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External Reserves Drop to Three Month Low

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Naira - Investors King
  • External Reserves Drop to Three Month Low

The Nigerian foreign exchange reserves dropped to its lowest level since April.

According to the data released by the Central Bank of Nigeria on Tuesday, the foreign reserves decreased by $251 million in the first six days of the month to $46.868 billion, down from $47.119 billion attained on July 31. The lowest in almost four months.

The data showed external reserves increased from $46.845 billion on April 11 to $46.881 billion on April 12. However, the reserves hit a record high of $47.798 billion on July 5 before declining to the current level.

A related report published by FSDH Research, in its Monthly Economic and Financial Markets Outlook on Tuesday, noted that the external reserves recorded persistent drawdown in July.

Analysts at FSDH Research attributed the drawdown to the increase in demand at the foreign exchange market as foreign investors continued to pull-back from the Nigerian market due to the growing political uncertainty and projected surge in U.S interest rates.

“The total inflow through the Investors’ and Exporters’ FX Window (I&E Window) between April 2017 and July 2018 stood at $34.29bn. Our analysis shows that the total inflow through the Investors and Exporters Window in July was the lowest figure recorded since August 2017. The two largest contributors to the inflow in July were $0.56bn from other corporates, and $0.54bn from Foreign Portfolio Investments.”

The 30-day moving average showed the external reserves decreased by 1.32 percent from the $47.79 billion at the end of June to $47.16 billion by the end of July.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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How to Modify NIN Data: Date of Birth, Name, and More

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In Nigeria, the National Identification Number (NIN) is a crucial identification tool used for various official purposes.

However, errors or changes in personal information may occur over time, necessitating modifications to the NIN data.

Fortunately, the National Identity Management Commission (NIMC) has introduced a convenient solution – a mobile application that allows individuals to modify their NIN data from the comfort of their homes.

Why Modify NIN Data?

Errors in personal information on your NIN can lead to complications in official transactions, including banking, telecommunications, and government services. It’s essential to ensure that your NIN reflects accurate and up-to-date details to avoid any inconvenience.

Steps to Modify NIN Data

  1. Download the NIMC Mobile App: Start by downloading the NIMC mobile application from the designated app store on your smartphone.
  2. Registration/Login: If you are a new user, register on the app by providing the required information. For existing users, log in using your credentials.
  3. Enter NIN and Details: Once logged in, enter your NIN, last name, and email address to access the data modification channel.
  4. Select Modification Options: The app allows you to modify various details, including your name, date of birth, mobile number, house address, and email address. Choose the information you wish to update.
  5. Submit Changes: After making the necessary modifications, review the changes and ensure accuracy. Then, submit the updated information through the app.
  6. Confirmation: Upon successful submission, you will receive a confirmation message acknowledging the changes made to your NIN data.

Benefits of the NIMC Mobile App

  • Convenience: With the mobile app, you can modify your NIN data anytime, anywhere, without visiting NIMC offices.
  • Accuracy: Ensure that your NIN reflects accurate information, minimizing discrepancies in official transactions.
  • Time-Saving: Avoid long queues and bureaucratic processes by using the app for quick data modifications.

Conclusion

The NIMC mobile app offers a hassle-free solution for individuals seeking to modify their NIN data. By following these simple steps, you can ensure that your NIN reflects correct and updated information, facilitating smoother interactions in various sectors.

Embrace the convenience of digital innovation and make necessary modifications to your NIN data with ease.

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Aliko Dangote Foundation Launches N15bn Food Intervention Programme

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Aliko Dangote - Investors King

In a bid to alleviate hunger and address the economic challenges facing Nigeria, the Aliko Dangote Foundation has announced the launch of a N15 billion food intervention programme.

The initiative spearheaded by the President of the Dangote Group, Aliko Dangote, aims to provide essential food items to vulnerable communities across the country.

The food intervention programme was officially unveiled during a ceremony in Kano on Saturday, where Mr. Dangote emphasized the importance of compassion and solidarity, particularly during the holy month of Ramadan.

He highlighted the significance of all stakeholders, including individuals and institutions, in supporting the government’s efforts to tackle hunger and promote social justice.

This intervention, estimated to benefit over one million people, will see the distribution of 10kg bags of rice across all 774 local government areas in Nigeria.

Mr. Dangote emphasized that the programme’s modalities involve collaboration with state and local governments, as well as community partners, to ensure effective delivery of the food items to the most vulnerable individuals, irrespective of their background.

Also, the Aliko Dangote Foundation will distribute 10,000 iftar meals during Ramadan in Kano municipality, further extending its support to those in need during this auspicious month.

The foundation’s commitment to humanitarian efforts extends beyond food relief, as it has been providing daily bread relief programmes since 2020, producing and distributing over 32,000 family-size loaves of bread across Kano and Lagos states.

The launch ceremony was attended by Kano State Governor, Abba Kabir Yusuf, who commended Mr. Dangote’s philanthropic gesture and urged other wealthy individuals and businesses to emulate the Dangote Group’s example in supporting the government’s efforts to alleviate economic hardship in Nigeria.

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International Students in Germany Get Pre-Study Work Rights Under New Law

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University - Investors King

Germany has implemented a new segment of its revamped skilled worker law, granting international students significant pre-study work rights.

This move aims to attract skilled workers from various sectors while fostering integration and easing financial burdens for students.

Under these fresh regulations, non-EU citizens applying for study visas can now arrive in Germany up to nine months before their studies commence.

During this period, which was previously not permitted for work, students are allowed to work part-time for up to 20 hours per week.

This change particularly benefits prospective students from developing countries, offering them the opportunity to support themselves financially while preparing for their academic pursuits.

The revised skilled worker law also extends its support to individuals interested in apprenticeships in Germany.

Third-country nationals seeking apprenticeships can now reside in the country for nine months, provided they demonstrate a B1-level proficiency in German and are below the age of 35.

During this preparatory period, they are permitted to engage in part-time work, laying the groundwork for their transition into full-time training once they secure an apprenticeship position.

Moreover, the new regulations enhance work opportunities for international students already enrolled in German institutions.

The permitted work duration for students has been extended from 120 to 140 full days in any calendar year, equivalent to 20 hours per week, or 280 half days per calendar year.

This adjustment acknowledges the financial challenges students may face and provides them with greater flexibility to manage their expenses.

In addition to pre-study work rights, graduates of German universities now benefit from an extended post-graduation stay of 18 months for job hunting.

This extended period offers graduates ample time to seek employment opportunities within Germany, with the option to apply for permanent residence after two years of continuous employment.

Overall, these amendments to Germany’s skilled worker law underscore the country’s commitment to attracting and retaining international talent.

By providing enhanced work opportunities and support mechanisms for students and graduates, Germany aims to strengthen its position as a hub for global education and professional development.

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