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Canada invites 3,900 new PR candidates, introduces new programme to attract Nigerians

The Canadian Government has invited new 3,900 Express Entry candidates to apply for permanent residency in its latest draw, introduced new programme to attract more Nigerians

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Canada introduces program to fast-track Study permits from Nigeria, invite 3,900 new candidates

The Canadian Government has invited 3,900 Express Entry candidates to apply for Permanent Residency (PR) in its latest draw, with a Comprehensive Ranking System (CRS) score of 471, a point over the previous draw held in February, which had a minimum score of 470.

Meanwhile, as the number of Nigerian International students studying in Canada increases every year, the Canadian Government has introduced a new pilot program intended to help expedite the study permit application process for Nigerians.

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The program, known as “The Nigerian Student Express (NSE)” pilot, is for Nigerians who have been accepted to a Canadian post-secondary institution. This means that eligible candidates need to have been accepted to a bachelor’s, master’s or doctorate degree program, or a post-graduate diploma course in Canada.

This initiative is aimed at shortening the process involved in acquiring study permits for Nigerians from an average of eight weeks to 20 days.

[READ MORE: Canada invites 4,500 Express Entry Candidates, as cut-off score drops to 470)

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In order to reach this year’s 85,800 ITS target, the Canadian Government has started issuing larger numbers of invitations in every draw. This round brings the total number of ITAs issued this year to 18,700, indicating a 21.79% achievement so far.

Canada introduces program to fast-track Study permits from Nigeria, invite 3,900 new candidates

A tie break of March 4 was applied, indicating that all candidates with CRS scores of 471 and above who entered their profiles in the Express Entry before the date received invitations to apply.

How CRS Score works 

The Comprehensive Ranking System (CRS) is a score awarded to applicants, considering factors such as age, education, skilled work experience and language ability in English or French.

A set number of the highest-ranked candidates receive invitation for Canadian permanent residence through frequent draws from the pool of applicants.

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Canada’s Express Entry system manages the profiles of candidates for three of Canada’s main economic-class immigration programmes, which are: the Federal Skilled Worker Class, Federal Skilled Trades Class and Canadian Experience Class.

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[READ ALSO: Canada invites fresh 3,500 candidates to apply for Permanent Residence)

Why Nigerians travel abroad 

Nigerian immigration to Canada has been booming in recent years, being the fourth most represented nationality among new permanent residents in 2019, many of which are young people in search of academic pursuits that give study-work opportunity to immigrants.

The educational system in Nigeria is on a steady decline, characterized by lack of an enabling learning environment and recurring strike actions. The Academic Staff Union of Universities (ASUU) is currently embarking on a two-week warning strike, which has over the years been a thorn on the flesh of Nigerian students, increasing the duration of a program that would have been completed in four to five years to six years or more.

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Central banks digital currencies pose a threat against the U.S dollar

In general, digital currencies could weaken the power of U.S. sanctions and the ability of the U.S. Treasury to watch illicit financial flows.

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Central banks digital currencies pose a threat against the U.S dollar.

A new report by America’s biggest bank, JP Morgan Chase, said the U.S dollar is being faced with a major threat as many  central banks’ digital currencies continue to gain traction.

Analysts, including Josh Younger, the head of U.S. interest-rate derivatives strategy and Michael Feroli, the chief U.S. economist, wrote in a report saying this:

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“There is no country with more to lose from the disruptive potential of digital currency than the United States.

This revolves primarily around U.S. dollar hegemony. Issuing the global reserve currency and the medium of exchange for international trade in commodities, goods, and services convey immense advantages.” 

Aditi Kumar and Eric Rosenbach also recently penned an opinion piece for Foreign Affairs in which they noted that “Just recently, America’s arch-rival China became the first major economy to carry a real test of a national digital currency.”

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(READ MORE: Why the strong dollar is giving Nigeria headache)

In general, electronic currencies could weaken the power of U.S. sanctions and the ability of the U.S. Treasury to watch illicit financial flows. A digital Chinese currency (yuan) combined with China’s developed electronic payment systems may give China more future influence than it ever bargained for.  

What Nigerians should know about Digital currencies

A digital currency is a cash balance recorded electronically on a store value card or other physical devices, which could someday replace the physical notes of the naira, for instance.

Digital currencies can be decentralized, that is where the control over the cash supply can come from diverse sources. Digital  currencies can also be centralized, where there is a midway point of control over cash supply, just like the way central banks work.

Central banks digital currencies pose a threat against the U.S dollar.

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Although JP Morgan does not see the U.S dollar being overthrown as the world’s reserve currency anytime soon, experts warned that the U.S dollar dominance could weaken. This is because its processing trade settlement and the SWIFT system could make it more vulnerable.

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The American bank continued by saying:

“Offering a cross-border payment solution built on top of a digital dollar would, particularly if designed to be minimally disruptive to the structure of the domestic financial system, be a very modest investment to protect a key means to project power in the global economy,

“For high-income countries and the U.S. in particular, digital currency is an exercise in geopolitical risk management.” 

Federal Reserve Chairman Jerome Powell said months ago that the Federal Reserve was taking a critical view on the issues regarding a digital currency.

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Dollar gains against major currencies

U.S dollar stood firm against major currencies on Monday as fears over rising tensions between America and China over Beijing’s plans to begin

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The US dollar remains king, U.S dollar gains against major currencies, America threatens China with sanctions.

The U.S dollar was up on Monday morning during London’s trading session after protests in Hong Kong yesterday escalated U.S-China tensions.

US dollar stood firm against major currencies on Monday as fears over rising tensions between America and China heightened.

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The American Dollar Index that monitors the U.S dollar against a basket of other major currencies was slightly up 0.02% to 99.945 by 11.10 am Nigerian local time.

What it means: Nigerians hoping to meet a foreign exchange payment obligation, transactions via the dollar to countries like Europe, Japan, would have the need to pay fewer dollars to fulfill such transactions.

(READ MORE:Reports: China may defer loans owed by Nigeria and others)

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Meanwhile, the friendship between the Americans and Chinese has soured lately since the outbreak of the COVID-19 pandemic. US President Trump and President Jinping of China have traded words against each other issues surrounding COVID-19, including accusations of lack of transparency and cover-ups. 

 

American Dollar remains king as stimulus fails to stop global financial market panic,Demand for “Inflow dollars” drive exchange rate to as high as $N420/$1 compared to “Cash dollars”, U.S dollar drops against major currencies, tension rises between America and China, U.S dollar gains against major currencies, America threatens China with sanctions.

Consequently, the U.S. Commerce Department added 33 Chinese businesses to a blacklist on Friday, and some U.S. Senators proposed sanctions on those businesses.

“The biggest concern is the tension between the United States and China, things were already bad, and it is likely to get worse because of the Hong Kong security law. This supports risk-off trades, which is positive for the dollar and the yen,” Tekuya Kanda, the general manager of research at Gaitame.com Research Institute, told Reuters.

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Air Peace to evacuate stranded Indians from Lagos to Kerala

A list of the passengers to be attended to has already been given and the flight shall depart Lagos on May 30, 2020, to Cochin Airport, Kerala.

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Air Peace signs deal with Brazillian aerospace company , Air Peace suspends flight operations over COVID-19

The management of Air Peace Nigeria has been contacted by the Indian High Commission in Nigeria to undertake the evacuation of stranded Indian nationals to Kerala, India. This was disclosed by the airline via its Twitter handle.

The airline explained that a list of passengers that would be attended to have been released and it has started reaching out to the Indians on Saturday.

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It stated, “A list of the passengers to be attended to has already been given to us and we have commenced reaching out to them. The flight shall depart Lagos on May 30, 2020, to Cochin Airport, Kerala.”

The flight is not free anyway. According to the airline, payments are expected immediately and they are Economy is $1.300 and Business class is tag $1,700. “You are equally allowed to pay in Naira at N460/$,” it added.

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However, some Indians in Nigeria has reacted with mixed feelings to the development on Twitter. While some were ready to join the flight back home, others called for the refund of ticket fare booked a week ago.

READ ALSO: Hope rises as Emefiele set to meet MTN, 4 banks today.

For instance, Jayant Khamesra requested for the refund ticket fare of N568, 100, which he paid for a flight from Lagos to Delhi.

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He said, “Please refund ticket fare P47812 LAGOS to DELHI. No show by Air Peace and it is been 1 week now, there has been no refund or confirmation of the same. Reference ALHN79 amount N568,100. I am sure a good world-class carrier like Air Peace won’t delay refunds purposely. Please act fast.

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