UPDATE 1-Nigeria raises 100 bln naira in treasury bills - REUTERS
LAGOS, Nov 1 (Reuters) - Nigeria raised 100.84 billion naira ($320.64 million) at a treasury bill auction on Wednesday as traders locked in yields in anticipation of higher liquidity from repayments.
The central bank sold 74.76 billion naira of one-year debt at a rate of 15.53 percent, slightly lower than the previous auction, traders said. It had initially offered to sell 54.35 billion naira in that maturity.
Traders said the bank also sold 12.98 billion naira of six month bills and 13.09 billion naira of 91-day paper at 13.1 percent, unchanged from the last auction.
Traders said around 420 billion naira in open market bills was expected to hit the banking system on Thursday, which spurred buying at the auction.
Nigeria’s central bank issues treasury bills regularly to help lenders manage their liquidity, curb rising inflation and provide naira to help the government fund its budget. ($1 = 314.5000 naira) (Reporting by Chijioke Ohuocha; Editing by Mark Heinrich)
Bank speaks on scheme reportedly assisting Nigerians financially - DAILY POST
The World Bank has denied report making the rounds online that it is giving out money to individuals to do business.
In a statement released in Abuja on Monday by Olufunke Olufon, World Bank warned Nigerians to be wary of fraudsters parading as its representatives and soliciting fees to enlist Nigerians in a fake scheme.
Olufon, spokesperson of the bank in Nigeria, disclosed that the group has been going about demanding registration fees of about N1000 from unsuspecting Nigerians in communities to be enlisted in the scheme.
The statement readS: “Several correspondences targeting innocent citizens are being circulated falsely claiming that the World Bank is giving out money to individuals to do business and demanding processing fees of N1000 from prospective awardees.
“Please note that: The World Bank is not behind this multi-purpose scheme. The World Bank does not request for personal financial information for applicants to its programmes.”
“Members of the public are advised to verify any information regarding any World Bank-assisted programmes purportedly offered by any individual or groups on its website.”
Ms. Olufon added that the World Bank would not be held responsible for any refunds of fees solicited by fraudsters.
$250m grant for Nigerian youths yet to be accessed —World Bank - VANGUARD
THE World Bank said Nigeria had so far accessed less than $50 million of the $300 million earmarked by the bank for youth empowerment and other social works in the country.
The World Bank’s Nigeria Lead Social Protection Specialist, Mr Foluso Okunmadewa, said this, yesterday, in Abuja at the Youth Employment and Social Support Operation, YESSO, Midterm Review Policy Level meeting. wold bank Okunmadewa said the bank had in 2013, earmarked the fund to support federal and state governments’ efforts to improve the lives of the poor and vulnerable in the society.
He said of recent, the YESSO programme, which had four components, had been doing badly, mentioning the Social Register component, which had the ambitious aim to compile the list of the most vulnerable people and households in Nigeria, as example.
According to him, it is sad to note that only eight states have thus far keyed into the programme. He said: “The support operation is in its fourth year of implementation and currently active in 13 states of the federation, including the North-East and coordinated at the federal level, also with the NDE. “The operation is expected to close in mid 2020 and the performance today is not impressive. Less than $50 million, which is about 13 per cent of the assistance has been disbursed.
“The single register component of the operation, which is quite innovative and has been adopted by the Federal Government for its Cash Transfer programme, is however, recording very slow process.
“Only a small fraction of the poor has been identified and registered even in participating states. “Also, the intervention component of the operation, which targets grants transfer for internally displaced people and vulnerable in the North East, is performing very poorly.”
Okunmadewa said to encourage more states to participate in the YESSO programme, the World Bank had cut the ration of the required counterpart funding between states and the Federal Government from 50/50 to 90/10.
This, according to him, means that for every one Naira the Nigerian government, whether state or federal government invests into youth empowerment, the World Bank will provide nine Naira for it. Also, National Coordinator of YESSO, David Adejo, urged the states to take advantage of the reduction in counterpart funding by the World Bank to invest in avenues that would lead to youth employments in their respective states.
“Some states had a public workfare, but when the YESSO started, they pulled back and were no longer funding these projects, thinking that the World Bank would do it alone.
Read more at: https://www.vanguardngr.com/2017/11/250m-grant-nigerian-youths-yet-accessed-world-bank/
AfDB salutes Nigeria’s economic recovery, diversification efforts - PUNCH
The Nigeria House of Representatives has constituted a Tactical Committee on Economic Recession to guide innovative legislative actions by the House and the National Assembly to return the economy to the path of growth and stability. In this regard, the committee is holding a summit in the nation’s capital, Abuja, on 6 and 7 November 2017.
The Summit will bring strategic stakeholders together to interact on relevant issues of concern and develop a legal framework for economic recovery and sustainable development in Nigeria. It is expected that deliberations at the Summit will enhance the quality of legislative reforms for economic development.
The African Development Bank’s (AfDB) Nigeria Senior Director, Ebrima Faal, representing AfDB President, Akinwumi Adesina at the summit noted that Nigeria’s sound growth prospects are increasingly underpinned by generally improved macroeconomic policies, low external debt, political stability, and good governance. Fewer conflicts and more democratic institutions, have also provided better clarity for investors as evidenced by the recent improvements in Nigeria’s ranking in the ease of doing business index.
Faal said that despite reports to the contrary, the AfDB is in consultation with the Government about how best to support the country’s laudable Economic and Growth Recovery Plan. He added: “I would like to stress that the African Development Bank Group is highly encouraged by the economic recovery of Nigeria from recession, and the Bank salutes the Government’s efforts toward diversification of the economy. The Bank also strongly supports the Economic and Growth Recovery Plan (ERGP) of the Government; including efforts to stem corruption and strengthen fiscal consolidation and efficiency. ‘’We shall continue to strengthen our engagement and ties with the Federal Republic of Nigeria.
The country is the largest and most important shareholder of the African Development Bank Group, and as such our commitment to Nigeria is resolute.”
In a passionate presentation titled ‘The Nigerian Recession – We must never Walk this Way Again,’ Nigeria’s Vice President, Yomi Osinbajo said that recession was not an option for Nigeria.
“Never again should we experience the horrors of being in a state of recession. Reliance on dwindling oil revenue and unbridled, unprecedented corruption and waste were the major causes of the 2017 recession,” he said, noting that the country could have fared better going into a recession if it had had savings instead of debt.
“We did not have the fiscal buffers to enable a counter approach,’’ he said, citing the intractable delay in the budget approval process and the long procurement processes that followed as the two other major forces that deepened the recession. “No developing economy can afford the luxury of long legislative rambling over the budget. Budgetary delay in a situation of national economic emergency and the hardship encountered by so many is simply unacceptable,” he said.
The Vice President said the Economic Recovery and Growth Programme remains Nigeria’s blueprint for development actions going forward. He reminded the group that “the obligation that history and providence has forced upon us today is to honestly do all we can to ensure that the future of our people is secure and prosperous. We must not walk this path of recession again.’’
Diesel-dependent Nigeria looks up to the sun - FT
It is Nigeria’s migraine-inducing anthem: the incessant drone of millions of diesel generators straining to power homes and offices starved of electricity by the feeble state of the national grid. While it is hard to imagine this cacophony as anything other than the sound of the country’s propensity for self-sabotage, Ademola Adesina hears only opportunity in the din........
62 Insane Facts About Bitcoin (Infographic) - BITCOIN PLAY
[Infographic – Updated October 2017]
Bitcoin is a virtual currency that uses Blockchain technology for secure payments and storing money electronically, without requiring a bank or a person’s name. Satoshi Nakamoto created this cryptocurrency back in 2009. The biggest advantage of Bitcoin is that it’s not under control of central authority, government or private company, so people are free from paying transaction fees. It can be used for booking a hotel or flight, or purchasing products online, as many online stores and companies accept Bitcoin now.
Today, there are 1354 Bitcoin ATMs in 55 countries around the world and about 5.8 million users that have digital wallets. The price for one Bitcoin at the moment is $5,602 and it’s growing continuously, proportionally with the interest for digital money.
Take a look at this infographic, created by the team behindBitcoinPlay, that illustrates in details some interesting facts about this incredibly popular virtual currency.