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President Buhari to unveil CBN rice pyramids

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1642493403 Buhari

President Muhammadu Buhari will unveil one million pyramid-shaped sacks of rice paddy in Abuja tomorrow, Wednesday, January 19, 2022.

The pyramids, which are said to be Africa’s largest of their kind, are located on the premises of the Abuja Chamber of Commerce and Industries (ACCI) on Airport Road.

Under the Anchor Borrowers’ Program, 1 million bags of rice paddy were planted and gathered from states around the country to construct the rice pyramids (ABP). Farmers were asked to return the bags of rice paddy that made up the pyramids in exchange for cash in order to repay the loans they received under the ABP.

What you should know 

The CBN’s Anchor Borrowers’ Programme (ABP) was started in November 2015 with the goal of providing aid to farmers and influencing the value chain of various commodities in Nigeria.

The CBN has carried out interventions aimed at sustaining recovery of output growth and addressing the downside risks to other external and domestic shocks to the economy.

Interventions continued largely in manufacturing/industries, agriculture, energy/infrastructure, healthcare and Micro, Small and Medium Enterprises (MSMEs).

Under the Targeted Credit Facility, the Bank has disbursed a total of N363.49 billion to 766,719 beneficiaries, comprising 638,070 households and 128, 649 small businesses. Under its Agribusiness Small and Medium Enterprise Investment Scheme (AgSMEIS), the Bank has released N134.63 billion to 37,571 entrepreneurs.

Between September and October 2021, under the Anchor Borrowers’ Programme (ABP), the Bank disbursed N43.19 billion to support the cultivation of over 250,000 hectares of maize, sorghum, soya beans and rice during the 2021 dry season; and N5.88 billion to finance six (6) large-scale agricultural projects under the Commercial Agriculture Credit Scheme (CACS).

Cumulatively the Bank has disbursed the total sum of N864 billion to 4.1 million farmers, cultivating 5.02 million hectares. The bank also disbursed the sum of N41.2 billion for the commencement of the brown revolution, a large-scale wheat program to wean us off imports by 35 per cent in the first year.

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US dollar starts the week on a strong footing as investors sought safety

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1652680205 176 1 Dollar image

On Monday, the greenback began the week just off a 20-year high against peers, as investors sought safety due to concerns over global growth, while cryptocurrency markets showed some stabilization after last week’s turmoil.

Following six consecutive weeks of gains, the dollar index was at 104.54, briefly crossing the 105 level on Friday. A mounting global growth concern is supporting broad dollar strength.

On concerns about the U.S. Federal Reserve’s ability to dampen inflation without causing recession as well as the effects of China’s zero-COVID-19 policy, investors have been flocking to safe-haven currencies.

What you should know

Traders are also looking for reiteration or pushback on the notion that 75-basis point rate hikes are currently off the table.

  • Markets are pricing in a 50-basis point hike at the Fed’s next two meetings, according to CME’s Fedwatch tool, but a larger increase is possible.
  • Despite the strong dollar and the exposure of the European economy to the Ukraine conflict, the euro started the week near its lowest level since early 2017.
  • The euro was trading at $1.0398 on Monday morning, barely above the $1.0354 level it reached on Thursday, its lowest level since early 2017.
  • The European Central Bank is also scheduled to give numerous speeches this week for investors to watch.
  • The pound has weakened along with the euro, slipping to $1.2256 on Monday after sliding as low as $1.2156 last week due to softer than expected GDP figures for the first quarter.
  • As of Monday morning, the Japanese yen was trading at 129.43 yen per dollar. It enjoyed its first week of gains since early March last week, as growth fears led to a halt to the upward march of U.S. Treasury yields. The yen is vulnerable to rising U.S. yields when Japanese yields are low.
  • After a turbulent week driven by TerraUSD, a stablecoin that broke its dollar peg, cryptocurrency markets have had a quiet weekend, with Bitcoin staying above $30K.

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Business News

US dollar starts the week on a strong footing as investors sought safety

Published

on

1 Dollar image

On Monday, the greenback began the week just off a 20-year high against peers, as investors sought safety due to concerns over global growth, while cryptocurrency markets showed some stabilization after last week’s turmoil.

Following six consecutive weeks of gains, the dollar index was at 104.54, briefly crossing the 105 level on Friday. A mounting global growth concern is supporting broad dollar strength.

On concerns about the U.S. Federal Reserve’s ability to dampen inflation without causing recession as well as the effects of China’s zero-COVID-19 policy, investors have been flocking to safe-haven currencies.

What you should know

Traders are also looking for reiteration or pushback on the notion that 75-basis point rate hikes are currently off the table.

  • Markets are pricing in a 50-basis point hike at the Fed’s next two meetings, according to CME’s Fedwatch tool, but a larger increase is possible.
  • Despite the strong dollar and the exposure of the European economy to the Ukraine conflict, the euro started the week near its lowest level since early 2017.
  • The euro was trading at $1.0398 on Monday morning, barely above the $1.0354 level it reached on Thursday, its lowest level since early 2017.
  • The European Central Bank is also scheduled to give numerous speeches this week for investors to watch.
  • The pound has weakened along with the euro, slipping to $1.2256 on Monday after sliding as low as $1.2156 last week due to softer than expected GDP figures for the first quarter.
  • As of Monday morning, the Japanese yen was trading at 129.43 yen per dollar. It enjoyed its first week of gains since early March last week, as growth fears led to a halt to the upward march of U.S. Treasury yields. The yen is vulnerable to rising U.S. yields when Japanese yields are low.
  • After a turbulent week driven by TerraUSD, a stablecoin that broke its dollar peg, cryptocurrency markets have had a quiet weekend, with Bitcoin staying above $30K.

... US dollar starts the week on a strong footing as investors sought safety Read More on ... Naijaonpoint.

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