After the deals on Tuesday, the Central Bank of Nigeria (CBN) has pumped the amount of $210 million into the interbank Foreign Exchange Market.
Isaac Okorafor, director of the bank, Corporate Communications Department, made this known in a report.
Okorafor clarified that approved market wholesale distributors received N100 million, while the amount of $55 million was assigned to small and medium-sized businesses (SMEs) and unseen sections.
He said the CBN’s initiatives had enabled the naira’s strength and also improved the amount of shareholders and the economy’s public trust.
The CBN had earlier pumped in $284.2 million and CNY36 million into Retail Secondary Market Intervention Sales (SMIS) section in the last initiative on July 26.
Meanwhile, the exchange rate of Naira to Dollar on Tuesday was N358 or a Dollar. This is the rate at the bureau de change (BDC).
Recall that on July 23, the Nigerian Interbank foreign exchange market got a similar $210 million boost from the Central Bank of Nigeria (CBN).
Mr Okorafor said that the authorised dealers in the wholesale sector of the market received 100 million dollars, while the Small and Medium Enterprises (SMEs) and the Invisibles segments were allocated 55 million dollars each.
He said the Apex bank remained pleased with the prevailing stability in the Nigerian foreign exchange market, adding that the CBN would continue its intervention in the foreign exchange market to ensure liquidity, stability and meet customers’ demand.
Ecobank Rids Lagos Streets From Dirty Plastic Bottles, Explains How You Can Earn From This Campaign
Ecobank Nigeria has revealed the fruitful removal of more than two million plastic bottles from Lagos street corners. This is a campaign from the top bank to make Lagos clean by paying Lagosians N30 for every bottle picked.
The initiative, which began in May 2019, aims to remove at least four million bottles from the surroundings as part of the environmental protection strategy of the bank.
Speaking on the initiative, the Managing Director of Ecobank Nigeria, Patrick Akinwuntan, said:
“So far, we have succeeded in removing over two million bottles from the streets of Lagos. We hope to get to the four million targets we set for ourselves within the next few months. We are grateful to our partners who have been consistent in their push to achieve this target.
‘‘I want to use this opportunity to urge residents to take their used plastics to the Lagos sewage treatment plant in Amuwo Odofin and get cash instantly.
‘‘Plastic waste is seriously affecting our food, oceans, harming marine life and threatening our food chain. As a responsible corporate organisation, we will do all it takes to check the trend to ensure a safer living environment.”
Also speaking, Executive Director and Chief Risk Officer of Ecobank Nigeria, Biyi Olagbami, who is also the coordinator of the Cash for Plastic Initiative said:
“We appreciate the response we are getting from residents and we hope to sustain this effort in assisting to clean our environment.
“We may extend this initiative to other major cities in Nigeria in the future.”
The plastic waste for cash initiative is being implemented in collaboration with the Lagos State Ministry of Environment and Alkem Nigeria Ltd.
It is aimed at improving the environmental sustainability and community health development in Lagos by rewarding residents for every plastic bottle picked from the street.
The collectors are incentivised with N30 for every kilogram plastic bottle picked
MTN Offers Financial Services To Recharge Card Sellers
MTN Nigeria Communications Plc’s executives has revealed obtaining the CBN consent to provide financial services to Nigerians.
A report issued on Wednesday, by his scribe, Uto Ukpanah, said his affiliate, Yello Digital Financial Services Limited (YDFS), acquired the license to strengthen economic development in Nigeria.
According to the declaration, the telco will engage the services of its airtime retailers spread across the nation to provide customers with financial services, while others will be hired as agents.
The statement reads:
“MTN Nigeria Communications Plc announces that its subsidiary, Yello Digital Financial Services Limited (YDFS) has been granted a full Super-Agent Licence by the Central Bank of Nigeria (CBN).
“The Super-Agent licence enables the scale launch of MTN Nigeria’s fintech strategy. The licence will enable MTN Nigeria to convert their existing airtime agents and recruit other small businesses to distribute financial services,”
MTN Nigeria explained that YDFS received approval in principle for its Super-Agent licence in December 2018 and has been conducting a pilot project since then to meet the conditions of a full licence.
“The successful pilot has now led to the granting of a full licence under the YDFS will distribute financial services to all Nigerians,”
“The Super-Agent licence enables us to extend access to financial services to a much broader group of Nigerians.
“This forms part of our commitment to contribute towards the achievement of Nigeria’s financial inclusion goals.”
“Through the network established by YDFS, MTN Nigeria is in a position to broaden the availability of financial services for the under-served across the country. This mars a very important first step in leveraging our infrastructure to scale our fintech initiatives.”
“We have also applied for a Payment Service Ban licence, which will enable us in time to offer a broader and deeper range of financial services to those communities and we remain hopeful we will receive approval shortly,”