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Business

Stocks rally to new record highs on strong jobs data and Pfizer Covid pill news

by Chinedu Iroegbulam
written by Chinedu Iroegbulam

A wonderful world with with my whole heart. I am alone, and feel the charm of existence in this spot, which was created for the bliss of souls like mine. I am so happy, my dear friend, so absorbed in the exquisite sense of mere tranquil existence, that I neglect my talents. I should be incapable of drawing a single stroke at the present moment; and yet I feel that I never was a greater artist than now.

When, while the lovely valley teems with vapour around me, and the meridian sun strikes the upper surface of the impenetrable foliage of my trees, and but a few stray gleams steal into the inner sanctuary, I throw myself down among the tall grass by the trickling stream; and, as I lie close to the earth, a thousand unknown plants are noticed by me.

DEVELOP THE ECONOMY 

When I hear the buzz of the little world among the stalks, and grow familiar with the countless indescribable forms of the insects and flies, then I feel.

[blockquote align=”left” author=”Penci Design” style=”font-size: 30px”]To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it?[/blockquote]

When I hear the buzz of the little world among the stalks, and grow familiar with the countless indescribable forms of the insects and flies, then I feel.

Everyone realizes why a new common language would be desirable: one could refuse to pay expensive translators. To achieve this, it would be necessary to have uniform grammar, pronunciation and more common words. If several languages coalesce, the grammar of the resulting language is more simple and regular than that of the individual languages. The new common language will be more simple and regular than the existing European languages. It will be as simple as Occidental; in fact, it will be Occidental.

The European languages are members of the same family. Their separate existence is a myth. For science, music, sport, etc, Europe uses the same vocabulary. The languages only differ in their grammar, their pronunciation and their most common words.

MODERN NEWS & MAGAZINE

Everyone realizes why a new common language would be desirable: one could refuse to pay expensive translators. To achieve this, it would be necessary to have uniform grammar, pronunciation and more common words. If several languages coalesce, the grammar of the resulting language is more simple and regular than that of the individual languages. The new common language will be more simple and regular than the existing European languages. It will be as simple as Occidental; in fact, it will be Occidental.

 

To an English person, it will seem like simplified English, as a skeptical Cambridge friend of mine told me what Occidental is.The European languages are members of the same family. Their separate existence is a myth. For science, music, sport, etc, Europe uses the same vocabulary. The languages only differ in their grammar, their pronunciation and their most common words. Everyone realizes why a new common language would be desirable: one could refuse to pay expensive translators.

How To Achieve Zero Carbon Emission

When, while the lovely valley teems with vapour around me, and the meridian sun strikes the upper surface of the impenetrable foliage of my trees, and but a few stray gleams steal into the inner sanctuary, I throw myself down among the tall grass by the trickling stream; and, as I lie close to the earth.

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Business

Joe Biden and the American economy just got a double dose of good news

by Chinedu Iroegbulam
written by Chinedu Iroegbulam

A wonderful world with with my whole heart. I am alone, and feel the charm of existence in this spot, which was created for the bliss of souls like mine. I am so happy, my dear friend, so absorbed in the exquisite sense of mere tranquil existence, that I neglect my talents. I should be incapable of drawing a single stroke at the present moment; and yet I feel that I never was a greater artist than now.

When, while the lovely valley teems with vapour around me, and the meridian sun strikes the upper surface of the impenetrable foliage of my trees, and but a few stray gleams steal into the inner sanctuary, I throw myself down among the tall grass by the trickling stream; and, as I lie close to the earth, a thousand unknown plants are noticed by me.

DEVELOP THE ECONOMY 

When I hear the buzz of the little world among the stalks, and grow familiar with the countless indescribable forms of the insects and flies, then I feel.

[blockquote align=”left” author=”Penci Design” style=”font-size: 30px”]To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it?[/blockquote]

When I hear the buzz of the little world among the stalks, and grow familiar with the countless indescribable forms of the insects and flies, then I feel.

Everyone realizes why a new common language would be desirable: one could refuse to pay expensive translators. To achieve this, it would be necessary to have uniform grammar, pronunciation and more common words. If several languages coalesce, the grammar of the resulting language is more simple and regular than that of the individual languages. The new common language will be more simple and regular than the existing European languages. It will be as simple as Occidental; in fact, it will be Occidental.

The European languages are members of the same family. Their separate existence is a myth. For science, music, sport, etc, Europe uses the same vocabulary. The languages only differ in their grammar, their pronunciation and their most common words.

MODERN NEWS & MAGAZINE

Everyone realizes why a new common language would be desirable: one could refuse to pay expensive translators. To achieve this, it would be necessary to have uniform grammar, pronunciation and more common words. If several languages coalesce, the grammar of the resulting language is more simple and regular than that of the individual languages. The new common language will be more simple and regular than the existing European languages. It will be as simple as Occidental; in fact, it will be Occidental.

 

To an English person, it will seem like simplified English, as a skeptical Cambridge friend of mine told me what Occidental is.The European languages are members of the same family. Their separate existence is a myth. For science, music, sport, etc, Europe uses the same vocabulary. The languages only differ in their grammar, their pronunciation and their most common words. Everyone realizes why a new common language would be desirable: one could refuse to pay expensive translators.

How To Achieve Zero Carbon Emission

When, while the lovely valley teems with vapour around me, and the meridian sun strikes the upper surface of the impenetrable foliage of my trees, and but a few stray gleams steal into the inner sanctuary, I throw myself down among the tall grass by the trickling stream; and, as I lie close to the earth.

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Business

Big rebound in jobs: America adds 531,000 jobs to the economy in October

by Chinedu Iroegbulam
written by Chinedu Iroegbulam

A wonderful world with with my whole heart. I am alone, and feel the charm of existence in this spot, which was created for the bliss of souls like mine. I am so happy, my dear friend, so absorbed in the exquisite sense of mere tranquil existence, that I neglect my talents. I should be incapable of drawing a single stroke at the present moment; and yet I feel that I never was a greater artist than now.

When, while the lovely valley teems with vapour around me, and the meridian sun strikes the upper surface of the impenetrable foliage of my trees, and but a few stray gleams steal into the inner sanctuary, I throw myself down among the tall grass by the trickling stream; and, as I lie close to the earth, a thousand unknown plants are noticed by me.

DEVELOP THE ECONOMY 

When I hear the buzz of the little world among the stalks, and grow familiar with the countless indescribable forms of the insects and flies, then I feel.

[blockquote align=”left” author=”Penci Design” style=”font-size: 30px”]To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it?[/blockquote]

When I hear the buzz of the little world among the stalks, and grow familiar with the countless indescribable forms of the insects and flies, then I feel.

Everyone realizes why a new common language would be desirable: one could refuse to pay expensive translators. To achieve this, it would be necessary to have uniform grammar, pronunciation and more common words. If several languages coalesce, the grammar of the resulting language is more simple and regular than that of the individual languages. The new common language will be more simple and regular than the existing European languages. It will be as simple as Occidental; in fact, it will be Occidental.

The European languages are members of the same family. Their separate existence is a myth. For science, music, sport, etc, Europe uses the same vocabulary. The languages only differ in their grammar, their pronunciation and their most common words.

MODERN NEWS & MAGAZINE

Everyone realizes why a new common language would be desirable: one could refuse to pay expensive translators. To achieve this, it would be necessary to have uniform grammar, pronunciation and more common words. If several languages coalesce, the grammar of the resulting language is more simple and regular than that of the individual languages. The new common language will be more simple and regular than the existing European languages. It will be as simple as Occidental; in fact, it will be Occidental.

 

To an English person, it will seem like simplified English, as a skeptical Cambridge friend of mine told me what Occidental is.The European languages are members of the same family. Their separate existence is a myth. For science, music, sport, etc, Europe uses the same vocabulary. The languages only differ in their grammar, their pronunciation and their most common words. Everyone realizes why a new common language would be desirable: one could refuse to pay expensive translators.

How To Achieve Zero Carbon Emission

When, while the lovely valley teems with vapour around me, and the meridian sun strikes the upper surface of the impenetrable foliage of my trees, and but a few stray gleams steal into the inner sanctuary, I throw myself down among the tall grass by the trickling stream; and, as I lie close to the earth.

0 comments
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Business

Judge rules against Blue Origin in standoff with SpaceX, NASA court

by Chinedu Iroegbulam
written by Chinedu Iroegbulam

A wonderful world with with my whole heart. I am alone, and feel the charm of existence in this spot, which was created for the bliss of souls like mine. I am so happy, my dear friend, so absorbed in the exquisite sense of mere tranquil existence, that I neglect my talents. I should be incapable of drawing a single stroke at the present moment; and yet I feel that I never was a greater artist than now.

When, while the lovely valley teems with vapour around me, and the meridian sun strikes the upper surface of the impenetrable foliage of my trees, and but a few stray gleams steal into the inner sanctuary, I throw myself down among the tall grass by the trickling stream; and, as I lie close to the earth, a thousand unknown plants are noticed by me.

DEVELOP THE ECONOMY 

When I hear the buzz of the little world among the stalks, and grow familiar with the countless indescribable forms of the insects and flies, then I feel.

[blockquote align=”left” author=”Penci Design” style=”font-size: 30px”]To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it?[/blockquote]

When I hear the buzz of the little world among the stalks, and grow familiar with the countless indescribable forms of the insects and flies, then I feel.

Everyone realizes why a new common language would be desirable: one could refuse to pay expensive translators. To achieve this, it would be necessary to have uniform grammar, pronunciation and more common words. If several languages coalesce, the grammar of the resulting language is more simple and regular than that of the individual languages. The new common language will be more simple and regular than the existing European languages. It will be as simple as Occidental; in fact, it will be Occidental.

The European languages are members of the same family. Their separate existence is a myth. For science, music, sport, etc, Europe uses the same vocabulary. The languages only differ in their grammar, their pronunciation and their most common words.

MODERN NEWS & MAGAZINE

Everyone realizes why a new common language would be desirable: one could refuse to pay expensive translators. To achieve this, it would be necessary to have uniform grammar, pronunciation and more common words. If several languages coalesce, the grammar of the resulting language is more simple and regular than that of the individual languages. The new common language will be more simple and regular than the existing European languages. It will be as simple as Occidental; in fact, it will be Occidental.

 

To an English person, it will seem like simplified English, as a skeptical Cambridge friend of mine told me what Occidental is.The European languages are members of the same family. Their separate existence is a myth. For science, music, sport, etc, Europe uses the same vocabulary. The languages only differ in their grammar, their pronunciation and their most common words. Everyone realizes why a new common language would be desirable: one could refuse to pay expensive translators.

How To Achieve Zero Carbon Emission

When, while the lovely valley teems with vapour around me, and the meridian sun strikes the upper surface of the impenetrable foliage of my trees, and but a few stray gleams steal into the inner sanctuary, I throw myself down among the tall grass by the trickling stream; and, as I lie close to the earth.

0 comments
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Business

Want a better paying job? You need to figure out how much you really make

by Chinedu Iroegbulam
written by Chinedu Iroegbulam

A wonderful world with with my whole heart. I am alone, and feel the charm of existence in this spot, which was created for the bliss of souls like mine. I am so happy, my dear friend, so absorbed in the exquisite sense of mere tranquil existence, that I neglect my talents. I should be incapable of drawing a single stroke at the present moment; and yet I feel that I never was a greater artist than now.

When, while the lovely valley teems with vapour around me, and the meridian sun strikes the upper surface of the impenetrable foliage of my trees, and but a few stray gleams steal into the inner sanctuary, I throw myself down among the tall grass by the trickling stream; and, as I lie close to the earth, a thousand unknown plants are noticed by me.

DEVELOP THE ECONOMY 

When I hear the buzz of the little world among the stalks, and grow familiar with the countless indescribable forms of the insects and flies, then I feel.

[blockquote align=”left” author=”Penci Design” style=”font-size: 30px”]To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it?[/blockquote]

When I hear the buzz of the little world among the stalks, and grow familiar with the countless indescribable forms of the insects and flies, then I feel.

Everyone realizes why a new common language would be desirable: one could refuse to pay expensive translators. To achieve this, it would be necessary to have uniform grammar, pronunciation and more common words. If several languages coalesce, the grammar of the resulting language is more simple and regular than that of the individual languages. The new common language will be more simple and regular than the existing European languages. It will be as simple as Occidental; in fact, it will be Occidental.

The European languages are members of the same family. Their separate existence is a myth. For science, music, sport, etc, Europe uses the same vocabulary. The languages only differ in their grammar, their pronunciation and their most common words.

MODERN NEWS & MAGAZINE

Everyone realizes why a new common language would be desirable: one could refuse to pay expensive translators. To achieve this, it would be necessary to have uniform grammar, pronunciation and more common words. If several languages coalesce, the grammar of the resulting language is more simple and regular than that of the individual languages. The new common language will be more simple and regular than the existing European languages. It will be as simple as Occidental; in fact, it will be Occidental.

 

To an English person, it will seem like simplified English, as a skeptical Cambridge friend of mine told me what Occidental is.The European languages are members of the same family. Their separate existence is a myth. For science, music, sport, etc, Europe uses the same vocabulary. The languages only differ in their grammar, their pronunciation and their most common words. Everyone realizes why a new common language would be desirable: one could refuse to pay expensive translators.

How To Achieve Zero Carbon Emission

When, while the lovely valley teems with vapour around me, and the meridian sun strikes the upper surface of the impenetrable foliage of my trees, and but a few stray gleams steal into the inner sanctuary, I throw myself down among the tall grass by the trickling stream; and, as I lie close to the earth.

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Business

World economy: Another Chinese real estate developer is in serious trouble

by Chinedu Iroegbulam
written by Chinedu Iroegbulam

A wonderful world with with my whole heart. I am alone, and feel the charm of existence in this spot, which was created for the bliss of souls like mine. I am so happy, my dear friend, so absorbed in the exquisite sense of mere tranquil existence, that I neglect my talents. I should be incapable of drawing a single stroke at the present moment; and yet I feel that I never was a greater artist than now.

When, while the lovely valley teems with vapour around me, and the meridian sun strikes the upper surface of the impenetrable foliage of my trees, and but a few stray gleams steal into the inner sanctuary, I throw myself down among the tall grass by the trickling stream; and, as I lie close to the earth, a thousand unknown plants are noticed by me.

DEVELOP THE ECONOMY 

When I hear the buzz of the little world among the stalks, and grow familiar with the countless indescribable forms of the insects and flies, then I feel.

[blockquote align=”left” author=”Penci Design” style=”font-size: 30px”]To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it?[/blockquote]

When I hear the buzz of the little world among the stalks, and grow familiar with the countless indescribable forms of the insects and flies, then I feel.

Everyone realizes why a new common language would be desirable: one could refuse to pay expensive translators. To achieve this, it would be necessary to have uniform grammar, pronunciation and more common words. If several languages coalesce, the grammar of the resulting language is more simple and regular than that of the individual languages. The new common language will be more simple and regular than the existing European languages. It will be as simple as Occidental; in fact, it will be Occidental.

The European languages are members of the same family. Their separate existence is a myth. For science, music, sport, etc, Europe uses the same vocabulary. The languages only differ in their grammar, their pronunciation and their most common words.

MODERN NEWS & MAGAZINE

Everyone realizes why a new common language would be desirable: one could refuse to pay expensive translators. To achieve this, it would be necessary to have uniform grammar, pronunciation and more common words. If several languages coalesce, the grammar of the resulting language is more simple and regular than that of the individual languages. The new common language will be more simple and regular than the existing European languages. It will be as simple as Occidental; in fact, it will be Occidental.

 

To an English person, it will seem like simplified English, as a skeptical Cambridge friend of mine told me what Occidental is.The European languages are members of the same family. Their separate existence is a myth. For science, music, sport, etc, Europe uses the same vocabulary. The languages only differ in their grammar, their pronunciation and their most common words. Everyone realizes why a new common language would be desirable: one could refuse to pay expensive translators.

How To Achieve Zero Carbon Emission

When, while the lovely valley teems with vapour around me, and the meridian sun strikes the upper surface of the impenetrable foliage of my trees, and but a few stray gleams steal into the inner sanctuary, I throw myself down among the tall grass by the trickling stream; and, as I lie close to the earth.

0 comments
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Business

Buying a home? A 30-year mortgage may not be your best option

by Chinedu Iroegbulam
written by Chinedu Iroegbulam

A wonderful world with with my whole heart. I am alone, and feel the charm of existence in this spot, which was created for the bliss of souls like mine. I am so happy, my dear friend, so absorbed in the exquisite sense of mere tranquil existence, that I neglect my talents. I should be incapable of drawing a single stroke at the present moment; and yet I feel that I never was a greater artist than now.

When, while the lovely valley teems with vapour around me, and the meridian sun strikes the upper surface of the impenetrable foliage of my trees, and but a few stray gleams steal into the inner sanctuary, I throw myself down among the tall grass by the trickling stream; and, as I lie close to the earth, a thousand unknown plants are noticed by me.

DEVELOP THE ECONOMY 

When I hear the buzz of the little world among the stalks, and grow familiar with the countless indescribable forms of the insects and flies, then I feel.

[blockquote align=”left” author=”Penci Design” style=”font-size: 30px”]To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage from it?[/blockquote]

When I hear the buzz of the little world among the stalks, and grow familiar with the countless indescribable forms of the insects and flies, then I feel.

Everyone realizes why a new common language would be desirable: one could refuse to pay expensive translators. To achieve this, it would be necessary to have uniform grammar, pronunciation and more common words. If several languages coalesce, the grammar of the resulting language is more simple and regular than that of the individual languages. The new common language will be more simple and regular than the existing European languages. It will be as simple as Occidental; in fact, it will be Occidental.

The European languages are members of the same family. Their separate existence is a myth. For science, music, sport, etc, Europe uses the same vocabulary. The languages only differ in their grammar, their pronunciation and their most common words.

MODERN NEWS & MAGAZINE

Everyone realizes why a new common language would be desirable: one could refuse to pay expensive translators. To achieve this, it would be necessary to have uniform grammar, pronunciation and more common words. If several languages coalesce, the grammar of the resulting language is more simple and regular than that of the individual languages. The new common language will be more simple and regular than the existing European languages. It will be as simple as Occidental; in fact, it will be Occidental.

 

To an English person, it will seem like simplified English, as a skeptical Cambridge friend of mine told me what Occidental is.The European languages are members of the same family. Their separate existence is a myth. For science, music, sport, etc, Europe uses the same vocabulary. The languages only differ in their grammar, their pronunciation and their most common words. Everyone realizes why a new common language would be desirable: one could refuse to pay expensive translators.

How To Achieve Zero Carbon Emission

When, while the lovely valley teems with vapour around me, and the meridian sun strikes the upper surface of the impenetrable foliage of my trees, and but a few stray gleams steal into the inner sanctuary, I throw myself down among the tall grass by the trickling stream; and, as I lie close to the earth.

0 comments
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BusinessHeadlines

Hunger ravages Nigerian as consumable cereals record 253%, 51% price jump

by Leading Reporters
written by Leading Reporters

Farmers decry worsening insecurity, FG promises intervention
The cost of food items in Nigeria has been recording significant increases in the past one year.

A survey carried out by our correspondents in markets across Lagos, Ogun and Federal Capital Territory showed that staple food commodities have witnessed astronomical price hikes.

Findings showed that within a one-year period, the cost of 50kg of beans rose by about 253 per cent, a basket of tomatoes leaped by 123 per cent, while the price of 50kg of rice rose by 51.48 per cent.

Other commodities such as bread, garri and onions also witnessed sharp increases in their prices during the period under review.

The food commodities surveyed included rice, beans, garri, maize, tomatoes, onions and bread, while the time frames examined were July 2020, January 2021 and July 2021.

In July 2020, the cost of one mudu of rice was N420.63, while 50kg of rice was between N21,125 and N28,500.

A price increase occurred in January 2021, with one mudu of rice rising to N500, while 50kg of rice was between N23,750 and N24,500.

The increase continued until in July 2021 as one mudu of rice rose to N1,100, while 50kg of rice increased to an average of N32,000.

As of July 2020, one mudu of beans cost N305.48, while 50kg of beans was N12,750.

However, by January 2021, the price of a mudu of beans had climbed to N373, while 50kg of beans was N30,000.

The increase continued in July 2021, with one mudu of beans costing N900, while 50kg of beans had risen to N45,000.

Between July 2020 to January 2021, the cost of a 1kg and onions rose from N180.56 to N411, while one big bag of onions climbed from N17,000 to N21,500.

In July 2020, the cost of one mudu of garri was N247.62, while 50kg of garri was N11,500.

A price increase occurred in January 2021, with one mudu of garri selling for N300, while 50kg of garri sold between N10,750 to N11,125.

The increase continued until in July 2021 with one mudu of garri going for N450 while 50kg of garri sold for N14,500.

In July 2020, a mudu of maize was sold for N186.89 to N184.52, while 50kg of maize was N17,500 to N17,250.

A price increase occurred in January 2021 with one mudu of maize selling for N216 to N230, while 50kg of maize was N20,000 to N20,167.

The increase continued in July 2021 with one mudu of maize selling N400, while 50kg of maize sold between N22,000 and N24,000.

In July 2020, the cost of 1kg of tomatoes was N284.49, while a big basket of tomatoes was N8,500.

A price drop occurred in January 2021 with 1kg of tomatoes going for N152, while a big basket of tomatoes sold for N6,500.

However, as of July 23, 2021 when this report was filed, 1kg of tomatoes cost N1,000, while a big basket of tomatoes was sold for N19,000.

The cost of bread continued to rise steadily within the review period.

As of July 2020, the cost of one loaf of bread was N375. The same unit was sold for N500 in January 2021 and N600 as of July 2021.

The composite food index (a measure of food inflation) rose to 21.83 per cent in June compared to 22.28 per cent in May 2021, according to the National Bureau of Statistics.

This rise was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, milk, cheese and eggs, fish, soft drinks, vegetables, oils and fats, and meat.

In January, food inflation was 20.57 per cent, compared to 19.56 per cent in December 2020. This rise was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, meat, fruits, vegetable, fish and oils and fats.

In June 2020, food inflation was 15.18 per cent. An increase caused by increases in prices of bread and cereals, potatoes, yam and other tubers, fruits, oils and fats, meat, fish and vegetables.

According to the NBS, food inflation on a year-on-year basis was highest in Kogi (30.34 per cent), Enugu (25.18 per cent) and Kwara (24.78 per cent), and lowest in Bauchi (18.97per cent), River (18.92per cent) and Abuja (17.09per cent) in June, 2021.

On month-on-month basis, food inflation was highest in Jigawa (2.67 per cent), Edo (2.43 per cent) and Cross River (2.16 per cent), and lowest in Lagos (0.14 per cent), Borno (0.06 per cent) and Kwara (0.02 per cent) in June, 2021.

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BusinessHeadlines

Quality Control, Solution to Building Collapse – BSTAN GROUP

by Leading Reporters
written by Leading Reporters

Kenny Folarin, Abuja

The President, BSTAN GROUP, Dr. Becky Olubukola has identified Quality Control as a panacea to reduce the incidences of Building Collapse in the country.

Olubukola while speaking in Abuja on Friday at the signing of four new brand Ambassadors for BSTAN GROUP noted that quality control, regulations and right orientation for the public will reduce incidences of building collapses and housing deficit in the country.

According to Olubukola, regulatory agencies in the building and construction industry must ensure regulations and enforce sanctions to defaulters.

“For me it is about quality control, building what people can live in while thinking about yourself, the COREN and other regulatory agencies should come out with regulations that can stop the deficit in housing and collapse of structures”.

Olubukola further stated that people should be orientated and be abreast of information in building and construction so as not to fall victim of building collapse.

“People should also have orientation about building, when an engineer serve you a bill, negotiate, don’t say the Bill is too high and you give a bricklayer,

“it is for both parties as far as we need to put regulation and sanctions in the industry, there is also a need for the people of Nigeria to know the right thing about good building”.

Meanwhile, Olubukola urged the new ambassadors to be of goodwill and represent the standard and quality of BSTAN GROUP brand anywhere they go.

“For our newly appointed ambassadors, we are expecting goodwill, good information, spread good news and represent the quality and standard of BSTAN GROUP brand, give out information to people on how they can afford affordable homes”.

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Business

CBN’s decision on Naira to unlock $1.5 bln loan from IMF

by Leading Reporters
written by Leading Reporters
  • In the last five years, Naira has been officially depreciated more than 92% from N197 to a United States dollar in 2015 to N379 as of April but then scrapped and replaced by NAFEX rate priced at N410.25.
  • CBN will continue to drive the Naira-for-Dollar scheme to foster the inflow of dollar from abroad

Nigeria’s central bank decision to unified foreign exchange (FX) rates is expected to unlock a $1.5 billion loan from the International Monetary Fund (IMF) which required the convergence of the monetary policy authority’s multi-tiered exchange rates as a pre-condition for disbursement.

Move to unified rates comes after the Federal Government of Nigeria officially asked the Lawmakers to approve $6.18 billion foreign loans to shore up weak revenue amidst a heavy capital spending plan, and budget 2021 deficit financing.

As the Central Bank heeds the call for unification of its multi-tiered exchange rates, analysts said the convergence will partially resolve Nigeria’s foreign currency (FCY) liquidity challenges.

MarketForces Africa reported the monetary authority has replaced the official rate for which government conducts transactions with Nigerian Autonomous Foreign Exchange (NAFEX) rate. The CBN also adjusted the rate quoted on its website to reflect its non-lousy devaluation.

In the last five years, Naira has been officially depreciated more than 92% from N197 to a United States dollar in 2015 to N379 as of April but then scrapped and replaced by NAFEX rate priced at N410.25.

The Nigerian external reserves continue free-falling due to scarcity of foreign currency inflow, dropping to $34.3 billion, which barely covers 5 months of import for a nation that relies solely on foreign inputs for further production.

In the first quarter of 2021, Nigeria’s economic size grew marginally at 0.51% as against 0.11% reported in the fourth quarter of 2020. Analysts believe growth remains tepid on account of the widened output gap.

Both inflation and unemployment rate have been high, resulting in stagflation but the CBN remains unfazed by this weak macro condition as policy rates were held steady for the next two months

Nigeria’s FX Rates Convergence Will Partially Solve FCY Challenges Godwin Emefiele, CBN Governor
The MPC Decisions

The Monetary Policy Committee (MPC) maintained status quo on all policy rates at the end of the 2-day MPC meeting, which ended yesterday, 25th May 2021.

Meanwhile, the decision to hold rates steady was unanimous, based on the fact that the committee members considered achieving high economic growth to be a major priority at an early post-recession phase, regardless of the above-trend inflation rate.

Thus, the Monetary Policy Rate was maintained at 11.5%. The asymmetric corridor around the MPR was retained at +100bps/-700bps. The Committee also voted to retain the Cash Reserve Requirement (CRR) at 27.5%, and liquidity ratio at 30.0%.

Key considerations of the MPC

Chapel Hill Denham noted that the key considerations of the MPC include surge in Covid-19 cases in Brazil and India and the emergence of vaccine-resistant variant of the virus in some African countries like Tanzania and South Africa.

“This poses a threat to the reality of IMF’s growth projection of 2.5% for 2021. On one hand, India, being a major buyer of Nigeria’s crude oil has cut back on demand, and Nigeria is at risk of new cases if international travel is not properly managed”, analysts said.

Policymakers believe that economic growth will foreshadow a slowdown in inflation rate as the apex bank reiterated that rising inflation trend was due to pandemic-driven supply chain disruption.

The committee discussed that the fundamentals for growth in 2021, which they consider strong and a low MPR will foster the pace of growth, which will increase domestic production and decelerate the inflation rate.

However, there was concerns about stagflation, representing a mutual co-existence of high inflation rate and low production in Nigeria amidst high record of joblessness.

In addition, the monetary policy committee factored in the fragile economic recovery, lagging population growth, saying the Q1-2021 growth of 0.51% remains fragile and insufficient to match the 2.6% population growth in 2020/21.

It also put into consideration the impressive performance of CBN intervention programmes, which require low-interest rates for subsistence.

The Anchor Borrowers’ Programme, National Youth Investment Fund, Mass Metering Programme, and others have helped to engender economic recovery in Q1-2021, and enabling them through an abased interest rate environment is critical at a time like this.

Meanwhile, there was apparent worry about persisting security challenges, which have fallout on food production as they noted that abating the impact on food security will require a ‘generous’ interest rate environment to maintain agricultural financing.

Chapel Hill Denham said the CBN is enthralled by the fragile economic recovery and the presence of shocks hence, the decision to hold rates steady to realise more growth before tilting monetary policy focus back to inflation.

It recalled three committee members had, in the last MPC meeting, voted for a rate hike on the back of escalating inflation rate and the need to nip the growth in the bud to avoid spiraling the existing case of stagflation.

Analysts said with inflation rising from 16.47% in Jan-2021 to 18.17% in Mar-2021, the justification to take a hawkish monetary policy stance was ominous.

“Our view prior to the MPC meeting was that the committee members will place a higher weight on inflation as a basis to vote a rate hike. Besides, the decline in headline inflation rate by 5bps to 18.12% in Apr-2021 was not considered significant to sway the conviction of a rate hike.

“However, the language of the MPC on Tuesday is that growth is a top priority in a post-recession phase and since the current MPR had supported recovery, it is in the best interest of the economy to maintain this position”, Chapel Hill Denham stated.

The firm said the CBN will continue to monitor inflation development in the coming months with the expectation that the retention of the MPR will drive domestic production activities, which will result in a drop in the inflation rate.

Besides, given the decline in the Apr-2021 inflation rate, Chapel Hill Denham’s analysts said there is a possibility of another marginal drop in inflation in May and June 2021, given the base effect. Subsequently, inflation can pick up and the CBN would be ready for another MPC meeting by then.

The investment firm said with the CBN updating the NAFEX rate of N410.25 on its website, the much anticipated convergence between the official and NAFEX rate has been achieved. The Minister of Finance, Zainab Ahmed, said the government had also adopted the NAFEX rate for government transactions.

While the CBN is yet to make an official statement, the Governor stated that the managed-float system will not be replaced with a freely-floating exchange rate, but the market will be monitored to adopt the right FX strategies for the economy.

Furthermore, the convergence between the official and the NAFEX rate is expected to partially resolve some of the liquidity challenges experienced by the CBN and also reduce pressure on the external reserves.

However, analysts added that the CBN will remain enmeshed in a complex policy ‘triangle’ of trying to achieve a single-digit inflation rate, high rate of economic growth sufficient for post-recession and exchange rate stability.

“Against these odds, what we think the CBN will do ahead of the next MPC meeting is to continue to intervene in the foreign exchange market to keep rates stable while leveraging on external support (remittances and foreign portfolio investment) to achieve reserve accretion.

“The CBN will continue to drive the Naira-for-Dollar scheme to foster the inflow of dollar from abroad.

“While doing this, the CBN will strategically allocate capital across different sectors under its different real sector interventions. With an attempted grasp on GDP and exchange rate, inflation rate is expected to maintain the April-2021 downside inflection”, Chapel Hill Denham said.

“While the CBN might have kept policy rate constant at the MPC meeting, we note that financing conditions remained considerably tight, owing to weaker level of liquidity in the money market, as well as a more hawkish balance sheet policy by the CBN”, it added.

Analysts explained that the CBN has used its balance sheet to tighten bank and non-bank liquidity, specifically using the issuance of Special bills, Cash Reserve Requirements (CRR debit), and OMO auctions to mop up liquidity in the financial system and raise market interest rates.

As a result, the one-year open market operations and Nigerian Treasury bill auction stop rates have risen to 10.10% and 9.75% from 6.75% and 0.15% in November 2020, respectively.

“We do not expect to see a reversal in this trend and retain our expectation of a 50-100bps rate hike in 2021. In our view, the consolidation of additional growth in the coming quarters will provide enough incentive for a more hawkish policy era, already signaled by some Central Banks globally.

“We see a very strong possibility of a 50-100bps rate hike at the July/September MPC meeting if the economy maintains a strong and positive GDP growth momentum in Q2-2021”, analysts at Chapel Hill Denham said.

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