Connect with us

Business

CBN grants IMTOs access to trade on official market

Published

on

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.”

Business

FG announces job opportunities for 30,00 3MTT fellows

Published

on

By

The Federal Government through the 3 Million Technical Talents (3MTT) program, has announced job opportunities for the 30,000 fellows that have graduated from cohort 1 of the program.

The program coordinators announced this on Thursday, asking the fellows to start applying. While the nature of the jobs was not disclosed, the coordinators said the fellows would see the jobs that are available locally and remotely once they log in to their dashboards.

“We are happy to announce that you can now explore job opportunities on the 3MTT Job Boards! These Job Boards are accessible to Fellows who have completed both online courses and ALC training. Sign up today and apply for roles both locally and remotely,” the announcement read.

While announcing the commencement of the second phase of the program in March, the Minister of Communications, Innovation, and Digital Economy, Dr. Bosun Tijani, said that the government was working to provide jobs for the cohort 1 fellows including placing them as interns with partnering companies.

“As we continue to interact, we are working with partners to ensure that those of them who want to go the route of entrepreneurship can be supported to kick off their small businesses to start their technology startups and hopefully help create the solutions to many of the problems that we face in the country that technology can help address,” the Minister added.

In addition, the Minister the government was also working on the possibility of providing unemployment benefits for Nigerians participating in the program.

Tijani said the idea of the unemployment benefits for participants was at the behest of President Bola Tinubu, who is deeply committed to the program. According to him, the 3MTT program is based on the President’s promise of creating 2 million digital jobs.

While noting that the country is now building the emerging talent for the workforce that the world requires to be able to power the application of technology, the Minister said:

“The President has been very clear; he has asked that we also look at the possibility of providing unemployment benefits to those who qualify within this program.
“As we continue to build out these opportunities, our goal is to support our people to ensure that we can give them the skill set that they require to participate in the global digital economy.

“We understand that as we empower them, we will end up strengthening our ability to defend our GDP as a country to defend the complexity of our economy as well as ensure that we continue to drive the growth that we want to see in our beloved country.”

According to Tijani, the 3MTT program is a critical part of the Renewed Hope agenda, and is aimed at building Nigeria’s technical talent backbone to power its digital economy and position Nigeria as a net talent exporter.

The program started with 30,000 Nigerians, representing 1% of the 3 million target, while the 270,000 selected for the second cohort brought the number to 10%.

To achieve the program’s target, Tijani said the different phases will be executed based on the framework co-created with key stakeholders across government agencies, training providers, educational institutions, development agencies, and the private sector.

Some of the skills Nigerians are being trained on include skills that utilize technology to enhance various roles without directly involving tech creation.

These include Digital Marketing, Project Management Software, Cloud Platforms Navigation, Data Analysis and Visualisation, Digital Marketing, Search Engine Optimisation (SEO), CRM Management, Accounting Software, Graphics Design, and UX/UI Design, among several others.

Continue Reading

Business

Aarti Steel debunks reports alleging planned exit from Nigeria

Published

on

By

Leading steel manufacturing company, Aarti Steel Nigeria Limited has debunked media report alleging that the company plans on exiting Nigeria.

The firm according to its statement titled, “False Media Reports on Aarti Steel Nigeria Limited’s Planned Exit from Nigeria” stated that, “Aarti Steel Nigeria Limited wishes to address and categorically refute the recent media reports falsely claiming that the Company is planning to exit Nigeria. These reports are entirely unfounded and do not reflect our intentions or actions”.

“We are currently exploring various avenues to address and mitigate the impact of the false media reports. These erroneous claims have the potential to disrupt our business operations and create unnecessary uncertainty among our stakeholders. We are taking all necessary steps to correct the misinformation and assure our stakeholders of our continued presence and investment in Nigeria”, the statement further read.

Reaffirming its commitment to Nigeria, Aarti in the statement jointly signed by its Chief Finance Officer, Sunil Kumar Sharma and the Director and Head of Operations, Mr. Girish Chandra Tripathi stated that, “We assure our stakeholders, partners, and the general public that Aarti Steel Nigeria Limited has no plans to exit the country. Since our inception in 2003, we have invested a cumulative total of US$100 million into the Nigerian economy, underscoring our commitment to the nation’s industrial growth and development.

Our strategy has always been focused on the long-term survival and growth of our operations in Nigeria. We have consistently communicated our plans and initiatives to recapitalize the Company to our banking partners, ensuring that they are kept informed of our efforts to sustain and enhance our business operations”.

Aarti further held that, “Despite the current economic instability and the challenges presented by the foreign exchange crisis, Aarti Steel Nigeria Limited remains steadfast in its belief in the resilience of the Nigerian economy. We have successfully navigated through similar challenges in the past and are confident in our ability to do so again. Our commitment to Nigeria is unwavering, and we continue to invest in our operations, workforce, and the communities we operate in”.

Established in the year 2003 and formal operations commencing in 2007, Aarti has grown to be one of the leading manufacturing companies in Nigeria providing employment and invested over US$100 million into the nation’s economy. “We have contributed significantly to the country by providing cost-effective indigenous products to local customers and creating employment opportunities for society. Our operations have not only supported local industries but also fostered economic growth, making a substantial impact on the communities we serve.

Since our company became operational in Nigeria in 2007 with the commissioning of our first state-of-the-art galvanizing line, we have continued to expand capacities and product range through several projects. These initiatives have brought our cumulative investment to about US$100 million, making us one of the top producers of steel products in Nigeria. Nigeria also serves as the hub of our African businesses, which span across six other locations on the continent”, its statement debunking the alleged media reports further read.

The firm listed some of its impact on the Nigeria economy to include but not limited to:

High-Quality Products and Services: Delivering top-tier steel products that support local industries and infrastructure development.
Industrial Base Expansion: Enhancing local production capabilities through forward and backward integration, reducing import dependency.
Employment Creation: Generating direct and indirect employment opportunities, contributing to socio-economic development.
Economic Contributions: Paying taxes and fulfilling regulatory obligations, supporting government revenues and public services.
Export Expansion: Driving foreign currency generation through exports, strengthening Nigeria’s economic stability.
Corporate Social Responsibility: Engaging in CSR initiatives to improve education, healthcare, and community welfare.

Continue Reading

Business

Australia announces 6-months renewal window to skilled worker visa holders

Published

on

By

The Australian Department of Home Affairs has announced plans to grant 6 month renewal window to skilled worker visa holders in their country.

This was disclosed in significant revisions to visa conditions 8107, 8607, and 8608, set to take effect from July 1, 2024.

According to authorities these changes aim to address unfair labor practices and enhance the labor market mobility for temporary migrants holding the following visas: Temporary Work (Skilled) visa (subclass 457), Temporary Skill Shortage visa (subclass 482) and Skilled Employer Sponsored Regional (provisional) visa (subclass 494).

The new update highlights the extended flexibility for visa holders who cease employment with their sponsoring employer. Under the new regulations, these individuals will have up to 180 days at a time,(6 months) with a cumulative maximum of 365 days(1 year) during the visa period, to secure new sponsorship, apply for a new visa, or arrange departure from the country- Visa guide first reported.

During this grace period, visa holders are permitted to work for other employers, including in occupations not listed in their most recent sponsorship nomination, enabling them to sustain themselves while seeking new sponsorship.

The Department of Home Affairs mandates that sponsors must notify any changes in the visa holder’s employment status within 28 days.

Furthermore, visa holders are prohibited from engaging in work inconsistent with the license or registration requirements for their nominated occupation.

The changes apply to existing visa holders, as well as those granted a visa on or after 1 July 2024. Any periods a visa holder stopped working for their sponsor before 1 July 2024 will not count towards the new time periods outlined above.” the Australian authorities stated.

Continue Reading

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

Most Read...