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Central Bank of Nigeria (CBN)’s EFEMS Platform Propels Naira to Gain, But Can It Be Sustained?

By
Samuel Nwite
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0

The naira has seen remarkable gains since the introduction of the Electronic Foreign Exchange Matching System (EFEMS) by the Central Bank of Nigeria (CBN), with the currency trading at N1,587.29/$1 in the official market and N1,640/$1 in the parallel market as of Thursday.

EFEMS operates through Bloomberg’s BMatch system, facilitating spot transactions between the naira and the U.S. dollar, with a minimum trade size of $100,000. It aims to bring greater transparency and accountability to FX transactions by integrating seamlessly with banks’ systems and generating consolidated trade statistics.

CBN Governor Olayemi Cardoso has called EFEMS a “pivotal reform,” describing it as a critical step toward market transparency and stability.

“The unification of the exchange rate is a pivotal reform, but it marks just the beginning,” he said at the recent Chartered Institute of Bankers of Nigeria (CIBN) annual dinner. “The electronic FX matching system enhances transparency, restores confidence, and is expected to attract new investments.”

The gains recorded since the launch of EFEMS have been impressive. The naira, which had stagnated at N1,745/$1 for over a month in the parallel market, began appreciating on Tuesday, trading at N1,720/$1 and further strengthened to N1,640/$1 by Thursday.

In the official market, rates have seen similar improvements, starting at N1,662.77/$1 on Monday and closing the week at N1,587.29/$1. Analysts attribute this progress to the platform’s ability to eliminate counterparty risks and ensure market discipline.

However, while the new platform has been hailed for its potential to bring transparency and efficiency to Nigeria’s volatile foreign exchange market, many remain skeptical about whether this improvement is sustainable.

This is because it’s not the first time the naira has strengthened on the back of a policy initiative from the CBN. Similar measures in the past have initially provided some relief but ultimately failed to halt the currency’s freefall. The backdrop of previous disappointments raises questions about whether EFEMS will achieve what its predecessors could not.

Market watchers recall past initiatives such as the Investor and Exporter (I&E) FX window introduced in 2017, which initially buoyed the naira but failed to withstand mounting pressure from structural weaknesses in Nigeria’s economy. The parallel market soon reverted to a cycle of volatility, undermining gains made at the official window.

Tilewa Adebajo, CEO of CFG Advisory, acknowledged the importance of EFEMS but warned against premature conclusions.

“The new foreign exchange matching system is a welcome development for price discovery to try and put some sophistication in our markets and remove discrepancies,” he told ThisDay. “However, it’s too early to attribute naira appreciation solely to EFEMS. Let’s see how it pans out.”

Similarly, Bismarck Rewane, CEO of the Financial Derivatives Company, earlier expressed concern about the inability of the CBN initiatives to boost the naira’s performance in the FX market.

“We anticipate a 10 percent appreciation which can take you to about N1,550/$1 in 2025,” Rewane said. “But nothing suggests or justifies a currency losing half its value without major external shocks such as an earthquake, war, or natural disaster. The question remains what is responsible for this significant decline?”

Other Experts Weigh In

Sam Chidoka, Managing Director of Anchoria Advisory Services, highlighted the transparency EFEMS brings to the market in an interview with ThisDay.

“This system introduces some sort of market-making into the FX market,” Chidoka said. “When you have that, then the result is more market-driven pricing. It’s a step in the right direction.”

“What EFEMS has done is that it automatically is redefining the market. It’s a way of sanitizing the FX market. All the major players, including the Bureau De BDC guys, who are serious and know what they’re doing, can participate in this market. It’s also about digitizing the system. Prices will be transparent,” said Ayokunle Olubunmi, Head of Financial Institutions Ratings at Agusto & Co.

Concerns Over Sustainability

However, concerns persist about the sustainability of these gains, particularly in light of Nigeria’s underlying economic challenges. Limited FX supply, over-reliance on oil revenues, and a high import bill continue to exert pressure on the naira.

However, Cardoso remains optimistic about EFEMS’ potential to transform Nigeria’s FX market.

“The introduction of the electronic matching system will correct distortions by enhancing the price discovery process,” he said. “Additionally, it will significantly boost the central bank’s oversight and intervention capabilities, ensuring a more stable and transparent foreign exchange market.”

For EFEMS to succeed where other initiatives have faltered, economists said the CBN must pair its reforms with broader structural adjustments to the economy. Without addressing the root causes of naira volatility, they note that EFEMS risks becoming another chapter in Nigeria’s long list of short-lived currency reforms.

CrediCorp, NADDC Launch N20 Billion Credit Fund for Locally-Assembled Vehicles

By
Samuel Nwite
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0

To stimulate the Nigerian economy and support local industries, the Nigerian Consumer Credit Corporation (CrediCorp) and the National Automotive Design and Development Council (NADDC) have unveiled an N20 billion consumer credit fund.

The initiative, announced in Abuja on Thursday, is designed to enable Nigerians to purchase locally-assembled vehicles through accessible credit schemes.

This development marks a significant step toward achieving industrialization in Nigeria—a goal long advocated by experts and stakeholders.

Uzoma Nwagba, Managing Director/CEO of CrediCorp, emphasized the transformative potential of credit in fostering industrial growth.

“The fund that we are launching today is just a start. It’s a start to show a commitment to this industry; it’s a start to show the commitment of the President, and it’s a start to catalyze credits and allow people to access and get out of transport poverty,” he said.

A Foundation for Growth

The initiative aims to boost production, meet financing demand within Nigeria’s automotive industry, and strengthen the country’s industrial base.

Credit schemes of this nature have historically played a pivotal role in the industrialization of developed nations, including the United States, where similar programs have been instrumental in fostering innovation, supporting businesses, and driving economic growth.

Access to credit is widely recognized as a cornerstone of industrial development. In developed economies, governments have long used credit initiatives to promote industries and enhance productivity. The U.S., for example, has consistently employed credit schemes to support businesses. The Small Business Administration (SBA) provides loan guarantees to small businesses, enabling them to access financing for growth. Similarly, during the Great Depression, the U.S. government introduced initiatives like the Reconstruction Finance Corporation to provide loans to industries, boosting production and employment.

The U.S. continues to use credit schemes to enhance productivity, with programs such as farm credit systems and incentives for renewable energy companies serving as modern examples.

Such initiatives have helped stabilize economies, drive technological advancements, and create jobs—outcomes Nigeria seeks to replicate with the newly unveiled scheme.

The N20 billion fund, though modest in scale, represents a pilot phase intended to test the program’s feasibility. According to Nwagba, the focus is not on the initial sum but on the program’s ability to demonstrate measurable impact.

“A big bet here is that we will have an opportunity to test this and catalyze it. Don’t worry about the headline number of N20 billion because that’s not actually a lot of money. If this test works, if we are able to enable people to get vehicles and track the impact on industries and jobs, it will create the confidence for more money to come in,” he said.

The initiative also aligns with Project S.C.A.L.E (Securing Consumer Access for Local Enterprises), launched by CrediCorp in November, which channels consumer credit to locally manufactured goods and services.

The Director General of NADDC, Dr. Joseph Osanipin, highlighted the wide-ranging economic benefits of the credit scheme, explaining that it would boost not only the automotive sector but also ancillary industries.

“When you promote auto, you are promoting the steel industry, the plastic industry, and generating employment. You are also promoting the energy sector,” he said.

Osanipin stressed that credit accessibility is essential for vehicle ownership, a challenge many Nigerians face due to high upfront costs.

“Our people want to buy vehicles, but it’s very difficult nowadays to save enough for a new one. When you access credit, you can buy the vehicle, use it for your job, and repay as you earn,” he noted.

A Lesson from Global Models

The scheme reflects lessons learned from industrialized nations, where similar schemes have empowered consumers and businesses. In countries like Germany and Japan, credit initiatives have been integral to rebuilding industries post-war. The Marshall Plan, for instance, provided loans to European countries after World War II, leading to rapid industrialization and economic recovery.

President of the Nigerian Automotive Manufacturers Association (NAMA), Bawo Omagbitse, lauded the initiative as a lifeline for an industry under significant strain.

“The auto industry itself requires transformation because it is currently suffocating. This scheme is a catalyst for great things to come,” he said.

Manufacturers are expected to align their production with consumer needs, ensuring that the vehicles offered under the scheme meet quality standards and preferences.

“If consumers are not happy with the products, they will not accept credit for those products,” Osanipin explained.

While the initiative is commendable, concerns remain about its sustainability and the broader economic environment. Past credit-based programs in Nigeria have often been hampered by inefficiencies, low consumer confidence, and corruption. Experts stress the need for robust implementation mechanisms and transparency to ensure the scheme achieves its goals.

However, Nwagba remains optimistic, viewing the program as a stepping stone toward greater economic empowerment.

“This is about enabling Nigerians with credit to own new automobiles, while also growing Nigeria’s automotive industry. We want to catalyze credit in this sector and help consumers out of transport poverty,” he said.

The success of the program is expected to set the stage for similar initiatives across other industries, laying the groundwork for Nigeria’s long-awaited industrial transformation.

How to Create Compelling Marketing Letters for Real Estate Success

By
TI Partners
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0

Marketing letters are a powerful tool for building connections and driving success in the property market. By focusing on personalization, clarity, and value, agents can make a lasting impression on their audience. This article covers how to create engaging, effective letters that capture attention and inspire action.

The Role of Highly Effective Real Estate Prospecting Letters

The best real estate prospecting letters act as bridges between agents and potential clients. They create opportunities to communicate directly and meaningfully with homeowners, buyers, or investors. Unlike generic messages, these letters are designed to speak directly to the recipient’s needs. Crafting these letters involves tailoring content to address specific situations. It involves introducing services, following up after an open house, or sharing market insights. This targeted approach helps build trust and encourages prospects to engage.

Personalized communication is often the first step in turning a cold lead into a warm connection. In addition, these letters allow agents to highlight their local expertise. By referencing recent trends or events, they demonstrate an understanding of the market that prospects find reassuring.

Understand Your Audience before Writing

Knowing your audience is the first step to write impactful messages. Start by identifying the recipient’s interests, needs, and challenges. For instance, homeowners might be curious about their property’s current value. Meanwhile, buyers may need guidance on market trends. Understanding these nuances ensures that the message resonates. A letter that addresses concerns or offers solutions is more likely to grab attention.

Including local market data, such as recent sales in the neighborhood, adds relevance and shows that the sender is informed about the area. For example, mentioning specific statistics like a surge in property values or recent successful deals nearby can make the message even more engaging. These details position the sender as someone who can provide meaningful advice and assistance.

Make the Opening Lines Irresistible

First impressions matter, and the opening lines of a letter set the tone for the rest of the message. A captivating introduction grabs the reader’s attention right away and motivates them to keep reading. Start with a personalized greeting, such as addressing the recipient by name. Follow it with a compelling hook that piques their interest. For example, mention a recent sale in their area, a change in market trends, or an opportunity they might benefit from.

Ask a thought-provoking question or highlight a problem people might relate to. This creates curiosity and makes the recipient want to read further. A strong opening ensures the message doesn’t get overlooked.

Focus on Value and Solutions

A compelling marketing letter goes beyond self-promotion. It provides value to the recipient by addressing their needs or solving their problems. For example, sellers may appreciate tips on preparing their homes for the market. In contrast, buyers might find advice on navigating current market conditions helpful. Offering actionable insights establishes the sender as an expert and builds trust. Include information that the recipient can use immediately, such as pricing strategies, staging tips, or details about upcoming open houses.

When including tips or advice, keep them practical and straightforward. People are more likely to act on realistic, easy-to-implement advice. Providing value in this way builds credibility and leaves a lasting impression.

Use Clear and Concise Language

Clarity is crucial when writing effective letters. Avoid industry jargon or overly complex sentences that could confuse the reader. Instead, use simple, direct language that communicates the message clearly. Break up the content into short paragraphs to improve readability. Bullet points or numbered lists can also help organize information and make the letter easier to skim. The goal is to ensure that key points stand out and the reader understands the letter’s purpose at a glance.

Additionally, maintain a professional yet conversational tone. The balance between approachable and credible is essential for creating a positive impression. Clarity in language reflects the sender’s confidence and competence.

Include a Strong Call to Action

A clear call to action (CTA) directs the reader to the next steps to take. Whether scheduling a meeting, requesting a home valuation, or attending an event, the CTA should be specific and easy to follow. Place the CTA at the end of the letter and use action-oriented language to make it stand out. Phrases like “Contact to learn your home’s current value” or “Call today for your free consultation” create urgency and encourage immediate action.

Providing multiple ways to respond, such as a phone number, email address, or website link, makes it convenient for the recipient to get in touch. Simplicity and accessibility are key to a successful CTA. Besides, bolding or highlighting the CTA can draw attention to it, increasing the likelihood of a response.

Personalize and Proofread for Perfection

Personalization is what sets great marketing letters apart from generic communication. Incorporate the recipient’s name, reference local landmarks, or mention specific details about their neighborhood. These small touches make the letter feel more relevant and increase the likelihood of engagement.

Before sending the letter, take the time to proofread it thoroughly. Typos or errors can create a negative impression and undermine credibility. Read the letter aloud to ensure it flows smoothly, and consider having a colleague review it for additional feedback. Adding a handwritten note or signature can furthermore elevate the letter, making it feel more personal. Such details convey effort and thoughtfulness, leaving a memorable impression on the recipient.

Consistency and Follow-Up Matter

Consistency is critical in marketing. Sending one letter isn’t enough to build lasting relationships. Regular follow-up ensures that prospects remember the sender and builds familiarity over time. Each letter should serve a purpose: providing updates, sharing success stories, or offering helpful resources. A well-planned sequence of letters can guide recipients through the decision-making process and keep the sender at the top of their minds.

In addition to regular mailings, track responses to identify which messages resonate most with your audience. Use these insights to refine future communication and improve results. Following up on earlier letters with new, relevant content reinforces your commitment to helping your clients.

The best real estate prospecting letters combine personalization, value, and clear communication to create a lasting impact. Understanding your audience, crafting compelling content, and including actionable CTAs allow agents to build trust and drive success in the competitive property market. These letters remain a mainspring of effective marketing, which opens doors to meaningful connections and long-term growth

History Shows Cardano’s 66% Rise In December – But These 5 Coins Could Be the Next Crypto to Explode

By
TI Partners
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0

The crypto market has been full of surprises ever since Bitcoin reached a new all-time high. In December, Cardano’s price shot up by 66%. This proves how quickly cryptocurrencies can rise leading to huge profits for investors. But what’s the next big move from here? We believe these five coins could be the next crypto to explode.

Next Crypto to Explode

  1. Aureal One (DLUME)
  2. DexBoss (DEBO)
  3. 5thScape (5SCAPE)
  4. LeverFi (LEVER)
  5. Ripple (XRP)

We’ve studied the market trends and upcoming developments. These coins show strong potential for massive growth. And their unique features and use cases make them stand out.

Each of these projects offers something special, they address real-world problems and are backed by strong communities.

Also, their teams work on innovations and growth-oriented roadmaps help them drive adoption. Keep reading to learn why these coins are worth your attention. Find out which token fits your investment goals, these could be your next crypto to explode.

1.  Aureal One (DLUME)

Aureal One powers the Darklume Metaverse and Clash of Tiles game. The platform is a Web3 project focusing on immersive gameplay and strategy. On the platform, players can explore, trade, and earn rewards with DLUME, the platform token.

Click here to know more about Aureal One

Its ongoing presale has already drawn attention as many gamers and investors are excited about the project. Experts believe DLUME could deliver huge returns for investors looking for the next crypto to explode. The token’s use case in both gaming and trading is innovative, this sets it apart from other metaverse tokens.

Aureal One focuses on creating long-term value. Its community keeps growing, with more users joining every day. The project’s roadmap outlines clear steps for growth, if successful, it could see a significant price rise.

2.   DexBoss (DEBO)

DexBoss is a decentralized exchange with a unique token called DEBO. The token lets users earn rewards and reduce trading fees. DexBoss offers features like liquidity farming and staking leading to rapid growth and attracting new investors.

Many analysts predict DEBO will see a sharp price rise soon. This is because DexBoss supports multiple blockchains, which increases accessibility. The platform prioritizes user experience and security, helping it drive adoption and build trust. All these factors help position DEBO as the next crypto to explode.

DexBoss also continues to launch innovative tools, in a bid to ensure its token remains competitive in the market.

3.   5thScape (5SCAPE)

5thScape blends gaming and DeFi together with its network token, 5SCAPE. On the platform, players use 5SCAPE to unlock in-game features and earn through staking. The platform is built by a solid team that prioritizes innovation and growth.

The project’s roadmap includes exciting updates, making 5SCAPE a strong choice for growth and explosion. The project appeals to both gamers and investors, creating opportunities for passive income while delivering fun experiences.

5thScape’s ecosystem supports creative gameplay and also ensures fairness and transparency. These factors attract a loyal user base while positioning the project to become a leader in the gaming DeFi space. For investors looking for the next crypto to explode, 5SCAPE is an excellent pick for your portfolio.

4.   LeverFi (LEVER)

LeverFi is a web3 project that simplifies leveraged trading for everyone. With its token, LEVER, users can trade with leverage on a decentralized platform, eliminating the need for middlemen.

LeverFi ensures security and transparency, and Its low fees and high scalability attract traders. This platform is perfect for both beginners and experienced users due to its easy-to-use interface. Analysts expect LEVER’s demand to grow in 2024, as more people get onboard into decentralized finance.

The project’s innovative technology makes trading accessible to everyone while providing educational resources for users. LeverFi combines functionality and efficiency, making it a project with a high potential of becoming the next crypto to explode. These qualities set it apart from competitors in the Web3 space.

5.   Ripple (XRP)

Ripple remains a top player in cross-border payments, as Banks and financial institutions use it to move money quickly. With the network token XRP, users gain access to low fees and fast transactions on the platform.

Despite past legal issues, Ripple continues to expand. Its partnerships with global institutions has helped drive more adoption. Ripple’s ability to simplify international transfers and its XRP token utility makes it popular worldwide. This makes it a strong candidate for the next crypto to explode.

Conclusion

Timing is everything in crypto. Each of the projects on our list have upcoming milestones that could boost their value over time. In this article,  Aureal One stands out as our top pick, its connection to DarkLume Metaverse and Clash of Tiles sets it apart. DLUME uniquely combines gaming and blockchain to build an immersive experience for users. Also, its presale could be the perfect entry point for investors to leverage on the next crypto to explode. Don’t miss the chance to invest in any of the crypto projects on our list. Therefore, explore these tokens and their ecosystems to make an informed trading decision today.

The Framing of Nigeria’s 3MTT on Facebook

By
Mutiu Iyanda
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0

In an era defined by technological evolution, Nigeria’s 3 Million Technical Talent (3MTT) Programme represents a bold stride toward positioning the nation as a global tech hub. With the Federal Ministry of Communications and Digital Economy and its agencies leading the charge, 3MTT equips Nigerian youth with critical skills to compete in a digitally-driven world. Social media platforms, particularly Facebook, have become vital spaces for framing the programme’s impact, challenges, and achievements. In this piece, our analyst examines how Facebook posts about 3MTT shape its narrative, stressing key themes of empowerment, skill acquisition, and stakeholder contributions.

Opportunities for Youth Empowerment
One of the dominant frames observed in the user-generated content (UGC) about 3MTT on Facebook is the theme of youth empowerment. Posts overwhelmingly emphasize how the program transforms lives by providing opportunities for innovation and personal growth. One participant noted, “3MTT has been a turning point, empowering youth to build their future in tech and innovation.”

A significant 18.75% of the posts analyzed focused on this theme, demonstrating the program’s perceived success in addressing youth unemployment through capacity building. These narratives resonate with a broader aspiration for Nigeria to harness its youthful population as a resource for economic development. By framing 3MTT as a beacon of hope, contributors align it with national and global goals for youth-driven development.

Skill Acquisition: The Heart of 3MTT
Skill acquisition emerged as the most frequently discussed topic, comprising 23.44% of all mentions. Participants celebrated their certifications in software development, data analytics, and cybersecurity. Statements like “I’m now a certified data scientist, thanks to 3MTT” encapsulate the pride and optimism inspired by the program.

The framing of skill acquisition goes beyond personal achievement and reflects Nigeria’s commitment to building a tech-savvy workforce. Facebook posts frequently highlight stories of transformation, such as individuals transitioning from unemployment to becoming industry-ready professionals. These stories stress the programme’s role in nurturing talent that can address local and global challenges.

Exhibit 1: Identified issues, practices and actors in Nigeria’s 3MTT programme

3MTT
Source: Facebook’s posts on 3MTT, 2024; Infoprations Analysis, 2024

Recognition of Challenges and Resilience
While the success stories dominate, participants also acknowledge the challenges encountered during the program. About 10.94% of posts reflected on the struggles of balancing intensive training with personal responsibilities. One participant shared, “The thought of giving up crossed my mind several times, but the support from my mentors kept me going.”

This honest framing adds depth to the narrative, showing that while the journey is not without hurdles, resilience and community support play a pivotal role in overcoming them. The recognition of these challenges also humanizes the participants, making their achievements even more inspiring.

Stakeholder Contributions: A Collaborative Effort
The framing of 3MTT on Facebook often extends to the contributions of key stakeholders. Posts frequently express gratitude to the Federal Ministry of Communications and Digital Economy, the National Information Technology Development Agency (NITDA), and other partners. As one user wrote, “Thanks to the Honourable Minister, Dr. Bosun Tijani, and NITDA for making this dream a reality.”

The Federal Ministry accounted for 15.63% of mentions, highlighting its central role in programme execution. Similarly, NITDA’s efforts to provide resources and logistical support garnered 12.50% of the discourse. These narratives emphasize that 3MTT is not just a programme but a collaborative initiative involving government agencies, private organizations, and local community managers.

Local actors also received recognition, with 9.38% of posts emphasising the contributions of state-level managers and facilitators. For instance, a post celebrating Osun State’s community manager read, “Lukman Adeoti has been instrumental in ensuring the success of 3MTT in our state.” Such framing reinforces the programme’s decentralized nature, ensuring grassroots impact across Nigeria.

Networking and Collaboration: Beyond Technical Skills
Beyond technical training, 3MTT fosters networking and collaboration among participants. This aspect, discussed in 15.63% of posts, underscores the program’s role in building a community of like-minded individuals. One participant described it as “an opportunity to connect with future tech leaders.” These networks extend beyond the program, enabling participants to collaborate on projects and share knowledge. By framing 3MTT as a platform for lifelong connections, contributors highlight its enduring value in shaping Nigeria’s tech ecosystem.

Recognition and Rewards: Motivation for Excellence
The emphasis on recognition and rewards also features prominently, with 12.50% of posts celebrating achievements such as hackathon victories and certifications. A participant who won a laptop during the program expressed their excitement, saying, “This is not just a reward but a testament to the hard work we put in.” Such narratives frame 3MTT as a merit-based initiative that incentivizes excellence, further inspiring others to participate in future iterations of the program.

Advocacy for Tech-Driven Solutions
Posts advocating tech-driven solutions accounted for 7.81% of the discourse. Participants shared innovative ideas, such as using technology for agricultural development or solving local infrastructure problems. These discussions position 3MTT as a breeding ground for problem solvers who can drive Nigeria’s socio-economic transformation.

The framing of Nigeria’s 3MTT on Facebook paints a picture of a transformative initiative that combines skill acquisition, empowerment, and collaboration to prepare youth for the future. As Nigeria strives to position itself as a global tech hub, the insights gleaned from this framing can inform the design of similar programs. By leveraging platforms like Facebook to amplify voices and share stories, stakeholders can sustain momentum and inspire greater participation in the country’s tech revolution. Ultimately, 3MTT’s story on Facebook is not just about numbers but about the lives it touches and the communities it transforms. This framing ensures that the programme is not just a government initiative but a movement shaping Nigeria’s future.

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