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Why we came out with budget of rural transformation in 2017 — Benue State Finance Commissioner

Mr. David Olofu is the Benue State Commissioner of Finance. In this interview with PETER DURU in Makurdi, he spoke on how the State is keying into the exportation drive of the Federal Government, the inability of the government to pay the wages of civil servants, the construction of a cargo airport in the State, the IGR of the State and several other nagging economic issues. Excerpt:

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Why the need for caution in digital currency — CBN Director

Block-chain is an emerging innovation which is gaining  traction in the    payment system,    banking and so many areas. The most prominent innovation on top of block-chain so far is Bitcoin which people see as an alternative form or alternative currency that we all use. And it is beginning to gain so much ground across the world. How will it affect payment? Obviously, some people are already using it to make payment. Largely the technology offers efficiency which means it is going to reduce cost of transaction,    as a result of that you will see it that people are beginning to think that this will be a silver bullet for solving financial exclusion. 

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H1 2017: Tier-2 banks lose N233bn deposits, as customers demand higher interest rate

TIER 2 banks suffered N233 billion TIER 2 banks suffered N233 billion  decline in deposit in the first half of the year (H1 2017) owing to demand for higher deposit rate by customers. Banks’ customers were said to be pressurizing for higher deposit rate against the backdrop of the high interest rate regime created by the monetary policy of the Central Bank of Nigeria (CBN) in its quest to curb inflation and reduce demand for foreign exchange.

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N230bn inflow to lift market liquidity, moderate cost of funds

THE interbank money market THE interbank money market  will, this week, receive boost of N230 billion inflow, with moderation in cost of funds.  Last week, the interbank money market experienced severe scarcity of funds occasioned by liquidity outflow for dollar purchase, treasury bills (TBs) investment and liquidity mop up by the Central Bank of Nigeria (CBN).  In addition to the regular TBs offered at the primary market, the CBN issued secondary market (open market operations, OMO) TBs to mop up N26 billion during the week, which sent short term cost of funds above 100 per cent.

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We’re bringing risk protection to the man on the street – Adegbayi

With the huge potential of the insurance industry to positively impact our economy by safeguarding the enormous risks within the entire business ecosystem, and by creating wealth through investments, the industry is still way behind other financial and service sectors, contributing about 0.3 per cent to the Nigerian Gross Domestic Product (GDP). Leadway Assurance is committed towards educating and increasing the awareness of risks to which people and businesses are exposed and bringing insurance closer to customers as a way of managing those risks and protecting themselves against possible negative financial outcomes.

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