need arose for me to return to Ghana immediately on the call of the Interpol red notice, to answer criminal charges on the same customers debt portfolio before the Ghanaian Court, the very reason why I went to Dubai in the first place. A call that restrained me from laying claim to the funds I went to the UAE to recoup. All companies worldwide have liabilities in its books and so do Menzgold. Business in summary is all about owing and being owed. We at Menzgold are committed and do express our willingness to service our debts portfolios to our customers and business associates as soon as we can with a given opportunity. We respectfully pray the Ghanaian authorities to cooperate with us to achieve the following; 1. To assist us make full recovery of the amount owed Menzgold by Horizon Royal Diamond in Dubai. As an act of good faith, we are willing to engage the Attorney General’s office on the best possible way for the them to aid Menzgold by employing international law and diplomatic relations to ensure we achieve this objective. 2. To unfreeze our Companies and my personal bank accounts and assets for us to utilize these as vehicles to get productive in other to meet our liabilities, owed to our customers and some business associates in our bid to resolve our liabilities immediately. As of now, Brew Marketing Consult, Menzgold and I cannot credit or debit any bank account in Ghana. This is why it is highly imperative to consider this kind request, as I believe, government shares in our resolve and would do all that which is needful in our quest to satisfy the populace, who are our customers. SWAT, Police throng East Legon ahead of NAM1’s meeting with customers 3. To clearly give direction as to which government agent or agency has jurisdiction to regulate the activity of a “gold collectible/jewelry trade” in Ghana, just so we can apply for the necessary certifications in other to proceed with our business in a fair and sound manner. As we have publicly demonstrated, we are open to fair supervision and are opposed to no supervision, misconceived supervision or supervision with malicious intents, respectfully. The founders of PayPal; Elon Musk and co.; set out to create a new internet currency to replace the US Dollar, Facebook’s Mark Zuckerberg’s first product was designed to only get his classmates signed up, not the earth’s population, Travis Kalanick and Garrett Camp’s Uber, started only to supplement the taxi fleet in San Francisco, Brian Chesky, Joe and Nathan started Airbnb as a means to rent out an unused space in their abode to get income to supplement a deficit for a pending event, Evan Spiegel, Bobby and Reggie started what came to be known today as SnapChat, as sending naughty disappearing fun photos when they were all student at Stanford University. America’s media called it a “sexting App”, Jeff Bezos started Amazon as a digital bookstore in a garage, was heckled by the big players in the books retailing business, Jack Ma fought through and achieved Alibaba in China and the list goes on. All of these innovative breakthroughs had regulatory questions, suffered bad press. Uber and Airbnb particularly have suffered global protests, Travis Kalanick; founder and first CEO of Uber especially, fought many regulatory and legal battles. Today, these great Innovative Companies are pillars of the great Silicon Valley, receiving global tributes for the United States of America. These are just symptoms of disruptive business ideas. Menzgold is today characterized by same traits and I have no doubt in mind that, our company is on the path to greatness and global prominence. IF these three propositions are reviewed and considered, we shall confidently proceed to make the necessary arrangements to start paying our customers immediately under my watch. This i say with my personal guarantee. While my detention in Dubai was a harrowing, daunting, terrific and horrific experience, I am grateful to God because I feel very refined. It has made me older than my age as we grow in our experiences and not in years. I am fulfilled and ready for greater exploits, highly motivated to add up to our previous gain. I am happy about the disruption, a key trait about a successful business prospect in this information age, is the ability to scale. As Mario Andretti, a champion car racer rightly puts it, “If everything is under control, you’re just not going fast enough”. Zylofon Media is an entertainment media business built upon technical expertise such as creating, composing, storytelling and performance. It’s also built on innovation just like Menzgold, employing technology to develop new breakthroughs in arts, traditional and digital media products. Tomorrow would witness a Zylofon Media that can be described as a multifunctional media in the digital space, which would cater for a wide variety of international interest and needs. It would comfort you to note, that Zylofon Media is not just another media firm; we are a media and Arts technology company. Our competitors are not in Ghana, they are far away in the Silicon Valley, California. To you I say, Ants that unite can beat an elephant. Admittedly, we have made some pretty good losses. We are happy about our loss having been a disruptive art and media business. We wear our loss as a badge of honor. Our loss depicts our grand ambition. By natural law, you have to go through a thunder storm to see the rainbow. Our eyes are still set on the colorful rainbow. We shall succeed. Brew Marketing Consult Co. limited is a marketing company. A Commodity broker of a sort, which works for commissions by matching selling and buying leads. I encourage Companies worldwide with marketing needs in Ghana and Africa to take advantage of Brew Marketing’s great professional marketing prowess, as the company did for Menzgold, resulting in Menzgold’s mighty growth. To the staff body of all our companies, I couldn't have been more proud of you for standing resolute in the face of adversity. I encourage you to continue to stand strong as we navigate the path of soon meeting up to the demands of our cherished customers. To our Menzgold customers, we note that you have experienced an increased level of anxiety and concern, but have been extremely understanding and patient with us through these trying times. We continue to recognize and respect your sacrifice, please remember that your patience and support for us is not an entitlement, but something we earned by the way we worked with you diligently over the past years. I can assure you that, it would pay off favorably soon. Together, we are very conscious of our responsibilities towards you our cherished esteemed customers and we will do everything we can to individually and collectively meet your expectations. To the government of Ghana, we applaud you for not “sparing the rod and spoiling the child”, we’ve got your message, we’ve grown and are ready to accept and take up responsibility, if any. I want to reiterate, that I do not seek political office or power, My goal towards contributing for the good of Ghana and Africa, is missionary and not mercenary. Clearly, my willingness to be misunderstood is the basis of our many criticisms and the exercise of brute force and skewed media reportage witnessed against our outfits in the last twelve months. I am an entrepreneur and remains as such. Last but not the least, to the many Ghanaian and African youth, as well as the aged who believes in me and the Nam Mission. We shall continue to contribute to those in authority, for creation of the new Ghana and the new Africa for the new Ghanaian and the new African, in the new African socio-economic front. I am well aware, that many of you crave African posterity, to you all I ask; The Egyptian who conceived the idea of the pyramid and actually built it, had same natural abilities we have with less access to information than we do today, yet succeeded. Which African would build the next “Egypthian pyramid”? Ghana Shall Prosper, Africa would be great again. Ladies and Gentlemen, thank you all for coming. Read the full article

[abujaihs-blog]

Securing bank loans, major challenge for SMEs in Nigeria –Okoro

Meckson Okoro is the Chief Executive Officer of M.I. Okoro and Associates. The company has, over the years become a household name in Nigeria’s real estate sector with several laudable projects to its credit. Okoro reserves the view that amidst other challenges, acquiring loans from banks can be an herculean task for entrepreneurs who want to grow their businesses and be financially independent. He discusses his company’s business goals and achievements, while also baring his mind on issues pertinent to SMEs in Nigeria. Starting up Before starting up this company, I had in mind to contribute to the growth of Nigeria’s economy through real estate consulting and quality service delivery. That focus has not changed, only that the economic policies of successive governments have been militating against the realisation of such dreams. If you look at real estate management in Nigeria, M.I. Okoro is a very tall figure when you drop the name. To a very large extent, I consider myself and firm as having contributed immensely to the growth of real estate in Nigeria. Business goals accomplished  We started the evaluation of institutional properties like that of universities. I felt that most of these properties are not valued and each time students go on rampage and damage properties, the school administration merely dip their hand in funds. I felt it was then that higher institutions started evaluating their properties and our firm was the first to introduce an insurance scheme for the University of Lagos which was founded since 1962. It was a very big assignment and that gave the impetus to other universities to emulate it.

Also, talk about Trade Fair Complex, I was one of those in charge of relocating more than 100,000 traders. Our achievement, as a company, has been quite tremendous. In terms of internally generated revenue for Lagos State Government, they know our impact. Also, we have assisted the Lagos State Government in ensuring the actualisation of Tejuoso market and issuance of the property to prospective tenants. In real estates, we have developed certain services to many of our clients that I don’t need to mention their names on the pages of a newspaper. We were involved when the Federal Government called for an evaluation of all public assets all over the federation. We have done all manner of evaluation for AMCOM, banks, corporate bodies, individuals and many more. Challenges The major challenge is still that Nigerians are poor. There is no disposable income. People don’t have money to buy property and government policies are not helping matters. There is also the challenge of policies of house ownership in Nigeria. There is no possibility of a common man owning a property in Nigeria and this affects the growth of the profession and house delivery in Nigeria. I can call that political and financial challenges. We were not trained to develop for the poor. Yes, our job is to advise government to do that. Building for the poor is supposed to be taken care of by a deliberate policy that is called social housing infrastructure through a social housing fund which is strictly by government. There is nobody, including you, that would do an investment in real estate and not borrow from the bank. The bank will want to see your cashflow before giving you such huge funds. Instead of the government focusing on building for the poor at a subsidised rate and empowering the local governments to do so, they neglect that. If it is a functional local government system, the local government is expected to even do the building of houses for people. If government had created a special funding for the social housing system, it would have been fine. But today, government builds to contest with private developers like us. It is not about attributing the blame to government, it is entirely the responsibility of government. Government has to bear over 120 percent of the burden of low cost housing. Even when done, those who work in such parastatals allocate the houses to themselves and later sell at high prices, not giving to those that it was meant for. That is our experience with that. Government should ensure such houses are built for the people and that is what is done in other countries of the world. Again on the challenges, the way it is affecting everybody is the way it is affecting me. I am only one among the subset. For example, if all the money we are making is going into buying diesel to fuel the company, it is affecting me. We can’t look at that separately. Managing competition The issue is that every business opera-tor has its own strategy to survive in the market place. Despite the hardship and competitiveness of the business, we are still on top, when you measure us along-side the big estate valuers. We have got right our selling point which is to ensure we deliver effective quality service to our clients and once the client is happy, we do more business with them. Highest point as an entrepreneur Well, that is nothing but the struggle to grasp with government policies that are meant to kill businesses in Nigeria. Where this office is situated, we have been running on generator for many years. If I tell you how much my company pays on diesel, it is enough to pay staff salaries. That is a big leakage coupled with the fact that the Land Use Act created by the Obasanjo administration when he was the military Head of State, also, is a great barrier to our breakthrough in housing in this country. The Ministry of Finance has not thought it wise to know that since Nigeria’s existence, from independence, we are supposed to have been operating on an efficient mortgage system that can guarantee efficient houses delivery. Building houses involves a lot of capital. Revamping the mortgage system First of all, there has to be an enabling law to fine-tune the mortgage system. There has to be a serious legal framework and the government has to deliberately create primary mortgage institutions and power them, just like we power commercial banks. We are not creating the mortgage institutions like the ones Babangida created between 1992-1994.

Yes, the idea was good but there was not an effective process to ensure they are doing the right thing. It all collapsed within two years because there was not an adequate legal framework for it. What the CBN is doing for commercial banks is what the Federal Mortgage banks ought to be doing to primary mortgage banks. Since the creation of the Federal Mortgage Bank, what can they say they have been able to achieve. As far a I am concerned, it is a waste pipe. It is either they are overhauled or they should be closed completely because they are building private interest and not national interest. SMEs in Nigeria The truth is that the economy is completely asleep. Nothing appears to be taking place right now. This started about one year before the 2015 election, when the Jonathan administration focused on how to survive the election and there was less focus on economic activities. The hype for change created a lot of anxiety and uncertainty in the market place and there was a total wait-and-see attitude on the part of investors. That is the level of the damage. The multiplicity of policies that are not healthy to the economy also created more shock for economic activities, particularly with forex trading and remittance of funds. Since Nigeria is not a socialist country, you cannot be at the middle of the game and create a goal post on polices that have started somersaulting. That is what has affected the economy of the nation. Source: Sunnewsonline Read the full article

[chloe-jayde]

Forex - Dollar Little Changed as Brexit Deadline Approaches

New Post has been published on https://worldwide-finance.net/news/commodities-futures-news/forex-dollar-little-changed-as-brexit-deadline-approaches

Forex - Dollar Little Changed as Brexit Deadline Approaches

Investing.com — Foreign exchange markets have started the week quietly in Europe, with both the major European currencies in holding patterns ahead of a crucial week for Brexit, while the dollar is still drifting as it waits for hard news of trade deal between the U.S. and China.

The European Union has to decide at a summit on Wednesday whether it’s willing to push back the deadline for the U.K.’s departure beyond the default date of Friday.

Expectations are that the EU will offer some sort of extension, not least in order to avoid triggering a hard ‘no-deal Brexit’ that would badly disrupt the Irish economy. But French President Emmanuel Macron signalled he wanted tough political conditions for an extension, in order to be sure that the U.K. wouldn’t disrupt the EU’s agenda as it prepares to leave.

At 04:20 AM ET (0820 GMT), was at $1.3050, up 0.1% from late Friday in Europe, while it was also at 1.1627 against the , effectively unchanged. The euro was at $1.1225, not far above the lows of last week, unmoved by weaker-than-expected that rounded off a miserable February for the eurozone’s largest economy.

The , which measures the greenback against a basket of six major currencies, was at 96.910, supported still by a broadly positive U.S. on Friday that showed a sharp bounce in hiring and a modest easing of wage inflation.

The report added to the belief that the won’t raise interest rates this year and may even cut them, not least because of the increasing political pressure on the Fed from President Donald Trump.

However, some still feel a rate cut is too much to expect.

“The data coming out of the U.S. are quite reassuring,” Isabelle Mateos y Lago, chief multi-asset strategist with the Blackrock Investment Institute, told Bloomberg TV. She added that she thought the Fed would stay “on pause throughout the end of the year at least.”

Elsewhere, the remains under pressure amid signs of increasing tension between the country and the U.S. over its decision to buy Russian air defense systems. The U.S. has halted deliveries of equipment related to Ankara’s order for the F-35 fighter in response.

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