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Central Bank of Nigeria Removes FX Restriction on 43 Items, to Begin Intervention

By
Samuel Nwite
-
0

The Central Bank of Nigeria (CBN) has announced the removal of 43 items from FX restriction, a move geared towards facilitating a vibrant FX market.

The decision was disclosed in a circular signed by Isa AbdulMumin, Director of Corporate Communications, and was released on Thursday.

The circular reads:

1. The Central Bank of Nigeria (CBN) will continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure market forces determine exchange rates on a Willing Buyer – Willing Seller principle.

2. The CBN reiterates that the prevailing Foreign Exchange (FX) rates should be referenced from platforms such as the CBN website, FMDQ, and other recognized or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates.

3. As part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian Foreign Exchange Market by interventions from time to time. As market liquidity improves, these CBN interventions will gradually decrease.

4. Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.

5. The CBN is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.

6. The CBN has set as one of its goals the attainment of a single FX market. Consultation is ongoing with market participants to achieve this goal.

Participants and the general public are to be guided by the above.

Financial experts have criticized the CBN’s delay in removing the 43 items, saying it is an indication that the naira was only devalued and not floated as the apex bank announced in June.

Former CBN governor Godwin Emefiele imposed the FX restrictions on the 43 items as part of his policies aimed at taming Nigeria’s volatile forex market. However, the move drew severe criticism from business leaders.

Below is the list of the 43 items:

  1. Rice
  2. Cement
  3. Margarine
  4. Palm Kernel/Palm oil products/vegetable oils
  5. Meat and Processed Meat Products
  6. Vegetables and Processed Vegetable Products
  7. Poultry – chicken, eggs, Turkey
  8. Private Airplanes/Jets
  9. Indian Incense
  10. Tinned Fish In sauce (Gelsha)/Sardines
  11. Cold Rolled Steel Sheets
  12. Galvanized Steel Sheets
  13. Roofing Sheets
  14. Wheelbarrows
  15. Head Pans
  16. Metal Boxes and Containers
  17. Enamelware
  18. Steel Drums
  19. Steel Pipes
  20. Wire Rods (deformed and not deformed)
  21. Iron Rods and ReInforcina Bars
  22. Wire Mesh
  23. Steel Nalls
  24. Security and Razor Wire
  25. Wood Particle Boards and Panels
  26. Wood Fiber Boards and Panels
  27. Plywood Boards and Panels
  28. Wooden Doors
  29. Furniture
  30. Toothpicks
  31. Glass and Glassware
  32. Kitchen Utensils
  33. Tableware
  34. Tiles – vitrified and ceramic
  35. Textiles
  36. Woven Fabrics
  37. Clothes
  38. Plastic and Rubber Products, Cellophane Wrappers
  39. Soap and cosmetics
  40. Tomatoes/Tomato Pastes
  41. Euro bond/Foreign Currency Bond/Share Purchases
  42. Milk
  43. Maize

These 43 main items, which include various sub-items categorized by their respective import codes as designated by the Nigerian Customs, have been restricted from accessing foreign exchange through the Investor & Exporter window. This measure aims to encourage local production and reduce their impact on the scarcity of the U.S. dollar in the country.

However, doubts have trailed the CBN’s promise to ensure adequate FX liquidity through interventions. This is because the Nigerian government is currently looking for funds to boost its dollar supply.

In August, the Nigerian National Petroleum Company Limited (NNPCL) secured a $3 billion emergency crude oil-backed loan from the Afreximbank. However the government’s plan to strengthen the naira through a loan from Afrexim Bank has not materialized yet, as the pan-African bank is reportedly seeking buyers for the oil to generate funds to support the loan.

—Press release

CBN Restates Commitment To Boost Liquidity in FOREX Market

  1. The Central Bank of Nigeria (CBN) will continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange Market to ensure market forces determine exchange rates on a Willing Buyer – Willing Seller principle.
  1. The CBN reiterates that the prevailing Foreign Exchange (FX) rates should be referenced from platforms such as the CBN website, FMDQ, and other recognised or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates.
  1. As part of its responsibility to ensure price stability, the CBN will boost liquidity in the Nigerian Foreign Exchange Market byinterventions from time to time. As market liquidity improves, these CBN interventions will gradually decrease.
  1. Importers of all the 43 items previously restricted by the 2015 Circular referenced TED/FEM/FPC/GEN/01/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.
  1. The CBN is committed to accelerating efforts to clear the FX backlog with existing participants and will continue dialogue with stakeholders to address the issue.
  1. The CBN has set as one of its goals the attainment of a single FX market. Consultation is ongoing with market participants to achieve this goal.

Participants and the general public are to be guided by the above.

Isa AbdulMumin PhD Director, Corporate Communications

 October 12, 2023

Best Altcoin To Buy For 10x Returns In 2024 – Solana, Avalanche And Scorpion Casino Token Presale

By
TI Partners
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0

We all hear stories about how much money someone made from Bitcoin but what most investors won’t tell you is that most of their portfolio is made up on altcoins instead. Today we are going to look into three altcoins that have the potential to give you 10x returns on your investment in 2024. These altcoins are Solana, Avalanche and a crypto presale, Scorpion Casino Token (SCORP). So let’s dive in and see what all the fuss is about!

Solana – A Force to Be Reckoned With

Solana has been making waves in the crypto sphere with its lightning-fast transactions and scalable infrastructure. It’s often hailed as one of the most promising blockchains, and its ecosystem is growing at a rapid pace. The Solana blockchain has been designed to handle high-throughput, making it an attractive option for decentralized applications (dApps) and DeFi projects. With its commitment to innovation, Solana has the potential to soar to new heights in 2024.

Avalanche – Bridging the Gap

Avalanche, another contender in the crypto space, is known for its ability to bring different blockchain networks together. Its interoperability features are gaining traction, making it an essential player in the expanding world of decentralized finance. Avalanche provides a platform where developers can create and launch their dApps with ease. As more projects choose Avalanche for its versatility, its value could skyrocket in 2024.

Scorpion Casino Token (SCORP) – The Game-Changer

Now, let’s delve into the Scorpion Casino Token, a unique cryptocurrency that operates in a space that merges two exciting worlds: blockchain technology and online gaming. SCORP presents an enticing opportunity for passive income within the vibrant online gaming industry. Leveraging the power of blockchain ensures transparency, efficiency, and security for both players and investors.

With the online gaming market expected to grow to a staggering $145.6 billion by 2030, SCORP is positioned to thrive. The SCORP presale has already demonstrated its potential by raising an impressive $1.3 million. The Scorpion Casino platform itself has become a go-to destination for online gaming enthusiasts, offering a wide array of options, from sports betting to classic roulette.

What sets SCORP apart is its robust tokenomics system, including buy-backs and burns, which enhance the staking experience. This promises a dynamic avenue for passive income in the ever-evolving crypto landscape. Perhaps most importantly, SCORP offers a unique revenue-sharing system that is unrelated to the frequent market fluctuations seen in the crypto world. This means that SCORP could potentially be the golden goose of crypto passive income in 2024.

SCORP Stands Strong

Solana and Avalanche certainly deserve your attention when looking for altcoin investment. Their innovative technologies and expanding ecosystems make them formidable candidates. However, when considering the enticing prospect of passive income within the online gaming industry, the Scorpion Casino Token (SCORP) stands out as a unique and promising opportunity.

SCORP’s blend of blockchain technology and online gaming positions it as a potential game-changer. With its impressive presale success and revenue-sharing system, SCORP offers a tantalizing glimpse into the future of crypto investments. So, as you explore the exciting possibilities in the crypto market, don’t forget to keep an eye on SCORP.

And if you’re ready to take the next step, you can find more information and participate in the SCORP presale by visiting their website. Act quickly, as the current presale stage is ending soon!

 

More info on Scorpion Casino Token:

Presale: https://presale.scorpion.casino/

Twitter: https://twitter.com/ScorpionCasino

Telegram: https://t.me/scorpioncasino_official

Egyptian Insurtech Startup Amenli Raises $1 Million Funding to Propel Its Expansion Efforts

By
Ojukwu Emmanuel
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0

Amenli, an Egyptian insurtech startup, has announced the raise of $1 million in funding to support its expansion and growth efforts.

The funding round was led by Alter Global, a leading international VC firm focused on emerging markets, with participation from the Qatar Insurance Company’s corporate VC arm Digital Venture Partners (DVP), one of the biggest insurance groups in the MENA region.

According to Amenli, the funding will be used to introduce new products, which will be targeted at both old and new customers to satisfy unmet insurance needs as well as develop new distribution channels to maximize efficiency and reach.

Also, the startup will focus on dominating the B2B2C space, capitalizing on its insurance API.

Speaking on the funds raised, the CEO of Amenli Shady El Tohfa said,

“The funding round is a substantial validator and a strong vote of confidence for Amenli, particularly amidst the current investment and economic environment. The backing of these prominent investors, who all possess extensive experience in the tech and insurance sectors regionally and globally, has reinforced our belief in the strength of our vision and in moving forward with our plans for Amenli’s expansion and growth”.

Also speaking on its investment in Amenli, Allen Taylor partner at Alter Global said,

“We are impressed with Amenli’s vision to revolutionize Egypt’s largely underpenetrated insurance market, which currently stands at less than one percent. Amenli has built the technological infrastructure to create strong distribution and product innovation advantages, thereby enhancing the insurance experience for both individuals and SMEs alike”.

Founded in 2020 by Adham Nauman, Omar Ezz El Din, and Shady EITohfa, Amenli offers its clients all types of insurance, with a focus on medical, car, home, and business offerings.

The insurtech startup also handles client claims with insurance companies on behalf of their customers. Through the platform, customers can buy insurance with a convenient and transparent experience.

They also do not need to wait a lifetime to get a quote or get boarded, as they provide the ability to do everything from the comfort of their home. Customers can buy their medical, car, or home insurance with installments of up to 12 months, through their preferred bank.

So far the startup has experienced remarkable growth, marking a fivefold increase compared to the same period in the previous year, and with the newly acquired capital, it anticipates accelerated expansion.

Amenli aims to democratize access to insurance through digital direct channels & embedded insurance API, for mid-income Egyptian families. The startup is licensed by Egypt’s Financial Regulatory Authority (FRA).

X Responds to Allegations From EU, Refutes Claims of Illegal Content Related to The Israeli-Hamas Conflict

By
Ojukwu Emmanuel
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0

Elon Musk-owned microblogging platform X has refuted the claims of the EU, accusing it of fueling the Israeli-Hamas conflict by enabling the spread of illegal content and disinformation on its platform.

This prompted the EU to issue a 24-hour ultimatum to X, to respond to the accusation by complying with the European regulations around illegal content or face sanction, which could result in fines worth 6% of the company’s revenue.

In a response to the EU’s allegations, CEO of X, Linda Yaccarino, laid out how the social media platform is tackling illegal and false content related to the Israeli-Hamas conflict.

In a letter posted on X, Yaccarino stated that after the attack on Israel from Hamas, the social media platform gathered a group of leaders to assess the situation.

Part of the letter reads,

“X is committed to serving the public conversation, especially in critical moments like this, and understands the importance of addressing any illegal content that may be disseminated through the platform. There is no place on X for terrorist organizations or violent extremist groups and we continue to remove such accounts in real time, including proactive efforts.

“Since the terrorist attack on Israel, we have taken action to remove or label tens of thousands of pieces of content, while Community Notes are visible on thousands of posts, generating millions of impressions. We continue to respond promptly to law enforcement requests from around the world, including EU member states. At the time of receipt of your letter, we had not received any notices from Europol relating to illegal content on the service.

“Shortly after the news broke about the Hamas attack, X assembled a leadership group to assess the situation. In crisis situations, X’s unique purpose is to serve the public conversation, access, and share information, raise awareness about the situations they are in and on the ground, and openly and freely exchange on issues becomes all the more critical.

“There is no place for violent & hateful entities on X, including (but not limited to) terrorist organizations, violent extremist groups, perpetrators of violent attacks, or individuals who affiliate with and promote their illicit activities. For the avoidance of doubt, we strictly adhere to our policies concerning illegal content and we continue to remove illegal content, including terrorist content, from our platform.

“With respect to harmful, but not illegal content, our public interest interstitials, which provide for us to take action on a post while allowing it to remain accessible, were limited to government officials and political leaders’ legacy verified accounts.”

Linda also added that in addition to the enforcement of the company’s policies, X continues to work with law enforcement authorities. She stated that so far, X has responded to more than 80 take-down requests received in the EU within the required timelines diligently and objectively.

The letter is coming after the European Commissioner for Internal Market Thierry Breton, wrote a letter to X, accusing it of spreading misinformation and violent terrorist content.

His letter was followed after numerous researchers, news, and other groups documented a rise of misleading, false, and questionable content on X, creating confusion about the Israel-Hamas conflict.

Following the DSA obligations regarding content moderation and transparency, X via the letter has noted that it is committed to transparency, safety, and the successful implementation of the DSA and will continue to take all appropriate steps to that end.

The Big Lecture – and Philosophy in FUTO

By
Ndubuisi Ekekwe
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0

Everyone knows that I love FUTO. When you arrive in a university from a village, and leave prepared for the world, you will NEVER forget the experience. The Philosophy course I took in FUTO remains one of the best courses ever in my education. It was more transformational than calculus, thermodynamics, circuits and systems. Right there, Prof Rev Ashiegbu explained why I was no more a secondary school student, but a university undergraduate, and why my reasoning, and other components of my education, must evolve.

He extended the introduction my Physics teacher in Secondary Technical School Ovim, Mr. Aham, did not conclude. Mr Aham had introduced Physics in SSI (first year in senior secondary), spending a whole week discussing natural philosophy and how before the end of the 18th century everything was studied as one thing, before they broke things into biological and physical sciences. The Chemistry teacher, Mr Udeagu Jr, reconnected to the same philosophy, and Mr Bobo, the Biology teacher, posited from his angle.

In the second week, the Math teacher, Mr Onyezewe, came and explained Mathematics as the “science of numbers which powers the natural philosophy you will learn in the science subjects”. At FUTO, I understood that natural philosophy better, and it turns out that knowledge is nothing but philosophy. Simply, Everything in life is philosophy, and we’re only specializing in different branches of philosophy. Real amazing stuff in that GST course!

Fascinating? I invite you to attend the FUTO Alumni Biennial Lecture on Oct 19, 2023, and learn amazing stuff. Once every two years, you have a tradition. Brilliant speakers are coming. Go here and pick a free seat

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