The Central Bank of Nigeria (CBN) on Monday declared its preparedness to provide loans to investors who are interested in tapping into its milk production initiative.
This announcement followed the restriction placed on foreign exchange by the apex bank as part of efforts to reduce milk importation into the country.
The Governor of CBN, Mr. Godwin Emefiele, announced the plan on the bank’s Twitter handle – @cenbank, adding that it is determined to end milk importation in Nigeria and provide adequate loans.
“We are determined to make milk production in Nigeria a viable economic proposition. If you need a loan to acquire land, do artificial insemination, grow grass or even provide water, we will give you. We are getting to the end of the road of milk importation in Nigeria” -Emefiele
— Central Bank of Nigeria (@cenbank) July 29, 2019
The CBN chief had said last week that milk and other dairy products makers would be restricted from accessing foreign exchange both at the official and parallel markets and urged investors to invest in ranches.
- Meanwhile, Emefiele’s statement has generated controversy across the country as a section of the media had reported that the apex bank had banned importation of milk and other dairy products into Nigeria.
- The announcement also drew criticisms as big operators in the industry expressed concerns and felt coerced to participate in the proposed policy. Many insisted that the bank failed to check the existing business model that would be suitable for their businesses.
- Following this, the apex bank broke the silence on Friday, saying milk importation is not banned contrary to widespread reports across the country.
“For the avoidance of doubt, milk importation is not banned. Indeed, the CBN has no such power. All we will do is to restrict the sale of forex for the importation of milk from the Nigerian foreign exchange market,” the apex bank said in a statement.
Provision of loan: The latest announcement by the CBN is basically a follow-up on its disclosure in a statement last week that funds would be provided to investors who are genuinely ready to engage in milk production.
“We wish to reiterate that we remain ready and able to provide the needed
finance to enable investors who genuinely want to engage in milk production.
“We are saying that the amount we spend on the importation of milk in this country is too high, we need to reduce it.”
The bottom line: While the apex bank is yet to officially release the modalities on the special funds provided for the initiative, investors are expected to start preparing their business plans in order to key into the policy aimed at ending milk importation in Nigeria.
Twitter CEO auctions his first-ever tweet on Twitter, bidding at $2.5 million
Jack Dorsey is auctioning his first-ever tweet on a website that sells tweets as non-fungible tokens.
Twitter CEO, Jack Dorsey is auctioning his first-ever tweet on Twitter “just setting up my twttr” on a website that sells tweets as non-fungible tokens (NFTs).
The tweet was listed for sale on ‘Valuables by Cent’ – a tweets marketplace that was launched three months ago. The tweet was first made in March 2006
The tweet received offers as high as $88,888.88 within minutes of Jack tweeting a link to the listing on” Valuables by Cent” on Friday.
Currently, bidding has reached $2.5 million (€2.1 million) indicating the potential in selling virtual objects that have been authenticated through blockchain technology.
The highest bid for the tweet — $2.5 million — came from Bridge Oracle CEO Sina Estavi. It topped cryptocurrency pioneer, Justin Sun’s $2 million bid.
The final buyer of the tweet will receive a certificate, digitally signed and verified by Jack Dorsey, as well as the metadata of the original tweet. The data will include information such as the time the tweet was posted and its text contents. Most of this information, however, is already publicly available.
According to Valuables by Cent’s terms, 95% of a tweet’s sale will go to the original creator while the remainder will go to the website.
What you should know
- NFTs is a unique digital certificate that states who owns a photo, video, or other forms of online media.
- Dorsey’s 15-year-old tweet is one of the most famous tweets ever on the platform.
- Bidding had reached $2.5 million (€2.1 million) on Saturday, indicating the potential in selling virtual objects that have been authenticated through blockchain technology.
- More people are currently bidding their tweets on the platform.
Bamboo’s current rate for buying U.S Stocks weakens to N492/$1
Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.
The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.
About two weeks ago, the Nigerian stock trading app offered an exchange rate of about N484 to $1.
The green-colored trading app known for allowing local-based Nigerians to invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.
That being said, Nairametrics’s most recent research observed Chaka. ng offers the lowest exchange rate charge of N480 to 1$, other Nigerian-based stock trading apps that include Trove and Risevest currently offer their clients N491.68 and N486 to $1 respectively.
In addition, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.
A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.
Consequently, a lot of Nigerians are flocking the New York Stock Exchange (NYSE) on the account it has about 2,800 companies listed, while the NASDAQ has about 3,300 stocks listed. This gives Nigerian investors numerous options where they can invest their money. It is also why the US economy attracts billions of dollars in portfolio investments annually.
Bamboo is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.
In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Seplat falls into a loss in FY 2020
- 2020 FY Results: Cornerstone Insurance Plc reports a 61.1% decline in profit
- Ellah Lakes increases operating expenses by 33.36% in HY 2020
- 2020 FY Results: Nigerian Breweries reports a 54.3% decline in profits in 2020
- Abbey Mortgage Bank projects N51.08 million profit in Q2 2020.