The Central Bank of Nigeria (CBN) says measures have been implemented to allow eligible international money transfer operators (IMTOs) access naira liquidity at the official window.

The CBN, in a circular on Monday, said the new measures will enhance local currency liquidity for the settlement of diaspora remittances.

They are also part of the regulator’s commitment to the smooth functioning of the foreign exchange (FX) markets and enabling greater remittance flows through formal channels, according to the circular.

“…the Bank has implemented measures that will enable eligible International Money Transfer Operators (IMTOS) access NGN liquidity at the CBN window. These measures are aimed at widening access to local currency liquidity for the settlement of diaspora remittances,” the CBN said.

“Therefore, eligible IMTO operators will be able to access the CBN window directly or through their Authorized Dealer Banks (ADBs) to execute transactions for the sale of foreign exchange in the market.”

The IMTOs are companies that provide cross-border money transfer services.

According to the CBN, they facilitate the transfer of funds from individuals or entities residing abroad to recipients in Nigeria and the payment of a corresponding sum to a beneficiary through a clearing network to which the IMTO belongs.

According to the FMDQ Group, key participants in the Nigerian FX market include the CBN, authorised dealers (financial institutions licensed by the CBN to trade FX and make markets in the Nigerian FX market), and clients (retail or corporate financial market participants who buy or sell FX to meet their day-to-day personal or business needs).

This means the IMTOs were not active players in Nigeria’s FX market — but the latest CBN policy now allows them to do so.

RULES FOR COMPLIANCE

Stipulating rules to guide the process and enable compliance, the CBN said “same day settlement” will be available for transactions executed “before 12 noon on a trading date”.

The bank said pricing on the CBN portal will be reflective of NAFEX traded rates “observable on an acceptable market benchmark”.

“The operation of this market segment follows the existing arrangement in place for authorized dealers with Foreign Portfolio Investment participating in the primary market securities auctions,” the regulator added.

“Regulatory returns to be submitted to the CBN by all participants on a daily basis, are mandatory and this is expected to contain all the relevant information on the sources of funds.

“Participants in this segment are the IMTOS, Authorized Dealer Banks and CBN. This circular is with immediate effect.”

With most purchases, there’s typically a tradeoff between affordability and durability.

Inexpensive usually means cheap because things that don’t cost a lot aren’t usually built to last — especially when they generate extreme temperatures and have thousands of moving parts.

But that’s not always the case with cars. In fact, some of the most affordable vehicles on the road are built to outlast many more expensive models.

The following vehicles are budget-friendly and can stand the test of time.

Toyota Corolla

When searching for affordability and reliability in the same vehicle, sometimes it’s best to follow the crowd.

“The Toyota Corolla is one of the best-selling entry-level vehicles,” said automotive expert, consultant and speaker Gretchen Seidel, who has 30 years of industry experience.

In fact, topping 50 million units sold in 2021, it is the best-selling car of all time. There are three main reasons for the Corolla’s enduring popularity: it starts at just over $22,000, has low ownership costs and boasts a tortoise-esque life expectancy of up to 300,000 miles.

“Its fuel efficiency is above 38 mpg and maintenance costs are lower than the average for compact cars,” said Seidel. “Toyota also leads with 11.1 million units of global sales, more than any other car company for 2023.”

Honda Civic

The Corolla’s chief competitor is wildly popular for all the same reasons.

“The Honda Civic is a great choice for an affordable car, with a starting MSRP of $23,950 and annual repair costs lower than most brands,” said Seidel.

RepairPal gives it an excellent 4.5-star rating and ranks it No. 3 out of 36 compact cars for ownership costs, the segment average of which is $526.

The publication writes, “The average annual repair cost is $368, which means it has excellent ownership costs. The severity and frequency of repairs are both much lower than other vehicles, so the Civic is one of the more reliable vehicles on the road.”

Seidel added, “Also, in dealership service departments, you regularly see them with well over 150,000 miles and over 10 years old. The Honda Civic is a great choice for a car that stands the test of time.”

Mazda 3

Also starting at under $25,000 — $24,170, to be exact — is the Mazda 3, which joins the Civic and Corolla in the class of dependable, affordable sedans.

“These vehicles are known for their reliability, fuel efficiency and low maintenance costs, making them excellent value propositions in the long run,” said John Lin, owner of JB Motor Works in Philadelphia.

RepairPal gives it a four-star rating and writes, “The average annual repair cost is $433, which means it has excellent ownership costs. The severity of repairs is low while the frequency of those issues is average, so major issues are uncommon for the 3.”

“They also tend to hold their resale value well, which can save owners money when it’s time to sell or trade in,” said Lin.

CoPilot for Car Shopping estimates that, with basic maintenance and care, the typical Mazda 3 will keep plugging along for 200,000 to 300,000 miles.

Hyundai Elantra

Several experts concurred that the Hyundai Elantra is another excellent choice for anyone looking for the magic formula of cheap to buy and cheap to own over the long haul.

A sleek, flashy and tech-centric sedan, the Elantra starts at just $21,625, giving it the lowest MSRP of any car on this list — and like the others, it won’t break the bank over time.

RepairPal gives it a stellar 4.5-star rating and estimates its “excellent ownership costs” at just $452 per year, well under the segment average of $526, adding, “The severity and frequency of repairs are both much lower than other vehicles, so the Elantra is one of the more reliable vehicles on the road.”

CoPilot for Car Shopping says the typical Elantra has a lifespan of 150,000 to 200,000 miles.

Honda Odyssey

Families that can’t squeeze into sedans are going to have to spend more for something bigger. The two biggest names in minivans are the Chrysler Pacifica, which starts at $39,400, and the Honda Odyssey, which starts at nearly $1,200 less.

There are cheaper minivans, but none that you should expect to hold out for more miles or guard their value more jealously.

“The Odyssey tends to last longer than the competition and depreciates more slowly than other minivans,” said Melanie Musson, an industry expert with AutoInsurance.org.

“They’re also regularly named the cheapest vehicle to insure. That’s partly due to their safety features and partly due to how they tend to be driven.”

If you can’t afford to buy new, what would be a high-mileage model for most previously owned vehicles is actually modest mileage for this marathoning minivan.

“Individuals on a tight budget can look for a used Odyssey with 100,000 miles and expect to drive it for several years with minimal maintenance,” said Musson.

That’s not an exaggeration.

Vehicle History states, “Across all generations, the Honda Odyssey has an expected lifespan of 200,000 to 300,000 miles, or 16 to 25 years.

Uju Kennedy-Ohanenye, minister of women affairs, could not list the six pilot states where a $500 million World Bank project will be implemented.

Kennedy-Ohanenye was a guest on Arise TV on Monday, where she accused the past administration of mismanaging the first tranche of the loan.

The initiative dubbed Nigeria for Women Project (NFWP) is a strategic engagement between the World Bank and the Nigerian government to improve the livelihoods of the nation’s women.

NFWP was initially approved on June 27, 2018 with $100m financing. However, in June 2023, the World Bank approved a $500 million scale-up.

The bank said the scale-up will help to ensure better economic opportunities for women and guarantee better education, health, and nutrition outcomes for families; while building the resilience of women and communities to climate change.

Kennedy-Ohanenye said the previous administration “lavished” the fund on meetings, advocacies, and consultancies.

“Fortunately, President Tinubu quickly made me raise a new structure on how that money will be utilised,” she said.

The minister asked women to applaud Tinubu who was not satisfied because the previous outcomes did not align with his ‘Renewed Hope’ agenda.

“The first $100 million, when I came in, I was not satisfied. It didn’t augur well with the vision of the new president’s Renewed Hope agenda,” she said.

“It was mainly used for advocacy, meetings, consultancies and that was it. They shared it among the states.

“But remember the project is called ‘Nigeria for women project’ and to me, the way I understand it, it was supposed to be used for projects.”

The minister assured that on her watch, allocations would be equitable across states.

Asked to reel out the six states where the implementation of the project will kick off, she said: “I will mention few because I don’t really know all of it…

“The six states are Niger, Abia…,” she began, before she was interrupted by Reuben Abati, one of the hosts of the show.

“You don’t know the six states where you are having the programme?” Abati asked.

“I don’t know all,” the minister responded, before stuttering on.

“Listen to me, my dear brother, please…

“The six states is not the issue to me. All the states is what I am focusing on.”

The six pilot states for the project are Abia, Akwa Ibom, Kebbi, Niger, Ogun and Taraba — with one state representing a geopolitical zone.