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CBN lifts naira again with $482.6 million

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CBN lifts naira again with $482.6 million

The Central Bank of Nigeria (CBN) yesterday intervened in the inter-bank market to the tune of $482.6 million, underlining its determination to guard the international value of the naira.

A breakdown of Tuesday’s interventions indicates that the Retail SMIS was allocated $285,779,350, while $100 million was offered in the Wholesale SMIS auction window.

The Small, Medium and Enterprises (SMEs) window got an allocation of $52 million, while the invisibles segment, comprising Basic Travel Allowance (BTA), Personal Travel Allowance, medicals and tuition fees, among others, was allocated $45 million.

According to the Acting Director, Corporate Communications at the CBN, Isaac Okorafor, the interventions are in line with the CBN’s resolve, echoed by the Governor, Godwin Emefiele, at last week’s briefing of the Monetary Policy Committee (MPC) meeting.

While expressing pleasure that the intervention of the bank had ensured stability across all segments of the forex market, Okorafor said its objective of exchange rate convergence would be achieved soon.

He therefore reiterated his call to all stakeholders to play their respective roles in ensuring a smooth running of the foreign exchange market for the overall benefit of the economy.

Meanwhile, surveys in Abuja, Lagos, Kano and Port Harcourt yesterday, indicated that the dollar traded to the naira at an average rate of N375/$1.

Culled from the Guardian

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SEC moves to introduce fintech in Nigeria’s capital market

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SEC moves to introduce fintech in Nigeria’s capital market

The Director-General of the Securities and Exchange Commission (SEC), Lamido Yuguda has indicated that the Capital Market would soon be strengthened with Finance Technology

Yuguda spoke on Wednesday when he appeared before the Senate committee on Capital Market to defend the commission’s 2021 budget proposal.

Fintech relates to any business that uses technology to enhance or automate financial services and processes thereby fixing problems in financial infrastructure.

Fintech companies operate by receiving information from customers before helping them make payment, refund a sale, look up details of a transaction, and set up a billing plan among other things.

2020 saw the rise of fintech startups in Nigeria. In October, American fintech giant, PayStripe acquired a Nigerian counterpart, Paystack for over $200 million to expand into the African Continent.

Speaking on plans to launch into fintech, the DG said: “We are implementing the FINTECH road map. We are also contextualising the regulatory independent framework to on board FINTEX into the capital market.

“We have just released draft rules for the crowdfunding in our regulation. We have received set of comments from the market and very soon we will be releasing these rules to the public.”

In his remarks, the Chairman of the Senate committee on Capital Market, Ibikunle Amosun (APC, Ogun) called for strengthening of the country’s Commodity Exchanges to make the market robust and functional.

He said: “We know a lot more can be done, so we urge you to do more especially to introduce new products and consolidate on the existing ones, carry out research on other capital markets across the globe to align with global best practices.”

Amosun equally tasked stakeholders in the sector to work towards domestication of Nigerian products to encourage local investors.

“The Capital Market needs to re-activate our alternate Market, and bring on board unlisted multinational companies, in order to develop a robust Capital Market. These informal sectors as we are all aware is a driving force that will dominate our nation’s economy.

“I encourage all the stakeholders present here to strategise on how to encourage Micro, Small and Medium Enterprises (MSMEs), and multinational companies to participate in the Nigeria Capital Market.

“Let me remind us that, the money market is already dominating the capital market due to reasons such as; system failure, lack of transparency in operations, insider abuse, etc. To this end, the Investments and Securities Act (IST) will be reviewed. We urge all the stakeholders as a matter of urgency to intimate us all areas that require legislation in order to promote the Capital Market”, he said.

On the issue of Unclaimed Dividends, the Senator urged SEC and Central Securities Clearing System to work on it, for investors’ confidence and growth of the Capital Market.

“The idle or dormant funds in our system is quite worrisome considering the role those funds can play in the capital Market.  Any financial system that is characterized with enormous wasteful resources in the midst of lack and financial challenges is not proactive. 

“Stakeholders must come up with robust solutions to harness the idle funds and see how it can be channeled into productive ventures”, he said.

Amosun encouraged stakeholders to study what is obtainable in other Capital Markets across the globe and “enact relevant policy framework to eradicate these dormant resources, proffer long lasting solutions to stem such wasteful occurrence.”

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Unclaimed Dividends in Capital Market worries senate

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Unclaimed Dividends in Capital Market worries senate

The senate has called on stakeholders in the financial sector to come up with robust solutions to harness idle funds in Nigeria capital market to be channeled into productive ventures.
This was coming against the backdrop of poor performance and lost of confidence by investors in the Nigerian capital market.
Chairman, Senate Committee on Capital Market, Sanator Ibikunle Amosun made the call on Wednesday in his opening remarks at the 2021 capital market budget defence.

He expressed further concern on the issue of Unclaimed Dividends, which must be thoroughly dealt with by SEC and CSCS, for investors’ confidence and growth of the Capital Market.

“The idle or dormant funds in our system is quite worrisome considering the role those funds can play in the capital Market. Any financial system that is characterized with enormous wasteful resources in the midst of lack and financial challenges is not proactive”.

“The money market is already dominating the capital market due to reasons such as; system failure, lack of transparency in operations, insider abuse, etc, adding that the Investments and Securities Act (IST) will be reviewed.

“These informal sectors as we are all aware is a driving force that will dominate our nation’s economy. I encourage all the stakeholders present here to strategise on how to encourage Micro, Small and Medium Enterprises (MSMEs), and multinational companies to participate in the Nigeria Capital Market.

He further urged stakeholders in the capital market to all the stakeholders to intimate his Committee on all areas that require legislation in order to promote the Capital Market.

“Stakeholders must come up with robust solutions to harness the idle funds and see how it can be channeled into productive ventures.”

He therefore called on all stakeholders in the sector to study what is obtainable in other Capital Markets across the globe and enact relevant policy framework to eradicate dormant resources and proffer long lasting solutions to stem such wasteful occurrence.

“We cannot succeed where there is no cordial relationship between all players in the capital market as this may erode the confidence of both local and foreign investors.

“Furthermore, for us to operate a vibrant Capital Market, we must continuously train key stakeholders and members of staff on new trends and developments in the Capital Market to keep abreast with global best practices”, he advised

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Group Promises Affordable Mass Housing For Ubarn Poor

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Group Promises Affordable Mass Housing For Ubarn Poor

Association for the Support of Urban Poor (FEDUP) has promised to deliver affordable housing for its members.
A new board was constituted after the last management was accused of embezzling over N200m for which the matter is in court.

Secretary of the association Mr. Yusuf Edego said the association is building confidence and credibility after the mismanagement that affected its clients.

He stated this yesterday in Abuja during a press briefing to let the public know the association’s effort in giving the group a new image.

Edego said with what the new management team has put on ground they believe their members and the general public will have confidence in the new team to deliver affordable housing for them.

“By a persons impact, performance, character and sincerity as well as walking the talk, with time people will see that the project is a reality”

He said the major problem as a people is lack of sincerity and that once people see that a person is sincere they will trust him to deliver.

“The major problem bedevilling the country is integrity. Many people especially in property development, more than 60% collect money from people and the public generally yet there is nothing on ground to show for it.
“That is why we removed the former executive members and then came up with elected people of integrity.
“Our chairman is a paramount ruler of impeccable integrity. I am a legal practitioner I have my law firm at Jennifer plaza Central area.
“So you have people with verifiable address. We are people that people can enquire and link up with our character.  “They know that for our records we are people of integrity and we are sure that by God’s grace they will not be disappointed”

On how he thinks people will have confidence in the association after the dent on its integrity he said it is the reason for the press conference. “Before we came we have one or two projects on ground that are verifiable that has been executed by the new executive.
“We have acquired twelve hectares at Kurudu that you can verify which you can buy and build your own house.
“Also the public can go to FCDA at the SDD department and meet the director that FEDUP claim they are in partnership with them to build about 167 housing units at Kuje.
“They are verifiable. Then the issue of 30 hectares we just acquired is still in process.
“We have the Family homes Fund which is an agency established by the Federal Government for provision of Social Houses for Nigerians so we are partnering with them by the grace of God they have agreed to sponsor the 30 hectares for the general Public

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