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Financial steps you must take before you relocate abroad



The rate at which young Nigerians are moving to wealthy countries —a trend dubbed as “Japa” in recent years—is no longer breaking news.

The Japa syndrome represents the massive exodus of Nigerians to other countries, especially among the youth. Nigerians who want to better their lives for themselves and their families are now using the fad as an escape route.

UK Home Office data show Nigeria had the highest number of migrants to the United Kingdom (UK) in the year ending June 2022 and was the third most common nationality in the country.

Many young urban-based Nigerians have listed leaving the country as one of their top priorities for 2023.

Poor living conditions, an increase in insecurity, economic uncertainty, the impending general elections, a change of government, and drastic reforms like the removal of fuel subsidies are some of the main drivers behind this choice.

However, Japa calls for careful preparation and careful budgeting. Imagine the preparation required for a move across the world—moving to a different city can be difficult enough.

Build a culture of saving and be financially disciplined
It’s critical to start saving money before relocating. Your specific situation, like the size of your family, your housing situation, and whether you want to work, will affect how much you need.

But you should at least have enough to pay for the expenses associated with setting up your residence, such as the security deposit and the first month’s rent.

Saving money for your first few months of living expenses may also be advantageous, particularly if you intend to hunt for work after moving.

By choosing to be thrifty now, you will be able to afford a better financial future since you will be able to avoid debt.

Unexpected events can be covered with emergency money. Consider what an emergency might be for you while creating a budget for your emergency fund.

A high-deductible insurance plan may cover some of the costs of theft or medical care. If seeing your family again is vital to you, set aside money so you may purchase a plane ticket at any moment.

Many nations demand money before allowing you to immigrate permanently or just temporarily.

This is frequently known as proof of funds. For instance, the UK demands you to show proof of finances for each member of your family as well as yourself.

Move your Finances online
Before you Japa, you should shift as much of your finances online as you can. This includes any debts you are still repaying as well as any bank accounts that will stay open. Make sure the organizations have the correct contact information for you and let them know you’ll be relocating abroad.

Ask a close relative or friend if you can use their house as a “care of” address if a bank or other financial institution requires that you have an address in the same nation.

Make sure the organization has a direct email address they may use to reach you as well.

Include the cost of healthcare and insurance
Depending on the needs of your destination, choose your healthcare and insurance options. Regardless of requirements, insurance lessens the strain of a cross-border transfer.

Having good health insurance prevents medical issues from ruining your trip. You can get more assistance in the event of crises and thefts thanks to travel insurance. You can discover a coverage that fits your budget with the aid of a reputable insurance provider.

Find a side gig
A side hustle is extra paid employment you conduct in addition to your primary job. The variety of side jobs available today is also infinite!

You can write, code for a living, run an online school, and sell physical or digital goods on Amazon, Instagram, etc.

You can make some extra spending money or save for your future abroad by working just a few hours a week on your side gig.

Learn to use exchange rates properly
Be sure to learn the use of the exchange rates before you depart. Getting a decent rate starts with being knowledgeable.

It will save you a lot of money by preventing you from exchanging the money at a highly unfavourable rate.

To stay informed of any significant changes, find this information before you leave on your journey and check the rate occasionally.

Utilize a debit card with negligible or no foreign transaction fees as well as no ATM fees.

The ATM costs are per transaction, so if you can’t avoid them, keep in mind that you can frequently save money by making one larger withdrawal as opposed to several smaller ones.


’24-hour electricity’ — Anambra state government signs MoU on power supply with EEDC




The Anambra government has signed a memorandum of understanding (MoU) with the Enugu State Electricity Company (EEDC) to guarantee steady power supply in the state.

The agreement was signed by Chukwuma Soludo, governor of Anambra, and Julius Emeka, commissioner for public utilities, while Emeka Offor, chief executive officer of EEDC, signed on behalf of his organisation.

Christian Aburime, chief press secretary to the governor, said the signing ceremony took place at the Anambra government house on Friday.

“Today, I signed a memorandum of understanding with Enugu Electricity Distribution Company (EEDC) to ensure that power supply in the state is available 24 hours a day, seven days a week,” Soludo said at the event.

“The signing of the MoU took place today at the Anambra State Executive Council Chambers, Government House, Awka. Today is a historic day for the people and the state.

“I acknowledge that this signing will completely translate into positive changes, which is critical for the journey towards a liveable and prosperous homeland that cannot be achieved without a continuous supply of power.

“Long before I was sworn in as Governor of Anambra, I recognized the importance of power and deeply considered how it could be achieved in the shortest period for at least three to four major cities in the state What we did today was to consummate that marriage.

“The courtship began over a year ago, and I am overjoyed that the marriage has finally been consummated today. We must all work together to ensure that we have a stable and continuous power supply in Anambra State.

“Anambra is a state of which more than 60 percent of its non-land assets are domiciled outside of the state. If at least 25 percent of the proceeds are returned to Anambra, the state can become what we envision it to be.

“My message to the rest of Anambra’s billionaires and millionaires is that wealth and net worth alone are insufficient. The question is, how much of your wealth and assets are domiciled in the state for Anambra to be the choice of destination to live, work, invest, relax and enjoy.”

On his part, Offor said he is happy to contribute his quota towards 24/7 power supply in Anambra.

He added that more support is still needed, particularly from the legislative arm, on laws that would empower EEDC to achieve its goals.

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Cash withdrawals: Banks comply with CBN’s directive to operate on weekends




In compliance with the Central Bank of Nigeria’s (CBN) latest directive, commercial banks have announced that their various branches will be open on weekends for customers to deposit and withdraw cash.

Earlier today, the CBN said that it evacuated banknotes from its vaults to commercial banks across the country.

This came after the Nigeria Labour Congress (NLC) threatened to embark on a strike from Wednesday next week, over the protracted cash shortage in the country.

The apex bank, in efforts to ease the circulation of banknotes of various denominations, also instructed all commercial banks to open for operation on Saturdays and Sundays.

Hours after the CBN directive was announced on Friday, major banks sent out emails, asking their customers to visit their branches at specific times on Saturday and Sunday for cash withdrawals.

In emails seen by newsmen, financial institutions such as Guaranty Trust Bank and Union Bank in Lagos said customers can visit their branches across the state between 9am and 4pm.

“All our branches will open on Saturday 25th, and Sunday, March 26th, 2023 from 9:00 am to 4:00 pm for cash deposits and withdrawals,” Union Bank said.

On the other hand, Standard Chartered Bank said customers can access its facilities from 10am to 3pm.

“To ease the challenges faced in relation to access to naira cash, we are pleased to inform you that our branches… will open over the weekend for withdrawals and deposits of naira notes, Saturday, March 25, 2023, from 10.00 am to 3.00 pm and Sunday, March 26, 2023, from 10.00 am to 3.00 pm,” the email reads.

Meanwhile, this is not the first time the CBN would instruct banks to operate on weekends.

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We’ve distributed substantial naira notes to banks, says CBN




The Central Bank of Nigeria (CBN) says it has evacuated banknotes from its vaults to commercial banks across the country.

The apex bank said the measure is part of a coordinated effort to ease the circulation of banknotes of various denominations.

The CBN has also directed all commercial banks to open for operation on Saturdays and Sundays.

In a statement on Friday, Isa Abdulmumin, CBN spokesperson, said that a substantial amount of money, in various denominations, had been received by the commercial banks for onward circulation to their respective customers.

He said the CBN had directed all banks to load their automated teller machines (ATMs) as well as conduct physical operations in the banking halls through the weekends.

“Branches of commercial banks will operate on Saturdays and Sundays to attend to customers’ cash needs,” the statement reads.

Abdulmumin said Godwin Emefiele, CBN governor, would personally lead teams to monitor the level of compliance by the banks in various locations across the country.

He urged Nigerians to be patient as the current cash shortage would ease soon with the injection of more banknotes into circulation.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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