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Comedian Alhaji Musa Appeals To CBN Governor For BDCs At 57th CIBN Bankers’ Dinner

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Comedian Alhaji Musa Appeals CBN Governor For BDCs At 57th CIBN Bankers' Dinner

…allow BDCs to commence legitimate operations – Alhaji Musa

Rashidat Olushola Writes

A comedian Alhaji Musa neduwazobia as popularly known has begged the CBN Governor, Mr. Godwin Emefiele on behalf of the BDC operators at the 57th CIBN Bankers’ Dinner.

The comedian neduwazobia intercedes for the Association of Bureaux De Change Operators of Nigeria (ABCON) while discharging his duties to put some smiles and laughter on the faces of guests at the event, and begged the CBN Governor to tamper justice with mercy.

He appealed to the Central Bank of Nigeria (CBN) to allow Bureaux De Change (BDC) operators to continue to sell dollars to retail end to foreign exchange (forex) buyers.

Chinedu Ani Emmanuel known as Alhaji Musa is a Nigerian personality on the air, a journalist, a television presenter, an actor, a comedian, and a content creator. He is famous for adding a unique twist to his pidgin interpretation of daily news on the popular Wazobia FM 94.1 Lagos radio station.

Teni Makanaki thrilled the guests on a digging dance floor with her performance at the 57th Annual Bankers Dinner.

Comedian Alhaji Musa Appeals CBN Governor For BDCs At 57th CIBN Bankers' Dinner
Comedian Alhaji Musa Appeals CBN Governor For BDCs At 57th CIBN Bankers' Dinner
Comedian Alhaji Musa Appeals CBN Governor For BDCs At 57th CIBN Bankers' Dinner
57th CIBN Bankers’ Dinner: "Inflation Is Also Driven By Local Factors" - Emefiele
Mr. Godwin Emefiele, CBN Governor.

Godwin Emefiele, Governor, Central Bank of Nigeria (CBN) says the number of Nigerians seeking foreign education is to blame for the fall of the naira.

Emefiele said this at the 57th Annual Bankers Dinner, organised by the Chartered Institute of Bankers Nigeria (CIBN), in Lagos on Friday 25th of November 2022.

The dinner had the theme, “Radical Responses to Abnormal Episodes: Time for Innovative decision-making” which was appropriate and well-timed.

According to Emefiele, there was a tremendous increase in visa issuances to Nigerians by the United Kingdom in 2022 alone. Central Bank Governor, Emefiele blames Nigerians traveling to the UK, US, and others for education for Naira fall.

The apex bank governor noted that the number of student visas given to Nigerians by the United Kingdom spiked from a yearly average of about 8,000 visas in 2020 to almost 66,000 in 2022, implying an eight-fold increase amounting to $2.5 billion yearly in study-related forex outflow to the UK alone.

He stated that the move had immensely put pressure on Nigeria’s foreign reserves and the Naira.

CBN Governor said, due to this and the need to increase forex earnings, the CBN and the Bankers’ Committee started the RT200 scheme in February 2022.

He added that the steady increase in headline inflation from 15.60 per cent in January to 20.77 per cent in September was consistent with global trends.

Comedian Alhaji Musa Appeals CBN Governor For BDCs At 57th CIBN Bankers' Dinner
Comedian Alhaji Musa Appeals CBN Governor For BDCs At 57th CIBN Bankers' Dinner
Comedian Alhaji Musa Appeals CBN Governor For BDCs At 57th CIBN Bankers' Dinner

Recall that the Central Bank of Nigeria (CBN), on July 27, 2021, announced the ban of dollar sales to BDCs as a result of foreign exchange infractions, and pushed genuine demand for forex to commercial banks.

Emefiele in July 2021 said the measure is not punitive on anyone, but it is to ensure the CBN is able to carry out its legitimate mandate of serving all Nigerians.

The Central Bank of Nigeria on July 27 2021 says it has ended the sales of forex to Bureau De Change operators, saying the parallel market has become a conduit for illicit forex flows and graft. CBN also said it will no longer process applications for BDC licences in the country. Weekly sales of foreign exchange by the CBN will henceforth go directly to commercial banks, the CBN governor, Godwin Emefiele, said on Tuesday in a live TV broadcast after announcing that the bank has retained its benchmark policy rate.

The BDC operators claim they remain the most potent tool for the CBN to achieve its forex rate management.

The Association of Bureaux De Change Operators of Nigeria (ABCON) National Executive Council (NEC) recently appealed to the CBN to revisit the stoppage of dollar sales to the BDCs to bring lasting stability to the Naira.

ABCON said Nigeria needs to balance fiscal sustainability with the need to mitigate the effects of these overlapping crises on the poorest citizens. The excruciating pressure on commodities especially oil and gas globally is not exonerating the poor in Nigeria.

Teni electrifies the guest with her performance at the 57th Annual Bankers Dinner.
Dr. Ken Opara FCIB, President CIBN.
Teni electrifies the guest with her performance at the 57th Annual Bankers Dinner.
Comedian Alhaji Musa Appeals CBN Governor For BDCs At 57th CIBN Bankers' Dinner
Comedian Alhaji Musa Appeals CBN Governor For BDCs At 57th CIBN Bankers' Dinner

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Sterling One Foundation Wins CSR Award of Excellence

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Sterling One Foundation Wins CSR Award of Excellence

Olushola Okunlade Writes

Sterling One Foundation has won AS+A Communications’ Award of Excellence for Corporate Social Responsibility in recognition of its positive impact across Nigeria.

As part of its annual award ceremony and commemoration of its Managing Director’s 70th birthday, AS+A Communications awarded the Sterling One Foundation its Corporate Social Responsibility Award of Excellence at an event held in Lagos recently.

The award presented by the company’s Managing Director, Mrs. Adenike Shobanjo, was in recognition of the foundation’s developmental legacies in the areas of health, education, and environment, in partnership with its corporate partner, Sterling Bank.

Mrs. Shobanjo during her opening remarks explained that her company hosts this annual event because of how important it considers social impact work and the role that corporate organizations play in ensuring that the transformation it brings is widespread and has long-term effects.

While presenting the award to Sterling One Foundation, she applauded the efforts of Sterling Bank in setting up the Foundation and empowering them to make a lasting impact in society.

She further charged businesses operating in the country to prioritize corporate social responsibility for the development of the nation.

In her words, “There are influential, well-placed, and endowed Nigerians who sit in their closets without any care for the underprivileged. This event is to encourage them to come out and join us in building a just and egalitarian society.”

“This award is in recognition of all the successes that Sterling has achieved over the years as a socially responsible organization, most especially in areas of health, education, and agriculture,” said Shobanjo.

Accepting the award, the CEO of Sterling One Foundation, Mrs. Olapeju Ibekwe, thanked the organizers while stressing the organization’s focus to contribute to the achievement of the Sustainable Development Goals (SDGs), as a way of improving the livelihood of Nigerians and Africans living in underserved communities.

She said that Sterling One Foundation’s focus areas; education, health, climate action, gender equality, and food security are all critical areas that require urgent attention for progress to happen.

She went on to highlight that; “In 2023, the Sterling One Foundation plans to focus on expanding its education programs to reach more out-of-school children, train and fund at least 100,000 youths, plant 10 million economic trees and adopt key primary health centers in at least 10 states through key partnerships.”

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Promoting Private Sector Investments; IFC Visits BUA Cement HQ In Lagos

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Promoting Private Sector Investments; IFC Visits BUA Cement HQ In Lagos

By Moninuola Sulaiman

Abdul Samad Rabiu, CFR, CON, Chairman, and Founder of BUA Group today received a delegation from the International Finance Corporation led by Sérgio Pimenta, Regional Vice President for Africa, at the BUA Cement HQ in Lagos State.

Left-Right: Abdul Samad Rabiu, Chairman, BUA, in a discussion with Sérgio Pimenta, Regional Vice President for Africa, International Finance Corporation (IFC) during a working visit of the IFC to BUA Cement HQ in Lagos.

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E-Commerce Trends In Nigeria For 2023

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E-Commerce Trends In Nigeria For 2023

Olushola Okunlade Writes

The rise of digital commerce has given birth to new ways for e-commerce retailers to improve their businesses and deliver an exceptional customer experience.

This is due to the industry’s constant adaptability to meet new demands and opportunities to create a seamless shopping experience by offering consumers a wide variety of products and services and finding new ways to connect with consumers through digital storefronts.

As a business owner or someone involved, staying current with market trends is critical to capitalize on upcoming opportunities and lessen the impact of potential disruptions.

Over the last three years, e-commerce has significantly grown, pushing millions more consumers to shop online. In 2023, the e-commerce industry is set to slowly take over the world, as revenue in the market is projected to reach US$9.02 billion in 2023.

Here are some of the most significant and disruptive e-commerce trends that could be adopted to enhance customer experience while also expanding businesses:

The Rise of Social Commerce

A trend that is expected to gain momentum in 2023 is the use of social media for e-commerce. Many businesses in Nigeria are already using platforms like Facebook and Instagram to sell their products, but this trend is expected to increase in the coming year as social media is a powerful tool for reaching potential customers and building brand awareness. Businesses that take advantage of this trend will be well-positioned for success.

The Rise of Omnichannel

Shoppers are no longer limited to a single device or channel as they research products, compare prices, complete a sale seamlessly across channels, and flip between devices without losing their place in the purchase journey. According to the National Communication Commission (NCC), 89% of internet users make purchases online, with another 24% planning to do so in the near future.

This trend has led many e-commerce platforms, like Jumia, to ensure that their channels can be accessed regardless of the platform or channel. As a result, consumers can log in to their accounts through the app or website on any device of their choice. This ease of shopping is expected to contribute to an increase in online sales.

Seamless Payment Options

Nigeria’s economic policy is gradually shifting towards cashless payment, with digital and electronic banking being implemented nationwide. Furthermore, following the announcement of the new withdrawal limit by the Central Bank of Nigeria, more transactions are expected to be conducted electronically.

This demand for electronic transactions has attracted payment facilitators from all over the world as Nigeria’s online commerce and financial technology industries are strengthened by a fast-growing youth population, expanding consumer power, and increased smartphone penetration. This is especially important for small businesses that use payment solution providers to ease the payment process for their customers. Payment Solutions Service Providers, like JumiaPay, can take advantage of these opportunities in the market.

Beyond this, payment solution providers, like JumiaPay, would also benefit from offering services for electricity bills payment, TV subscriptions, and airtime/data recharge to their consumers.

Consumer Personalization

Another important trend in 2023 is the increasing use of artificial intelligence and machine learning in e-commerce. These technologies can help businesses personalize their customer interactions, improve the accuracy of their recommendations, and make more informed decisions.

Personalizing a customer’s online shopping experience is crucial to increasing online sales and bolstering e-commerce success. Users are growing weary of algorithm-powered interfaces instead of user-generated or user-inspired interfaces and longing for tailored and customized experiences. Customers want to believe someone is paying attention to them behind a computer screen. It doesn’t have to be anything elaborate; it might be as straightforward as a customized email, a carefully chosen discount code, or something else.

Overall, the e-commerce industry in Nigeria is expected to see significant growth in 2023, driven by rising smartphone adoption, a growing middle class, and government support. Businesses that are able to keep up with these trends and adapt to the changing market will be well-positioned for success in the coming year.

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