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Fidelity Bank Empower Entrepreneurs To Play Big In The Non-Oil Export Market

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For developing countries such as Nigeria to accelerate economic growth, there needs to be greater private sector participation in their export sectors.

This was made known by Isaiah Ndukwe, Divisional Head, Export, and Agriculture, Fidelity Bank PLC, at the just concluded 11th edition of the Fidelity Bank Export Management Programme (EMP 11).

Held at the Lagos Business School, from the 4th to 8th of October 2021, the programme, covered a wide range of topics including export documentation and application of export development processes, and was facilitated by leading faculty from Lagos Business School, staff of the Nigerian Export Promotion Council (NEPC) and experts in financial management and exports.

“Year-in, year-out, Fidelity Bank has demonstrated its resolve to help diversify the Nigerian economy and increase export earnings. One of the ways we are doing this is through the Export Management Programme which provides participants with the knowledge needed to navigate both the international non-oil export market and the larger export market,” explained Mrs. Nneka Onyeali-Ikpe, Managing Director, Fidelity Bank PLC when tasked on the rationale behind the program.

The importance of exports has continually been emphasized by various bodies as it provides a means of increasing the markets for producers and especially in Nigeria’s case, an opportunity to attract much-needed foreign exchange earnings.

In fact, Akinwunmi Adesina, President of the African Development Bank (AfDB), speaking recently at the Mid-term Ministerial Performance Review Meeting on the topic: ‘Nigeria’s Economic Resurgence: The African Experience’ expressed worry over disincentives to non-oil exports in the Nigerian economy.

Fidelity Bank Empower Entrepreneurs To Play Big In The Non-Oil Export Market

He, therefore, urged Nigerian fiscal authorities to remove bottlenecks in non-oil exports in order to promote economic resurgence.

One of the participants of the EMP 11, Mr. Kelechi Chukwukezirim, Chief Executive Officer of Dot Global Resources Nigeria Ltd said, “I am thankful to Fidelity Bank and Lagos Business School for this insightful and highly educative program. I came here with just an awareness of export management.

However, my experience in the past five days has taken me from point zero to over 40% of quality knowledge on export management. I have been enthused by the network and platform this program created that I could leverage going forward. I am excited at what the future holds in this regard”.

According to Mrs. Onyeali-Ikpe, “Previous editions of the EMP have recorded outstanding successes and made marked impacts in the lives and businesses of the participants. We are proud to say that the just-concluded eleventh edition is no exception.

The feedback we have gotten from facilitators and participants alike have been nothing short of encouraging. The turnout was tremendous, and we are certain that we will witness astonishing results as the participants put what they learnt into practice.”

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Dollar To Naira Exchange Rate Today 28 October 2021

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Dollar to Naira exchange rate today 28 October 2021, black market rate can be accessed below.

IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. What it means is that…you can buy or sell 1 dollar at ₦571 and the price can change (high or low ) within hours.

Crystal News has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

How Much Is Dollar To Naira Exchange Rate Today Official Rate?

October 28 dollar to naira official exchange rate: $1 dollar to naira =₦414.13

The exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at ₦414.13 per dollar on Thursday, 28 October 2021, after it closed at ₦415.07 per $1 on Wednesday, 27 October 2021. This represents a change of -0.07%.

How much is exchange rate of Dollar to Naira in Black Market today?

The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (black market).

LAGOS PARALLEL MARKET RATES October 28, 2021 (BLACK MARKET): dollar to naira exchange rate today black market

October 28 dollar to naira black market exchange rate: $1 dollar to naira = ₦571

Lagos parallel market (black market dollar exchange rate today)

The local currency opened at N571.00 per $1 at the parallel market otherwise known as the black market, today, Thursday, 28 October 2021, in Lagos Nigeria after it closed N571.00 per $1 on Wednesday, 27 October 2021.

Note: dollar to naira exchange rate has stabilized at N570-575 per $1 since Monday, October 11. This is coming after CBN vs Aboki FX clash over the dollar to naira black market exchange rate.

Even though the dollar to naira opened in the parallel market at ₦571 per $1 today, Crystal News reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Crystal News reports that the black market, the players buy a dollar for N567 and sell for N571 on Thursday morning, October 28, 2021 after they boughtN566 and sold N575 on Wednesday, 27 October 2021.

Meanwhile, Crystal News reports that the USD started this week at ₦570 in Parallel Market also known as Black Market on Monday, October 25, 2021 in Lagos Nigeria, after it opened N572 last week Monday, October 18, 2021.

Disclaimer: Crystal News  does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.

 

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eNaira: CBN Issues Guidelines For Newly Launched Digital Currency

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eNaira

Crystal News earlier reported that President Muhamadu Buhari has launched controversial digital currency, eNaira introduced by the CBN.

This online news platform understands that the eNaira has become available for download, with more than 5000 downloads within hours of the launch.

Following the launch, apex bank released regulatory guidelines which stipulate that charges for transactions that originate from the e-Naira platform will be free in the first 90 days commencing from October. 25.

After this period, applicable charges as outlined in the Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions will become effective.

The eNaira speed wallet app meant for individuals had, as of 4 pm, seen more than 5000 downloads while the eNaira speed merchant wallet had seen close to 1,000 downloads.

According to the regulatory and issuance guidelines, banks will automatically be onboarded by the CBN while merchants will be onboarded once they download the app and individuals will have to onboard by themselves.

The guideline revealed that there would be different wallets for different stakeholders.

eNaira: CBN Issues Guidelines For Newly Launched Digital Currency

“The eNaira stock wallet belongs solely to the CBN and it shall warehouse all minted eNaira” the guideline stated.

It said that financial institutions were expected to maintain one treasury e-Naira wallet to warehouse eNaira received from the CBN e-Naira stock wallet.

“Financial Institutions (FI) may create eNaira sub-treasury wallets for branches tied to it and fund them from its single eNaira treasury wallet with the CBN and FI may create eNaira branch sub-wallets for its branches.

“The e-Naira branch sub wallet shall be funded from the treasury eNaira wallet.

“eNaira Merchant speed wallets shall be used solely for receiving and making eNaira payments for goods and services. eNaira speed wallets shall be available for end-users to transact on the e-Naira platform.”

To ensure the security of funds, the eNaira is expected to have two-factor authentication and other measures.

Meanwhile, daily transaction limits for Tier 0, which is just a phone number without a verified National Identity Number, were set at N20,00 with a balance limit of N120,000.

Tier1 category, which has a verified number has a N50,000 transaction limit and N300,000 balance limit.

Tier2 and Tier3 categories have daily transaction limits of N200,000 and N1 million as well as N500,000 and N5 million balance limits while merchants have no limit.

According to a circular signed by Mr. Chibuzo Efobi, the CBN director Financial Policy and Regulation Department, the e-Naira will compliment cash as a less costly, more efficient, generally acceptable safe, and trusted means of payment and store of value.

“Additionally, it will improve monetary policy effectiveness, enhance government’s capacity to deploy targeted social interventions, provide an alternative less costly channel for the collection of government revenue and boost remittances through formal channels.

“The guidelines seek to provide simplicity in the operation of the eNaira, encourage general acceptability and use, promote the low cost of transactions, drive financial inclusion while minimizing inherent risks of disintermediation or any negative impact on the financial system,” it reads in part.

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SMEDAN Signs Memorandum Of Agreement With Micro Finance Banks

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SMEDAN

Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) on Tuesday in Abuja, signed a Memorandum of Agreement with 15 Micro Finance Banks for the implementation of the One Local Government, One Product (OLOP) programme.

OLOP is SMEDAN’s flagship programme positioned to make a significant contribution to the growth of the economy as well as in meeting the goals of the Africa Continental Free Trade Area Agreement (AfCFTA).

Speaking at the signing of the Memorandum of Agreement with officials of the MFBs, the Director-General of SMEDAN, Dr Dikko Radda said that the project was to assist SMEs grow their businesses.

Radda, who expressed worry that a major challenge hindering the growth of SMEs was the lack of access to loans, urged the MFBs to ensure timely disbursement of money to grow businesses.

SMEDAN Signs Memorandum Of Agreement With Micro Finance Banks

He reiterated SMEDAN’s commitment to drive the OLOP project in identifying a single product in one local government area and assist SMEs operators in form of cooperatives, with financial, technical and marketing support.

According to Radda, out of 774 LGAs, 364 LGAs have been covered from 2016 to 2020.

“In 2021 alone, 212 LGAs are expected to be covered, leaving a balance of 198 LGAs to be covered in 2022 to complete the first cycle.

“This year, we are targeting two cooperative societies per senatorial zone, making it six cooperative societies per state. The second cycle will commence in 2023 when we will revisit already visited LGAs,’’ he said.

While commending some cooperative societies for performing creditably, Radda expressed concern that difficult terrain in some rural LGAs affect selection, monitoring and evaluation.

He listed high cost of monitoring and evaluation, delayed documentation and poor due diligence by some participating MFBs as well as delayed disbursements as some of the challenges confronting the programme.

Radda also decried delays in loan repayment by some of the beneficiaries.

He urged the MFBs to ensure there was no unnecessary delay in disbursement or diversion of fund and that disbursements were made into the cooperate account of the cooperative societies.

Radda also tasked the MFBs to ensure that the cooperatives submit bankable business plans before disbursements were made.

Speaking on behalf of the MFBs, Mr Kayode Akinade, Managing Director, MICROVIS MFB, pledged that they would adhere strictly to the terms of agreement and ensure timely disbursements of funds to cooperative societies.

According to Akinade, the funds will be utilized for what they are meant for.

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