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Central Bank, Iran, Pakistan Adopt Common Banking Rules

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The eight-member developing economies are adopting a common regulatory framework for their banking sectors.
Members of the D-8 are Nigeria, Egypt, Malaysia, Turkey, Iran, Bangladesh, Indonesia and Pakistan.
Nigeria has 24 banks, some of which are recovering from financial slowdown. Three of them are foreign banks.
Central Bank Governor Sanusi Lamido Sanusi said at the event that it is necessary to review and adopt common regulatory regimes to safeguard financial system and forestall a recurrence of the “recent experience in our countries.”
He said Nigeria would learn from the member countries their experiences in non-interest banking and microfinance.
He noted that the objective of the D-8 Governors’ Meeting was to provide the modalities and mechanism of economic and financial cooperation among member countries.
According to him, the D-8 central bank governors’ interaction is envisaged to deepen and broaden the exchange of ideas among individual countries for more effective policy implementation.
“As D-8 Governors, this meeting is expected to strengthen cooperation in our key areas of responsibility," he said.
In the same vein, Olusegun Aganga said, finance minister said: “The members in 2007 agreed on the roadmap for economic cooperation and among the key areas of the road map is the financial cooperation”.
According to him, the mandate of the meeting is to strengthen surveillance mechanisms, enhance domestic financial systems and develop an integrating market.
The minister also enjoined the governors to ensure that the role of central banks on economic policy and implementation were effectively implemented.
He commended the efforts of the D-8 Secretariat in bringing the central banks into mainstream of its activities.
“I must stress that the areas of cooperation of the D-8 central banks drawn up by the secretariat for your meetings are very important, especially for trade facilitations.
“As developing countries, we owe ourselves the duty to promote trade among ourselves in other to grow our economy at a faster rate that none South trade can ordinarily afford us,” he said.
On the local scene, Mr. Aganga said that the federal government is trying to identify sources of funding for the National Sovereign Wealth Fund it is setting up to replace the Excess Crude Account.
When it comes on board, the NSWF would be managed by local and international advisers and would not be subjected to direct control by the government.
“The Sovereign Wealth Fund that is not own by the government but by Nigerians”, he said.
Aganga said the Sovereign Wealth Fund was instituted to benefit the current and future generations.
“You should remember that oil is a depleting asset and when you sell it, you are selling your asset, it is not fair for the current generation only to benefit from it, you must save for the coming generation”, the minister said.
He said there are three objectives for which the Fund would be used:
“One is for the fund to have a box – a portion that is the stabilizing fund – to support whatever project that you have. The second is that you want to have a saving portion for the future generation and the large portion of that should run like infrastructural fund. Thirdly, It is going to serve as a catalyst for bringing in local and international investors,” he said.
Odein Ajumogobiam, minister of Foreign Affairs said at the event that the Federal Government will encourage private sector-led initiatives in all areas of economic development among member nations of the D-8 group.

 


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CBN Pulls Rate Cut Trigger, King Dollar Returns

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By Lukman Otunuga, Senior Research Analyst at FXTM,

In a move that caught investors off-guard this week, the Central Bank of Nigeria (CBN) slashed interest rates by 100 basis points bringing the MPR to 11.5%. Given how inflation has been above target since 2015, rates were expected to remain unchanged for the rest of 2020 and possibly early 2021.

 

The question on the mind of many is whether the rate cut will achieve the desired effect by stimulating consumption and economic growth? Ongoing border closures and disruptions created by COVID-19 have pushed inflation to levels not seen since March 2018 above 13.20% while a drop in the production and price of Oil continues to rub salt into the wound. While looser monetary policy could support growth, it may come at the cost of rising inflation and weaker Naira.

 

Over the past few months, central banks across the globe have deployed unprecedented measures to defend their respective economies against the coronavirus menace. However, fiscal policy has been identified as the sharper tool with governments across the world providing a critical lifeline to keep the wheels of their respective economies rolling.

 

Outside of Nigeria, King Dollar made a return by appreciating against every single G10 currency. In times of uncertainty, everyone wants a juicy piece of the world’s most liquid currency. As coronavirus cases rise in Europe and other parts of the world, the flight to safety is likely to boost appetite for the Dollar. This is bad news for many emerging markets currencies, especially those with high Dollar-denominated debt.

 

On the commodity side, Oil prices remain heavily influenced by demand-side factors and the state of the global economy. Prices are likely to remain stuck around the $40 regions in the near term, especially If another round of possible lockdowns hit Oil demand. Looking at the technicals, WTI Crude is under pressure on the daily charts. If prices are unable to break away from the sticky $40 regions, the next key point of interest remains around $38. A weekly close above $41.50 could pave a path towards $43.


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NCC Arrests Man for Hacking into DSTV System

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Nigeria Copyright Commission (NCC), has arrested one Mr Aliu Olalekan, for allegedly hacking into DSTV system and watching the channels free without subscription.

NCC Arrests Man for Hacking into DSTV System

Mr Matthew Ojo, NCC Director in the Lagos Directorate Office said this while speaking with newsmen in Lagos, on Tuesday.

He said that the suspect used to watch DSTV channels free without subscription on his Android phone via an app which he downloaded on google play store.

“This suspect distributed the know-how to his telegram followers and on his blog with the aim of gaining more followers and viewership on his blog and makes more money through google ad-sense.

“The operation was based on surveillance which had earlier been carried out by the Multi-choice team and verified by a copyright inspector, ” he said.

He added that the arrest was made in collaboration with a team of copyright inspectors led by the Head of Enforcement Department, Mr Charles Amudipe.

Others included; a team from Multichoice Nigeria led by Mr Umar Ibrahim and policemen from Lagos Command Headquarters, Ikeja.

Ojo said that the joint team conducted an anti-piracy operation at the premises of the culprit in Amukoko, Lagos.

According to him, the suspect was contacted on phone by a member of the operation team on the disguise of patronising him. “The suspect came out to meet the caller and in the process of discussion, he was apprehended.

“The suspect took the team to his resident. The squad paraded his one-room apartment and recovered his laptop and phones used in perpetrating the ungodly act. “He was arrested and brought to the copyright commission office for further investigation, ” he said.

Ojo said that, on getting to the commission’s office, the statement of the suspect was taken and the inventory of items seized from him taken. He said that investigation on the matter was still ongoing and if found guilty the suspect will be charged to court.

 


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NCC, Digital Encode Support NITRA Innovative Tech Forum On Post-COVID-19 Strategies

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The Nigerian Communications Commission (NCC), Nigeria’s telecommunications regulator and Digital Encode, Cybersecurity and Compliance advisory company, have indicated interest to partner with the Nigeria Information Technology Reporters Association (NITRA), the national umbrella body of ICT reporters, as it organizes a forum that will x-ray the industry’s future plans for ICT growth post pandemic era.

 

The event, slated to hold on October 15, 2020, will seek to discuss the needs for a fortified ICT sector after the COVID-19 era, and the level of preparedness of ICT stakeholders to embrace the challenge of being pivotal to the stability and growth of all other sectors.

 

A statement from NITRA National Secretariat in Lagos indicates that due to the pandemic and need to observe the COVID-19 protocol on social distancing, the event will be held via a Webinar.

 

This year’s theme, “Multi-stakeholder Approach To National Recovery Post-Pandemic”, is in line with the annual event’s generic theme, ‘NITRA Innovative Tech Forum’, a contribution by NITRA to the development of Information and Communication Technologies (ICTs) innovations and policies in Nigeria.

 

Prof. Umar Danbatta, executive vice chairman, NCC is expected to deliver the keynote speech at the event and will throw more light on Federal Government’s plans, programmes and policies on post-pandemic strategies using ICT.

 

Dr. Adewale Obadare and Dr. Seyi Akindeinde, founders of Digital Encode, while accepting to support the event expressed their readiness to offer their expertise in Cybersecurity for organisations to prepare against cyber- attacks with the new normal.

 

They will also highlight areas that are high risks that need fortification in terms of cybersecurity.

 

Speaking on the event, Mr. Chike Onwuegbuchi, national chairman, NITRA, noted that as the COVID-19 pandemic continues to leave its negative trails across the globe, economic reboot for countries will not only depend on how well they readapt to the new normal, but also more on their recovery plans.

 

According to him: “While the federal government has consistently expressed its willingness to set all policies in place to engender growth, and accelerated implementation of these policies, private sector firms have also shown great hunger for the task ahead in post-COVID-19 era.

 

However, the question that needs to be answered is whether all stakeholders are ready for the required task ahead.”

 

The event will also offer participating companies opportunities to publicize some of their individual efforts at contributing to reacting a soft landing or lifeline for SMEs and other ancillary companies as the pandemic threatens their survival.

 

Digital Encode is a multi-award winning and leading consulting and integration firm that specializes in the design, management, and security of business-critical networks, telecommunications environments and other Information Technology (IT) infrastructures.

 


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