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Interbank’s Rates Ease On Cash Flows

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10 years ago

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The nation’s interbank
lending rates fell sharply to 8.25 per cent  on average  this past week from 40 per cent to last week after budgetary allocations  to government agencies raised  liquidity in the  money market.
The cost of funds among commercial  lenders rose sharply in the week to over 100 per cent as the Nigerian National Petroleum Corporation (NNPC) recalled cash and commercial  lenders scrambled to cover about N36 billion in positions when the Central Bank of Nigeria  (CBN) sought to support the local currency.
The CBN had last month directed banks to pay for dollar purchases  48 hours in advance, seeking to curb foreign exchange demand and tighten  liquidity in the banking system.
“The lending rate eased by last Thursday when a portion of budget allocations to states and local governments hit the market along  with additional funds from  mature treasury bills repayment, providing liquidity  relief for many banks” one dealer told our correspondent.
The NNPC which sells dollars to commercial lenders monthly started the usual withdrawals of a portion of the naira proceeds to deposit in its account with the CBN last week  and continued  causing initial tight liquidity.
Dealers said the market is currently liquid enough and expected it to remain  so until next week when banks  must start  putting all  revenues  from government agencies into one  account  at the CBN within 24 hours of receiving them.
The Treasury Single Account, (TSA) is part of efforts by President Muhammadu Buhari to crack down on mismanagement of government funds.
The secured  open buy back closed  at 8  per cent against  40 per cent last week while overnight placement was traded at 8.5 per cent compared with 40 per cent last week.
“We expect rates to open around 10 per cent early next week until the movement of the budget allocation to single account” another dealer in Port Harcourt told  our source.
The Head, Research and Investment, Afrinvest  West Africa, a research and investment advisory firm, Mr. Ayodeji Ebo, said the movement of the TSA policy and activities  in the market  would determine the interbank rate over the coming weeks.

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Kenyan Runners Dominate Berlin Marathons

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18 hours ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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18 hours ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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18 hours ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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