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Foreign Exchange: Inflow Hits US$91bn in 2017 – CBN

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  • Foreign Exchange: Inflow Hits US$91 Billion in 2017 – CBN

The Central Bank of Nigeria (CBN) said the total foreign exchange inflow into Nigeria stood at US$91 billion in 2017.

This represents an increase of 45 percent from the US$62.75 billion recorded in 2016, the 2017 annual report released by the apex bank on Thursday showed.

The figure surpassed the US$57.32 billion outflow recorded during the same period.

Breaking down the report, inflow through autonomous sources stood at US$48.33 billion, accounting for 53.7 percent of the total inflow, while a total of US$42.17 billion or 46.3 percent came in through the central bank.

The report also noted that aggregate foreign exchange outflow from the economy rose by 31.8 percent to US$33.68 billion in 2017, up from US$25.55 billion filed in 2016.

The CBN accounted for US$30.55 billion (90.7 percent) of the total outflow, bigger than the US$23.16 billion reported in 2016.

However, outflow through autonomous sources stood at US$3.13 billion in 2017.

The CBN attributed the increase to the effectiveness of its forex policy and positive economic outlook. The central bank left interest rate unchanged during its last monetary policy meeting in Abuja, citing possible weak capital inflow due to rising interest rates in developed nations and the need curb inflation rate.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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“In Less Than 24 Hours 2.3 Million Nigerians Registered to Receive COVID-19 Vaccination”- NPHCDA

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COVID-19 Vaccine

Over 2 Million Nigerians Have Self-registered for COVID-19 Vaccine on The NPHCDA Online Portal

On Wednesday, Nigeria’s primary healthcare agency boss, Faisal Shuaib, said that over 2 million Nigerians have registered to receive the Astrazeneca COVID-19 vaccine.

He said, “In less than 24 hours, 2.3 million Nigerians have registered to take the vaccines and the numbers keep increasing,”

According to the National Primary Health Care Development Agency (NPHCDA) tweet on Monday, a healthcare worker, Osindeinde Ademilayo Abodede, was the first person to register for the vaccine. Her appointment has been scheduled for March 12 in Abuja.

The self-registration online portal was launched a day before the first batch of COVID-19 vaccines arrived in the country.

The agency said Healthcare workers will be given priority in the administration of the COVID-19 vaccine.

NPHCDA also stated that high priority will be given to “frontline workers” such as members of the military, police, Nigerians who are working at border posts, oil and gas workers, and “strategic leaders.”

Faisal Shuaib said, “As the vaccines arrive in batches due to limited supply we will inform Nigerians about who and where to receive the vaccine,”

“States without a functional airport will have their vaccines transported by road using vans with fitted cold cabins, from the nearest airport,” he added.

Boss Mustapha, Nigeria’s secretary-general urged traditional rulers, religious leaders, civil society groups, and the media to spread the message that vaccinations were needed. “This is a fight for everyone.” He said.

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How to Self-register For COVID-19 Vaccine in Nigeria

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COVID-19 Vaccine Self-registration Process in Nigeria

Following the delivery of the 3.92 Million AstraZeneca vaccine to Nigeria on the 2nd of March, Nigeria’s Primary Health Care Development Agency (NPHCDA) has launched an online self-registration portal for COVID-19 vaccine registration.

How to register

Nigerians who want to self-register for the AstraZeneca vaccine can visit the NPHCDA’s portal for registration.

What do you need to fill the form?

To fill the vaccination form, you need your basic information: full name, contact phone number, email address, date of birth, sex, a form of ID, a residential address including states, LGA of residence, and ward of residence.

You are also required to select your preferred vaccination site from the listed available vaccination site in your area and upload a photograph. The form asks if you work in the health sector and if you have any medical conditions or a history of allergies.

Finally, you are required to type in a code and this completes your registration process.

You should receive a message that your registration has been completed. You will also be issued a vaccination ID. The message goes thus:

“Registration Completed! Your Vaccination ID is: XXXX

Your data is successfully received.

Thank you for taking the time to fill the form, you will receive an SMS and email shortly containing your Vaccination No. and other instructions.”

Who is eligible to receive the vaccination?

Healthcare workers top the list of people who will receive the vaccine first. Away from them, the NPHCDA said it will prioritize “frontline workers – the military, police, oil and gas workers, customs workers, and strategic leaders.”

Under the COVID-19 Vaccine Global Access (COVAX) scheme,  Nigeria will be the third African country to receive a vaccine, after Ghana and Ivory Coast.

It is reported that the vaccine will be administered without charges and the country is expected to receive a total of 16million free doses from COVAX in the coming months.

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Savvy Publishes Its First Impact Report Since Launch

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Savvy Has Released its First Impact Report 

The non-profit organization, Savvy, has today, published its first impact report since its launch. On February 24, 2021, it published a post on Facebook and other social media platforms that read: Feb. 4, made it 6 months since we launched the Savvy Fellowship program, and it seems like yesterday. How time flies.
On a mission to train at least 10,000 passionate individuals to build successful impact-driven businesses, the organization has decided to measure and publish its progress for the last 6 months, to see whether or not it’s making an impact or falling behind. From August 4, 2020, to February 4, 2021, Savvy received 39,958 applications from individuals interested in the Savvy program. It accepted 3,298 of them, which is an 8.25% acceptance rate. 1,121 being female, and 2,177 being male.
These 3,298 participants (often referred to as Savvy Fellows) come from 122 countries. 2,181 of the Fellows have completed the Savvy program—generating 1,278 business ideas and kickstarting 587 businesses during and after the program. In the nearest future, Savvy plans to get more mentors for the Savvy program, train 7,000 more individuals through the program, and provide Internet allowance for some of the Fellows who need it to participate in the program.
Due to the COVID-19 pandemic, many have lost their jobs and are now living in an uncertain world. I and 131 entrepreneurs from 36 countries came together to start Savvy, a global Fellowship program equipping these recently unemployed individuals with the necessary knowledge and skill that they need to start their own impact-driven business and succeed as entrepreneurs,” says Chidi Nwaogu, Head of Fellowship Program at Savvy.
For 12 weeks, no matter what stage their venture is, the Savvy program helps selected Fellows answer all the relevant questions that they need to kickstart their amazing impact venture, gain early traction, achieve product-market fit, scale into new markets, create jobs, and improve the economy of their nations.

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