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Forex: CBN opens December sale with $210m

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In its first intervention in the foreign exchange market for the month of December, the Central Bank of Nigeria (CBN) on Tuesday, December 4, 2018 injected the sum of $210 million in the inter-bank foreign exchange market.

Authorised dealers in the wholesale segment of the market, in Monday’s sales, received the sum of $100million, while the Small and Medium Enterprises (SMEs) and the invisibles segments were allocated the sum of $55million each.

The CBN Director in charge of Corporate Communications Department, Mr. Isaac Okorafor, confirmed the figures and restated the Bank’s resolve to meet genuine customers’ request in the various segments of the market especially in the preceding period of the yuletide and in the New Year.

The Bank Governor, Mr. Godwin Emefiele, while delivering the annual lecture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, on Friday, had warned speculators not to bet against the Naira. Despite the uptick in the exchange rate last week, Mr. Emefiele said the Bank had enough reserve to defend the Naira.

It will be recalled that on Friday, November 30, 2018, the Bank injected a total sum of $331.22million in retail Secondary Market Intervention Sales (SMIS) and CNY51.86million in the spot and short-tenored forwards of the inter-bank foreign exchange market.

Meanwhile, the naira on Tuesday, December 2, 2018 continued to exchange at an average of N365/$1 in the Bureau De Change (BDC) segment of the market.

 

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BUSINESS

Diamond bank partners Facebook to support young entrepreneurs

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Diamond bank Plc in collaboration with Facebook and Affrinolly is set to project Nigeria’s young entrepreneurs to the digital world.

Addressing journalists, Area Manager, Ikeja branch of Diamond Bank Plz, Chigozie Onyecha, said that, Diamond bank believes in small and medium enterprises.

He said that it was the reason, the bank in partnership with the named firms is embarking on digital marketing training for entrepreneurs particularly in the entertainment industry.

According to him, the aim is to help individuals with feasible and viable initiatives to reach out to the global space by providing an online platform for networking, financial aid, advisory, business clinics workshop and technical know-how.

“We are poised to boost talents in young people provided their initiatives are bankable” he stated.
Speaking for Facebook, the creator trainer, Ewonro Amune, for Afrinolly, said facebook America and its partners are working to help small and medium entrepreneurs to do their businesses online.

According to him “we want them to leverage on the social media tools to boost and enhance their performance, build community and make profit”

Ewonro further stressed that facebook is offering business owners knowledge by showing them ways businesses ought to be done in the 21st century, adding that, it’s like showing people how to fish instead of giving them fish.

“It’s up to creators to harness their potential by keying into the Data world because Data is the new oil to explore the world and any entrepreneur who is not in the Data world is playing. So Facebook is offering a lot of incentives for Nigerians, all they need is to show themselves approved” he added.

Meanwhile the Executive Director, Legal & external networks, for Afrinolly, Jane Maduegbuna, said Afrinolly with its partners are helping young people to identify and position their brand identity, saying that the training is geared to make entrepreneurs monetize their products.

“we want to bring at least 300 viable ideas to the fore and we expect them to explore the digital world to market their businesses.

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FirstBank restates commitment to SMEs, Agric sector growth

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Yewande Zaccheaus, CEO, Eventful Limited; Ibukun Awosika, Chairman, First Bank of Nigeria Limited and Tiyan Alile, Founder and Promoter of Culinary Academy at Fiesta of Flavours, the food festival event organised by Eventful Limited and sponsored by FirstBank.

By NAN (Oluwafunke Ishola)

First Bank of Nigeria Limited has expressed its commitment to the growth of the agricultural value chain and creating opportunities for the Small and Medium Enterprises (SMEs) to thrive in the country.

Its Group Head, Marketing and Corporate Communications, Mrs Folake Ani-Mumuney, made the assertion at the fourth edition of Fiesta of Flavours in Lagos.

The News Agency of Nigeria (NAN) reports that the Fiesta of Flavours is a food and beverage fair that provides an avenue for participants to fully experience the entertainment, art and business of food.

The fair organised by FirstBank in collaboration with the Eventful Ltd, connects SMEs with prospective customers toward boosting sales, exposure and business growth.

Ani-Mumuney said that the financial institution was committed to helping SMEs in the food sector to grow and develop, while promoting economic diversification.

According to her, SMEs are critical to the development of the nation’s economy and should be supported by all stakeholders in the overall national interest.

Also, Mrs Yewande Zaccheus, the Chief Executive Officer, Eventful Ltd., said that the initiative had created a platform that converges SMEs and customers in a relaxed atmosphere while promoting business activities.

Zaccheus said that many SMEs, especially those in the online space has leveraged on the opportunity of the fair to create awareness about their products, forge more partnerships and client base.

She said that many businesses that were showcased had grown through the platform and impacting positively on the economy.

Commenting, Mr Olisa Adibua, the Managing Director, Perception Media, said that the fair had assisted in showcasing the best in local and international cuisine, not just to Nigerians, but the international community.

Chef Tiyan Alile, the Founder, Culinary Academy and Culinary Consultant for Fiesta of Flavours, said that the fair provided a platform for vendors and customers to connect and also serves as a family day out.

“The hospitality industry is growing so much that people need offtakers.

“Contacts are exchanged at the fair and symbiotic relationship that leverages on various expertise from farm, packaging and culinary development are made,” Alile said.

She said that many jobs had been created with the fair through various trainings, seminars and competitions that empowers SME operators and visitors at the fair.

Commenting, Mrs Arinola Shobande, Head, Corporate Communications, Enyo Retail and Supply Ltd., said that the company was at the fair to enlighten consumers about standards of gas cylinders and also supply them with gas.

Also, Mrs Omolola Ezeifeoma, the Managing Director, Creative Foods Concept, commended the bank for the platform, saying that the fair helped her network to create awareness about her business activities. (NAN)

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Unity Bank director, EFCC chairman inducted as Fellow of the Compliance Institute of Nigeria (PHOTO)

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R-L: Ms. Isioma Gogo-Anazodo, Chairperson, Programs, Education & Examination Committee, Compliance Institute of Nigeria (CIN), Ibrahim Magu, Chairman Economic and Financial Crimes Commission (EFCC) and Abdulqadir Usman, Executive Director, Corporate Planning and Compliance,Unity Bank Plc, during the induction of the duo as Fellow of the Compliance Institute at the CIBN, Lagos on Saturday December 8, 2018.
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