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Naira’s volatility resists the Bears at the parallel market

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The naira resisted the pressure from the nears against the American dollar at the parallel segment of the foreign exchange market, this week. Nigeria’s currency sold at N450 to $1 on Friday and has remained at this rate for the past six working days, refusing to breach the N450 support levels.

The stability of the naira is reinforced by the country’s foreign reserves, which have remained relatively stable at around $36.5 billion as on Thursday.

Nigeria’s central bank, some weeks ago, resumed dollar sales to individuals and businesses with genuine needs, selling around $100 million per week, though it is yet to resume selling to foreign-based investors; it had scrapped a planned auction due to lockdown measures to slow the COVID-19 pandemic.

The Central Bank of Nigeria (CBN) stated recently that it would use all the monetary tools it had to rescue the Nigerian economy from the fallouts of the COVID-19 induced global economic strain and stabilize the naira. It had also taken some concrete steps to tackle currency speculators.

Meanwhile, the dollar was up on Friday, with the U.S. reporting more than 2 million COVID-19 cases as of June 12, triggering renewed fears of a second wave of cases.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies gained 0.10% to 96.85 by 4:54 am, Nigerian time.

“The animal spirits aren’t so strong,” Marc Chandler, Chief Market Strategist at Bannockburn Global Forex said to CNBC. “One trade is rippling through the markets: taking profits on equities, beating up on emerging markets, unwinding gains in these leading currencies and flocking to the safety of the debt markets.”

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President Buhari suspends Twitter operations in Nigeria

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Federal Government has reportedly suspended, indefinitely, the operations of Twitter, the microblogging and social networking service, in Nigeria.

This was disclosed by the Minister of Information and Culture, Alhaji Lai Mohammed, via a statement issued by the Ministry’s spokesperson, Segun Adeyemi on Friday.

The Minister cited the persistent use of the platform for activities that are capable of undermining Nigeria’s corporate existence.

“The Federal Government has also directed the National Broadcasting Commission (NBC) to immediately commence the process of licensing all OTT and social media operations in Nigeria,” the statement read.

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#EndSARS

How to assess FG’s Survival Fund

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The Federal Government has moved the website of its Survival Fund with effect from November 1, 2020.

This was disclosed by the Personal Assistant to President Muhammadu Buhari, Bashir Ahmad on behalf of the Ministry of Industry Trade and Investment via his Twitter handle on Saturday.

He tweeted, “The Ministry of Industry Trade and Investment wishes to inform the general public that due to operational challenges the Survival Fund website will be migrating with effect from tomorrow, Nov. 1st, 2020.”

What you should know
Last month, the Federal Government had commenced the disbursement of N30,000 one-time grant to 330,000 artisans across the country. The grant was launched across Lagos, Kano, Abuja and nine other states, as the first batch.

The grant, which is under the MSME Survival Fund, is part of the Nigerian Economic Sustainability Plan Initiated by the Federal Government on the 1st of July, 2020 to assist citizens and businesses operating in Nigeria.

To assess the website, click here

 

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#EndSARS

N30,000 Survival Fund: Beneficiaries are receiving 1st batch- FG

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Beneficiaries in the first batch of the Federal Government’s N30,000 artisans’ grant have started receiving their grants.

This was disclosed by the Presidency via the FG’s Twitter handle on Saturday.

It tweeted, “The first batch of beneficiaries of the N30,000 artisans grant, a component of @NigeriaGov’s @SurvivalFund_ng, have started receiving their grants.

“Eligible beneficiaries are artisans and self-employed individuals. Each State will have 9,000 beneficiaries.”

 

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