Emefiele made this known on Tuesday when he spoke at the unveiling of the FCT mega rice pyramids under the RIFAN-CBN Anchor Borrowers’ Programme.

Emefiele said rice exportation from Thailand to Nigeria as at 2014 stood at 1.3 million metric tons but has not reduced to just 58,000 metric tons at the end of 2021.

Emefiele said the drastic fall in importation was made possible by CBN’s intervention through its Anchor Borrowers’ Programme (ABP) which began in November 2015.

The CBN Governor disclosed that ABP has also revived and boosted the economy in the countryside and has built a sustainable framework for financing smallholder farmers in Nigeria.

He noted that the initiative has created an ecosystem among all the agricultural value chain and these connections can be better utilized through cooperation among all stakeholders.

Emefiele added, “We are delighted that these efforts have yielded fruits in not just increasing the availability of rice, but also in moderating prices, reducing imports and increasing job creation in the country. For example, Thailand alone exported 1.3 million metric tons of rice to Nigeria in 2014.”

The CBN Governor said aside from boosting the country’s national output from about 5.4 million metric tons in 2015 to over 9 million metric tons in 2021, the programme has also significantly improved the productivity per hectare of the smallholder farmer from about 2.4 metric tons per hectare in 2015 to between about 5 metric tons per ha in 2021.”

What you should know

Since the assumption of office in 2015, President Muhammadu Buhari-led’s government has made agriculture its priority as it strives to tackle the economic downturn and dwindling revenue from oil through investment in agriculture. The anchor borrower programme is one of the initiatives put in place to resuscitate a moribund agriculture sector and its value chain while also nudging a largely indifferent and disenchanted populace back to the sector.

The rice pyramid project, which has been described as the largest in the world, is an offshoot of the CBN’s Anchor Borrowers Programme (ABP).

According to CBN, since its inauguration in November 2015, the ABP had increased the average yield of rice per hectare from 1.8 metric tonnes to five metric tonnes, while discouraging importation of the commodity.

The post Rice Importation Has Reduced With CBN Intervention – Emefiele appeared first on Business News in Nigeria.

Addressing stakeholders at the bank’s corporate head office in the Victoria Island area of Lagos, Parallex Bank’s Chief, Adeola Philips disclosed that the financial institution has secured the Central Bank of Nigeria’s (CBN) nod to run services peculiar to DMB.

According to her, the bank’s foray into the commercial banking space is spurred by the need to drive consumer-oriented innovation that will push the Nigerian banking industry to loftier heights.

“Parallex Bank Limited will disrupt the market and delight customers with very attractive offers.

“Most transactions on the Parallex mobile app are free, but beyond that, customers will have the freedom to do much more with the app. Our platform will eliminate inconveniences and hardship often faced by customers while paying for goods and services,” Phillips said.

What this means

In view of this development, the financial institution, which was initially floated to only offer debt services can now give account numbers to people and facilitate transactions in and beyond the shores of Nigeria.

About Parallex bank

The bank was incorporated as a limited liability company on the 22nd day of May 2020, having successfully converted from Parallex Microfinance Bank (a National Microfinance Bank incorporated in 2008 as a Unit MFB) to a commercial bank duly licensed by the CBN to carry out commercial banking services.

The post Parallex Bank Transitions To DMB appeared first on Business News in Nigeria.

While highlighting the role of the Central Bank of Nigeria (CBN) as it relates to forex stability, World Bank, in its November edition of its Nigeria Development Update, stated that the local currency is under pressure because of the apex bank’s constant increment of the exchange rate’s value.

World Bank argued that CBN is too rigid in its forex policies, and according to the international body, the rigidity is accelerating inflation in the country.

The report read: “The government’s exchange rate management policies continue to discourage investment and fuel inflation. Exchange rate stability is a key CBN policy objective, and to preserve its external reserves the CBN continues to manage FX demand and limit the supply of FX to the market.

“Pressure on the naira remains intense, and while the CBN has raised the nominal official exchange rate three times since the start of the pandemic (by 15 percent in March 2020, five percent in August 2020, and seven percent in May 2021), FX management remains too rigid to respond to external shocks. Meanwhile, exchange-rate management has emerged as one of the key drivers of inflation.”

Maintaining that the central bank is yet to introduce flexibility as it relates to responding to external shocks, World Bank stated that the NAFEX rate, which is the only officially acceptable one in the country, doesn’t represent the reality of the forex market.

“While the CBN supplied an average of $2.5bn to the Investors and Exporters forex window in the months just prior to the COVID-19 crisis, it only supplied an average of $0.5bn in the months thereafter.

“The NAFEX rate, which is now the guiding exchange rate for the economy, continues to be managed and is not fully reflective of market conditions. The parallel market premium over the NAFEX rate reached 29 percent in August 2021 after the CBN cut off its weekly supply of $20,000 per bureau de change. The CBN has intermittently supplied forex to BDCs since 2005, providing ample opportunities for currency round-tripping,” the report added.

The post Dollar To Naira: World Bank Faults Nigeria’s Forex Policies appeared first on Business News in Nigeria.

It all started when singer Davido appealed to his fans, and friends to donate N1 million each to him in celebration of his fast-approaching birthday.

Shortly after making the post across his verified social media pages, the music star’s friends and fans started to donate N1 million individually to his Wema Bank account.

The money donated was surprisingly much, such that over N90 million was donated to the Wema Bank account in less than four hours.

The donation caused the bank to trend across all social media platforms, including Twitter.

Ecstatic about the free publicity, the financial institution took to Twitter for the first time in over six months that the federal government disclosed the controversial ban.

However, when Unmaskng.com put a call through to Director of Corporate Communications, Osita Nwanisobi, for reaction and possible sanctions on the bank for floating the Twitter ban, he didn’t answer his phone, neither did he respond to the message from our correspondent.

Wema Bank, others comply to Twitter ban

Since when Lai Mohammed, the minister of information and culture, disclosed that the President Muhammadu Buhari-led government had effected the Twitter ban, many people in the country have been bypassing it with the use of Virtual Private Networks (VPNs).

According to Mohammed, following the ban, telecommunication companies in the country were directed to halt the accessibility of Twitter on their networks.

The Twitter ban, however, stopped many corporate organisations like Wema Bank, from using the micro-blogging site.

However, for the first time since Saturday, June 4, that the federal government announced that Twitter had been banned, the Deposit Money Bank (DMB) must have bypassed it like other Nigerians, with the use of VPNs, as it tweeted in reaction to Davido’s N1 million donation challenge.

Without minding what could happen for tweeting after the ban, the financial institution tweeted: “We heard your GOAT called our name. Well…”

The post CBN Keeps Mute As Wema Bank Flouts Twitter Ban Because Of Davido appeared first on Business News in Nigeria.

But surprisingly to them, that is not the case, as the National Social Investment Management System (NASIM), under which the empowerment scheme was floated, released a statement that quashed such belief.

In the statement seen by Unmask NG, NASIM revealed that the Central Bank of Nigeria (CBN) makes the payment of beneficiaries’ stipends, and not the minister as widely claimed.

According to NASIM, this belief is why the payments of stipends are delayed sometimes.

Read NASIM’s statement on who pays N-power beneficiaries below

Dear Beneficiary,

Your payment does not come from the Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, or anybody as alleged by most beneficiaries, hence the delay.

For the avoidance of doubt, your payment comes directly from the CBN upon conclusion of crucial processes.

However, we are aware of the plight and inconveniences encountered by beneficiaries in the course of service discharge and we sincerely apologise for the delay.

Payment will commence soon! Thank you.

The post Who Pays N-power Beneficiaries? appeared first on Business News in Nigeria.

In an interview with Punch, Shubham Chaudhuri, the Country Director for Nigeria, World Bank, said even though the international financial institution aligned with the country’s apex bank on the need to achieve price stability as one of its core mandates, it doesn’t agree with it on method and choice of policies in achieving this.

“Nigeria, like many other countries, has gone through a very tough time, especially last year, with the price of oil falling, which had an immediate effect in terms of foreign currency inflows into the country because sales of crude oil are one of the biggest sources of foreign currency inflows into Nigeria.

“So, we recognise that in the middle of the economic crisis, Nigeria was under tremendous pressure, alongside the naira. One of the core mandates of CBN is price stabilisation. However, we differ with the CBN on how best this aim can be achieved,” Chaudhuri was quoted as saying.

According to Chaudhuri, the naira should be allowed to respond to real pressures, instead of the CBN trying to bottle up the pressures.

He said, “In the FX market, the way it works is to let the naira respond to very real pressures but in a way that let the steam off rather than bottle it. Because if you bottle it, the pressure does not get released, and at some points, there has to be a massive adjustment.

“Over the last year, the pressures have been building up. Finding ways to release some of the pressures by letting the naira adjust more gradually would help and keep the naira, in a long run, from depreciating by a very large amount.”

He, therefore, advised that having a more predictable, clear mechanism for the FX market would help in restoring and enhancing the confidence in the market.

The World Bank director said, “We haven’t had foreign portfolio investors come back to Nigeria since the COVID crisis, not at the levels that we saw earlier. Some of that has to do with what is happening to interest rates locally but some of that also has to do with their confidence – that if they do come into the market, they will be able to get the FX out again, repatriate their profits.

“What’s more concerning is foreign direct investors. FDI has not recovered. That also has to do partly with the level of confidence in terms of the ability to predictably access foreign exchange. While we understand and see what the CBN’s overall objectives are, we do differ on how those objectives might be obtained.”

How much is dollar to naira exchange rate today (Thursday, October 28, 2021)?

At the Investors & Exporters FX window ( I&E FX Window), where the currency officially trades, dollar to naira opened trading today (Thursday, October 28, 2021) at N414.13, as against N415.07 it traded the previous day (Wednesday, October 27).

How much is dollar to naira at the black market?

Sources at the black market in Lagos confirmed to Unmask NG that a dollar sold for N565.00 and bought for N570.

Please note that the CBN does not recognise the black market, as it strongly advised members of the public to only seek forex information from FMDQ Security Exchange, or approach their respective banks.

The post Dollar To Naira: World Bank Advises CBN On How To Stabilise Nigeria’s Forex appeared first on Business News in Nigeria.

Speaking at the launch of Duchess International Hospital, a newly built 100-suit health facility located in Ikeja, Lagos, the CBN chief made this known as he called on the private sector to invest in medical facilities to improve access to healthcare in the country.

Unmask NG understands that Buhari, who came into power in 2015 after several failed attempts, is known as the first Nigerian UK-based President due to his frequent medical trips.

Sharing his sentiment on such trips, Emefiele stated:

“Medical tourism puts a huge strain on our foreign reserves, and more importantly, for every $1bn allocated to medical treatment abroad, there is less than $1bn that could be available to other critical sectors of our economy.

“As part of this effort, the CBN and select private sector stakeholders supported COVID-19 intervention initiatives through CACOVID.”

Revealing how Nigeria’s economic recovery could be accelerated from the deadly COVID-19 pandemic that ravaged major sectors, including manufacturing, Emefiele said the monetary policy also recognised the medical sector. Hence, the apex bank has been committed to improving it.

“When we started COVID-19 intervention initiatives, the CBN set aside N100bn to support the healthcare sector, but upon the rise in demand, we have disbursed N107.7bn, supporting 114 healthcare projects which include medical diagnostics, pharmaceuticals, dental services, eye clinics both private and public hospital – just to mention a few,” he said.

Emefiele said the CBN had earmarked N100 billion to support the healthcare sector but the monetary policy committee said it should move it further up to N200 billion.

The timeline of Buhari’s medical trips to the UK

The Nigerian leader, who coasted to a historic victory in 2015, took his first vacation only eight months after coming to office. He spent six days in London between February 5 and 10 in 2016. Premium Times writes.

His second medical trip came on June 6, 2016. He travelled for 10 days to England, seeking further treatment for an ear infection. The president extended his trip by three days before coming back on June 19, 2016.

By January 19, 2017, Buhari wrote to the Nigerian Senate, one he had a frosty relationship with at the time, disclosing his intention to travel abroad on a 10-day vacation and that he would hand over to Vice President Yemi Osinbajo.

Although the letter said he would commence the vacation on January 23, 2017, Buhari departed Nigeria on the same day he wrote the lawmakers.

On March 10 of that year, exactly 50 days after his departure, Buhari returned but was not able to resume work immediately.

Less than two months after, the president embarked on another trip to London for another medical checkup. Although his aides would not confirm what he was treated for, they urged Nigerians to pray for him.

Buhari returned after 104 days, amidst misinformation about the true state of his health.

A year after his longest trip yet, Buhari travelled to London in May 2018 for a “four-day medical review.”

Towards the end of March, this year, the president flew to London to take “a short rest” – one that lasted for 15 days and which the presidency had earlier described as “routine medical check-up.”

While in the UK in April, resident doctors in Nigeria, commenced an indefinite strike due to the nonpayment of some allowances.

The post CBN’s Emefiele Thinks Buhari, Others Are Creating Problems For Nigeria’s Economy appeared first on Business News in Nigeria.

According to the data seen by Unmask NG on FMDQ security exchange website, dollar to naira was N414.10, a plunge compared to the N415.07 it was a day before (Thursday, October 21).

How much is dollar to naira at the black market

It is pertinent to note that the Central Bank of Nigeria (CBN) does not recognise this parallel market (black market). Therefore, it has advises people against patronising the Bureau De Change (BDC) operators.

But for your knowledge sake, Unmask NG confirms that dollar to naira traded at N570.

Meanwhile, Nigeria’s foreign reserve gained $566.45 million on Monday, October 18, 2021 to close at $40.39 billion compared to $39.82 billion recorded as of the previous day. The latest increase represents a 1.42% increase in the country’s foreign reserve.

The nation’s foreign reserve has gained $3.6 billion so far in October, higher than the $2.76 billion gain recorded in the month of September 2021, while the recent increase puts the year-to-date gain at $5.01 billion.

Nigeria’s foreign reserve position has now crossed the $40 billion mark, indicating more firepower to meet up with pent-up obligations as a result of the covid lockdown in the previous year. It is worth noting that the positive movement in the country’s foreign reserve came on the back of the $4 billion raised through Eurobond and the bullish trend in the global crude oil market.

The post Dollar To Naira Exchange Rate For Friday, Oct. 22, 2021 appeared first on Business News in Nigeria.

The lower chamber of Nigeria’s bicameral National Assembly made this threat amidst Heritage Bank’s ineptitude to pay the federal government what it was owing.

According to the Reps’ ad hoc committee on the assessment and status of all recovered loots (movable and Immovable assets) from 2002 to 2020 by agencies of the Federal Government for effective efficient management and utilisation, Heritage Bank’s about $32 million debt to the federal government, which is more than its entire share capital.

Issuing the threat, the Chairman of the committee, Adejoro Adeogun, at an investigative hearing in Abuja, maintained that the financial institution cannot be owing more than its share capital.

His words: “If Heritage Bank is owing Nigeria more than its share capital, we will not hesitate to ask the National Assembly to write to CBN to take over Heritage Bank.

“They cannot be owing more than their share capital, sit on it and feel too big to respond to invitations from the National Assembly. Clark, you have to write them, give them till Wednesday next week. That is the last time we are going to give them.”

While the takeover of Heritage Bank might not lead to loss of jobs and customers’ deposits, Unmask NG highlights below how the financial institution came into being:

IEI Investments Ltd acquired Societe Generale Bank of Nigeria (SGBN), which was licensed by the CBN after meeting all its requirements. This acquisition happened after the bank failed to meet the apex bank’s new capital requirements of N25 billion or $155 million for a national bank.

IEI Investments’ acquisition led to the birth of Heritage Bank, which later returned100% of existing SGBN account holders’ money which was frozen at the bank’s closure by CBN.

The post $32m Debt: Panic As Lawmakers Threaten To Authorise CBN To Takeover Heritage Bank appeared first on Business News in Nigeria.

Unlike several other existing grants in the country, the TIES is a N500 million grant that would be accessible for students across tertiary institutions. And not only them but graduates are also expected to gain from it.

Unmask NG understands that the CBN disclosed this new development in a report titled ‘Guidelines for the implementation of tertiary institutions entrepreneurship scheme’.

“Five top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows: first place – N150 million; second place – N120 million; third place – N100 million; fourth place – N80 million; and fifth place – N50 million,” the apex bank stated in its report.

What CBN aims to achieve with TIES

The broad objective of the Scheme is to enhance access to finance by undergraduates and graduates of polytechnics and universities in Nigeria with innovative entrepreneurial and technological ideas. Other specific objectives of the Scheme include:

i. Provide an enabling environment for co-creation, mentorship, and development of entrepreneurial and technological innovations;

ii. Fast track ideation, creation, and acceleration of a culture of innovation-driven entrepreneurship skills among graduates of polytechnics and universities in Nigeria;

iii. Promote gender balance in entrepreneurship development through capacity development and improved access to finance;

iv. Leapfrog entrepreneurial capacity of undergraduates and graduates for entrepreneurship and economic development in partnership with academia and industry practitioners; and

v. Boost contribution of the non-oil sector to the nation’s GDP.

What businesses/ideas qualify for this TIES?

Activities to be covered under TIES shall include innovative start-ups and existing businesses owned by graduates of Nigerian polytechnics and universities in the following areas:

i. Agribusiness – production, processing, storage, and logistics;

ii. Information technology – application/software development, business process outsourcing, robotics, data management;

iii. Creative industry – entertainment, artwork, publishing, culinary/event management, fashion, photography, beauty/cosmetics;

iv. Science and technology – medical innovation, robotics, ticketing systems, traffic systems, renewable energy, waste management; and

v. Any other activity as may be determined by the CBN from time to time.

Who can apply for TIES?

Applicants under the Scheme shall be graduates of Nigerian polytechnics and
universities with:

i. First-degree certificate (BSc/HND/ or its equivalent);

ii. National Youth Service Certificate (NYSC) discharge or exemption
certificate;

iii. Certificate of Participation issued by polytechnics and universities evidencing entrepreneurship training; and

iv. Not more than 7 years post-NYSC.

The post CBN Floats TIES, Check The Requirements And How To Apply appeared first on Business News in Nigeria.