Check your 2024 JAMB results
The JAMB 2024 registration processes have been concluded and the exams have already commenced and your results will typically be available to check 24-72 hours after you finish your exam. Here’s a detailed article on accessing your 2024 results through two major options which include the official JAMB website and an SMS option. Check JAMB results 2024 online The official JAMB website is the primary platform for accessing your UTME results. Here, you can print your results slip. Here’s a step-by-step breakdown: Go to the JAMB eFacility Portal: Open a web browser and visit the Joint Admissions and Matriculation Board’s eFacility portal at https://efacility.jamb.gov.ng/login. Enter your login details: Here, you’ll need to provide your Email Address and password used during registration. Access your results: Once you’ve entered the required details, click on the “Check UTME Results” button. Your UTME scores for each subject tested should be displayed on the screen if it’s been released. Important Notes Ensure you have a stable internet connection before attempting to Check JAMB results 2024 online. A poor network connection can hamper the process for you. If you get error messages, please note that it’s either your result isn’t yet up, or there’s a service downtime due to massive traffic on the website. As such, just give it time or try an alternative option. Checking JAMB results 2024 via SMS JAMB also offers a convenient SMS option for accessing your UTME results. This method is helpful for candidates, parents or guardians who may not have immediate access to a computer or the Internet. Here’s how to do it: Open your messaging app: On your mobile phone, launch your text message application. Compose a new message: In a new message, type “RESULT” (all caps) followed by your JAMB Registration Number. Send the SMS: Send the message to either 55019 or 66019, the official JAMB result SMS numbers. Receive Your Results: JAMB will then send you a reply SMS containing your UTME scores for each subject tested, if your scores are ready. Important Note: This method incurs a ₦50 service charge deducted from your mobile phone airtime. Therefore, make sure you have sufficient balance before attempting to check JAMB results 2024 via SMS. Final thoughts Once you receive your results, take some time to review your scores for each subject. If after all exams are concluded from April 19-29l and you can confirm that the majority has seen their JAMB 2024 results, and you still can’t access yourself, please contact the JAMB support line or raise a ticket immediately.
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Will you pay ₦50 to skip long shopping queues? Techstars-backed Jump n Pass hopes so
Jump n Pass, a TechStars-backed startup is attempting to solve an age-old problem with physical shopping: time spent in queues. The startup’s product is a mobile self-checkout platform that allows shoppers to scan a QR code to access the store’s inventory, scan product barcodes, and pay with their phones. “Using Jump n Pass will make checkout 90% faster,” said Tunde Ademuyiwa, co-founder and CEO of Jump n Pass. The startup charges customers a convenience fee ranging from ₦50 to ₦100 based on the total value of items bought. Waiting is an almost inescapable part of consumer service and studies have shown that customers may leave their cart when the wait time is longer than expected. The frustration of waiting affects both customers and store owners. “When you increase the fluidity of movement in a store, it amounts to more sales for the retailers,” Ademuyiwa explains. Launched in November 2023, Jump n Pass has already begun rolling out its services. It has partnered with Justrite Limited, a supermarket with 26 stores across Nigeria, and it’s also looking to integrate its platform into other major supermarkets. “Integration is necessary but complex. We are processing some supermarkets already, operations have begun in some stores like Madina Supermarket, Supersaver Supermarket and some Justrite branches already,” Ademuyiwa said. During a visit to a Justrite branch in Bariga, a Lagos suburb, TechCabal used and saw customers using Jump n Pass at the supermarket. A poster outside the supermarket encouraged customers to scan a QR code to jump the queue. Inside, Justrite’s public address system (PA system) reiterated this message, while small postcards with QR codes were placed around the supermarket for easy access. Justrite’s PA system walked customers through the process of using Jump n Pass to skip queues: scan the code, access the store’s inventory, scan the barcodes (Sometimes network connectivity problems occasionally disrupted the barcode scanning process), add items to the cart, process payment, make payments by transfer and receive a receipt. Customers were advised to hold onto their receipts until leaving the store. Oyiza Edwin, the branch manager, told TechCabal that Jump n Pass had been popular among customers in two weeks while reducing cashier workload and errors. “It is faster than our regular check out and minimises errors that our cashiers might make,” she said. Yet, she shared that the startup could improve on its current version. “Customers often complain about its lack of a card option, so we hope they can add that feature,” she said. TechCabal observed that many customers showed curiosity about the idea of jumping the queue with Jump n Pass. Three customers expressed confusion about its purpose, while another mentioned having used it previously in the store but opted not to this time, citing the convenience fee. Another customer was seen actively using Jump n Pass, but most people continued to opt for the traditional checkout line. At Justrite, there was no queue at the designated lane for customers who used Jump n Pass because customers only needed to confirm the items purchased instead of checking prices and processing payments, which is why queues are formed, a checkout officer explained. The checkout officer also mentioned a lower adoption rate among older customers, possibly due to unfamiliarity with the technology. Folarin Oluwatoyin, the regional manager of Supersaver Supermarket, told TechCabal that customers have been responsive in using Jump n Pass, which has been helpful to the supermarket. “It has only been integrated into our head office at Shangisha Magodo because we are still testing it out to be sure to integrate it in our other branches,” she added. She stated that the major problem encountered since its use in their store was network issues, but the startup’s support team was always available if there was a problem. Ucha, a customer, shared her shopping experience at Justrite Bariga on X and with TechCabal. Upon arrival, she noticed a queue had already formed, but announcements were made to encourage customers to use Jump n Pass as an alternative. She was charged a convenience fee of ₦100 and found the process efficient and user-friendly. The startup is yet to launch its mobile app on iOS and Android platforms and only uses a web app. “Within the next 30 days, the mobile app will be available on Android Play Store and iOS App Store,” Ademuyiwa stated. Despite offering in-app payments, Ademuyiwa clarified that the startup does not provide payment services directly but relies on partnerships with payment solution providers and banks.
Read MoreKenya’s Ministry of Communications recommends regulating TikTok, rejects outright ban
Kenya’s information ministry has opposed any suggestions of a TikTok ban and argued that the popular Chinese short-video social platform owned by ByteDance should be more regulated. In a parliamentary hearing on Friday, John Tanui, the ICT principal secretary, argued that banning the app carries several risks, including the emergence of splinternets, inhibiting competition, and limiting freedom of expression. Tanui also said banning TikTok would hurt telcos’ data revenues. The ministry recommended a partial regulation in consultation with ByteDance to address concerns raised within the limits of Kenyan laws. It proposed expanding the mandate of the Communication Authority of Kenya (CAK) to oversee new media platforms, including monitoring content published online. It also wants TikTok to publish quarterly compliance reports detailing actions taken regarding published negative content. The social media app has come under increased government scrutiny. Interior Minister Kithure Kindiki told a parliamentary hearing in March 2024 that criminals used TikTok “to spread malicious propaganda, steal popular accounts through identity theft and impersonation” and “conduct fraud by duping Kenyans into fake forex trades and fake job recruitments.” The interior minister’s comments came eight months after Bob Ndolo, the CEO of Bridget Consultancy, filed a petition asking for a TikTok ban because the social media app promotes hate speech, sexual violence, and vulgarity. According to the ministry, the app has an estimated 10.6 million users in the country with some earning a living by posting content. In a Reuters Institute report released in 2023, Kenya ranked top in TikTok usage, with about 54% of the population using the social media site. “The regulation of TikTok and similar platforms instead of a ban is a win-win solution. Regulation will maintain access to global social media platforms, which will enhance the free flow of information and ideas across borders, enabling Kenyan internet users to be competitive in the global digital landscape,” Tanu said. “TikTok serves as a diverse platform for expression, encompassing creativity, political commentary, and cultural representation. Banning TikTok limits the channels through which individuals express themselves, potentially stifling a range of perspectives and creative voices.”
Read MoreAlgeria will edge out Nigeria as Africa’s third-largest economy, IMF report shows
Nigeria will lose its place as Africa’s third-largest economy in 2024 to Algeria after a decade of slow growth, inflationary pressures and naira depreciation, an IMF projection shared. Faster GDP growth in South Africa, Egypt, and Algeria will see Nigeria stay fourth for the next five years. According to the IMF, persistent macroeconomic challenges on the continent have slowed growth, yet the outlook is stable. The Washington-based institution projects South Africa ($373 billion), Egypt ($348 billion), Algeria ($267 billion), and Nigeria ($253 billion) as Africa’s top four economies until 2030. According to IMF World Economic Outlook, South Africa, Africa’s most industrialised country, will become Africa’s biggest economy with a GDP of $373 billion–a position the IMF expects it to retain until 2027. This is despite South Africa’s struggles with blackouts, crime, corruption, and depreciating currency. Its 0.6% GDP growth was mainly driven by growth in the manufacturing, finance, real estate & business services sectors. Since 2023, inflation has accelerated in Nigeria and Egypt and both nations have endured currency devaluations. Yet, there is some hope on the horizon. In May 2023, Nigeria began economic reforms, including floating the naira and removing $10 billion-a-year fuel subsidies. The raft of changes was also aimed to address dollar shortages in Africa’s most populous nation. While the naira has rebounded in the past month, fundamental macroeconomic issues persist. For instance, the country’s headline inflation defied analysts’ estimates after accelerating to 33.2% in March. Unlike Nigeria, Egypt has sought IMF support to speed up its economic reforms as the Bretton-wood institution’s influence on Africa’s economic policies grows–Kenya, Ghana and Zambia are currently receiving support to help unlock funding amid debt distress. As part of the economic reforms, it has also allowed its currency to float amid a renewed push to attract new investments. The Egyptian pound plunged about 40% against the dollar last month. The IMF expects the north African country to overtake South Africa as the biggest economy on the continent in 2027.
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👨🏿🚀TechCabal Daily – Wema Bank unlists seven fintechs
In partnership with Share this newsletter: Lire en Français اقرأ هذا باللغة العربية TGIF Funding for African startups continues to slump in this quarter as a drop of about 45.6% was noticed in comparison to Q1 2023. Another highlight is how debt financing continues to grow as an asset class for these startups. This quarter, the ecosystem also experienced a number of expansion and acquisitions. Explore more of what went down in African tech in our newly released quarterly report! download it now In today’s edition Wema Bank unlists seven fintechs Kenya demands compliance reports from TikTok Canal+ steps up bid for MultiChoice Nigeria’s MNOs witness surge in transactions Funding tracker The World Wide Web3 Job Openings Cybersecurity Wema Bank removes 7 fintech partners Wema Bank has taken a strong stance against financial crime after it suffered a ₦685 million ($594,943) loss to fraudulent activities in 2023. On Wednesday, the Nigerian bank suspended seven unnamed fintech partners from its payment gateway platform. Four partners were suspended, while three were permanently removed from the platform. Why? Wema’s decision comes after investigations revealed that there had been an increase in fraudulent inflows into some wallet accounts operated by some of its fintech partners using its third-party wallet accounts. The bank is also conducting audits and reviews of remaining fintech partners to ensure adherence to regulations and compliance with Know-Your-Customer (KYC) guidelines set by the Central Bank of Nigeria. Wema also cited inadequate KYC procedures and compliance issues as contributing factors to the fraud. A way forward: The Nigerian bank also unveiled an anti-fraud campaign to create awareness, educate and equip customers with the necessary information needed to mitigate, detect and handle fraudulent activities on their accounts. Read Moniepoint’s case study on family-owned businesses Family-owned businesses are everywhere, shaping our world in ways you might not expect. We’ve found some insights into how they work, and we’d love to share them with you. Dive in right away here. Social Media Kenya demands compliance reports from TikTok Kenya has been taking steps to regulate TikTok instead of an outright ban. The government has now mandated quarterly compliance reports from TikTok detailing the content removed and the reasons behind it. This aims to address concerns like mental health, data privacy, and online safety. This comes after a petition was written to Kenya’s Assembly for the ban of TikTok and the platform reaffirmed its dedication to maintaining a safe environment for its users in Kenya. During an appearance before the Kenyan Parliament on April 16, 2024, the platformannounced it will continue to provide capacity-building workshops on online safety, data privacy, and content moderation to Kenyan policymakers and regulatory agencies The Interior Ministry of Kenya had also considered limiting the use of TikTok by government officials to protect sensitive data and Kenyans’ security. Kithure Kindiki, secretary of the interior cabinet, disclosed then that the National Security Council (NSC) had been battling threats linked to social media platforms, notably TikTok, in its efforts to safeguard national security. In light of these recent developments, ICT Principal Secretary, John Tanui, informed legislators that TikTok will be mandated to provide quarterly compliance reports to the ministry instead of an outright ban. He emphasises how banning the platform will cause more harm than good for the country as a significant number of their youths rely on it for income. According to Reuters Institute’s 2023 report, Kenya has the world’s highest TikTok usage rate, with 54% using the app for general purposes and approximately 29% for news. Enjoy hassle-free transactions with Fincra Collect payments without stress from your customers via bank transfer, cards, virtual accounts & mobile money. What’s more? You get to save money on fees when you use Fincra. Start now. Streaming Canal+ steps up bid for MultiChoice French media giant Canal+ has increased its ownership of South African media company, MultiChoice. The company acquired over 3 million additional shares between April 12 and 17, 2024. This surge pushes Canal+’s stake to 40.8%, edging closer to a potential takeover. The shares were acquired at an average price of R116 ($6.05) per share, lower than the previously announced mandatory share offer of R125 ($6.52). A shopping spree: Canal+ has been aggressively acquiring shares in MultiChoice. In February 2024, the company crossed a key threshold of 35% ownership, triggering a mandatory offer requirement for MultiChoice shareholders. Since then, Canal+ has continued to buy shares, increasing its stake from 36.6% on April 5, 2024, to its current holding of 40.8%. Last week, MultiChoice established an independent board— Standard Bank— to evaluate Canal+’s offer and ultimately recommend whether shareholders should accept or reject the bid. Additional share purchases come after both companies informed investors that they had agreed to work together on the mandatory offer that Canal+ must make to the MultiChoice shareholders. Zoom out: If shareholders accept the offer and Canal+ acquires at least 90% of MultiChoice shares, it can delist MultiChoice from the Johannesburg Stock Exchange (JSE). MultiChoice and Canal+ intend to post a combined circular to MultiChoice shareholders by May 7, 2024. Mobile money Nigeria’s MNOs witness surge in transactions In Nigeria, mobile money operators are experiencing an uptick. According to a report by the Nigeria Inter-Bank Settlement Systems (NIBSS), MNOs experienced an increase in transactions during the first quarter of 2024. The total value of transactions from January to March 2024 reached N17.2 trillion. This represents an 89% year-on-year growth compared to the same period in 2023 when transactions amounted to ₦9.1 trillion ($7.9 billion). The data analysis reveals consistent growth each month, with transactions increasing from ₦5.2 trillion($4.5 billion) in January to ₦6.5 trillion($5.6 billion) in March, indicating a steady trend in mobile money usage. All electronic channels in the country surged by 89% in Q1 2024, reaching ₦234 trillion ($203 billion). What do we have to thank? Industry analysts attribute this surge to several factors, including recent cash shortages and the implementation of the cashless policy by the Central Bank of Nigeria (CBN). We know you remember the
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Latest news for students sitting for JAMB from April 19 to 29 2024
The Joint Admissions and Matriculation Board (JAMB) has reaffirmed its commitment to a fair and secure testing environment for the 2024 Unified Tertiary Matriculation Examination (UTME). In line with the latest news for JAMB 2024, certain items are strictly prohibited as they can potentially facilitate cheating. Being familiar with this list is crucial for all candidates to avoid disqualification. Protecting JAMB exam integrity JAMB emphasises that these banned items have been used in the past to gain an unfair advantage. The latest JAMB 2024 news highlights JAMB’s zero-tolerance policy towards examination malpractice. By prohibiting these items, JAMB aims to ensure a level playing field for all candidates and uphold the integrity of the UTME. List of JAMB prohibited items 2024 Here’s a comprehensive breakdown of the items strictly forbidden in the JAMB exam hall, as per the “latest JAMB news 2024”: Mobile Phones or Similar Electronic Devices: This includes even switched-off phones, tablets, and any device with communication capabilities. Wristwatches: Smartwatches with any additional functionalities beyond basic timekeeping are not allowed. Pen or Biro (Except Approved): If it will be allowed, it’ll only be blue or black. Double-check for any additional instructions regarding specific pen types. Spy or Reading Glasses (Unless Medically Prescribed): Unaided vision is expected during the exam. Calculators (Except Approved Models): JAMB prohibits students from bringing calculators into the examination hall. USB Drives, Hard Disks, or Similar Storage Devices: No external storage devices are allowed. Books or Any Reading/Writing Material (Except JAMB-Approved): Rely solely on your prepared knowledge; no external reference materials are permitted. Cameras and Recorders: Capturing visuals or audio within the exam hall is a serious offence. Microphones and Earpieces: These can be used for unauthorised communication. Beyond the List: Additional Precautions The latest JAMB news 2024 goes beyond just listing banned items. JAMB also advises candidates to avoid: Decorative designs or tattoos on palms: These might interfere with biometric screening at the exam centre. Instructions to parents and guardians The latest JAMB news bulletin also stresses the importance of parental involvement. While offering support is crucial, parents and guardians must strictly adhere to JAMB regulations. Here’s what you can do to help: Review JAMB website: Familiarise yourself with the banned items list and discuss it with your child. Advise against loitering near exam centres: JAMB strictly prohibits parents from being present during the exam. Respect these guidelines to avoid penalties for your child. JAMB latest news on Punctuality The latest JAMB news 2024 also emphasises the importance of punctuality. JAMB has a strict policy regarding latecomers: Candidates arriving 30 minutes after the exam start time will not be allowed to enter the exam hall. Latecomers will be marked absent and will not be allowed to participate in the exam. Final thoughts on latest news for students sitting for JAMB from April 19 to 29 2024 Please follow these guidelines and stay updated with the latest JAMB news 2024 on only verified news platforms like TechCabal or JAMB website.
Read MoreCanal+ increases MultiChoice stake to 40.8%
In February, Canal+’s stake in MultiChoice passed the 35% mark, triggering a law that allowed it to present a mandatory offer to shareholders of the South African broadcaster. While that offer is under consideration, Canal+ has continued to snap up MultiChoice shares on the open market, increasing its stake to 40.8%. Between April 12 and 15, Canal+ bought 3.5 million MultiChoice shares at an average price of R116 per share, lower than the mandatory share offer of R125. It continues an almost three-year move by the French broadcaster, which has 8 million customers in Africa, to take over MultiChoice. A MultiChoice acquisition is perfect for Canal+ but regulatory hurdles loom While South African law mandates any entity with more than a 35% stake in a listed company to make an offer for all outstanding shares, another law limits foreign entities’ voting rights in acquired broadcasting companies to 20%. As both companies continue to work out how to get a deal over the line despite regulatory hurdles, Canal+ is mopping up shares at a significant discount. If the transaction is finalised, Canal+ will likely have to pay less than its $1.9 billion offer. Per law, MultiChoice is not allowed to issue any more shares. How CAF president Patrice Motsepe could impact Canal+’s bid for MultiChoice “The 3 million shares acquired would have cost R30 million more had they been purchased at the offer price, so Canal+ is saving a lot of money,” said Jimmy Moyaha, founder of investment firm Lebowa Capital. According to Moyaha, MultiChoice shares on the open market are fair play until the deal goes through. According to South African law, Canal+ can continue buying MultiChoice shares if they are trading at less than the R125 mandatory offer price. If the share price surpasses the offer price, the French broadcaster would have to up its offer price for all outstanding shares. According to Moyaha, the fact that MultiChoice shares are still trading at a discount to the offer price is a sign that the market is not getting ahead of itself about the takeover deal being concluded. Both companies have announced that they will cooperate to see the deal through, with MultiChoice forming an advisory board and Canal+ reportedly in talks with Patrice Motsepe to join the bid.
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WhatsApp integrates Meta AI to change messaging experience
Meta is making things more interesting in the virtual messaging ecosystem with the introduction of WhatsApp Meta AI, a new feature that integrates artificial intelligence directly into your messaging experience. This innovative chatbot is designed to mimic the capabilities of services like ChatGPT and Gemini, offering a range of exciting possibilities for your chats. What is WhatsApp Meta AI? Think of it as your own personal AI assistant within WhatsApp. Here’s what it can do: Answer your questions in a clear and informative way. Provide summaries of factual topics. Help you brainstorm ideas for projects or writing. Even generate creative text formats! Test running the new WhatsApp chatbot In testing the new AI feature, we asked it a couple of questions and it provided answers in the fashion of models like Gemini and ChatGPT. For example, we asked where it derives information from and it gave us the following answer: We saw a name in its profile that seems to be its nickname just like Alexa and the others. The name is ‘Llama’. Then we called it Llama and asked how it was. It answered angrily: Getting started with Whatsapp Meta AI Accessing and using the new WhatsApp chatbot is easy. Here’s how: Update your WhatsApp to the latest version on Google or Apple Store. (The feature might not be available in all regions yet.) Once updated, you’ll see a dreamy icon on the right-hand side of your WhatsApp chat list as seen below. Click it to get started with chatting with WhatsApp Llama. After that first click and you send your first message to the WhatsApp AI, you will have the chat listed as your regular contact. You can archive and unarchive it too. Also, you can easily access it through the search button at the top of your WhatsApp chats. It now functions as a search engine for your contacts, chats, and a conversation portal with WhatsApp Meta AI. To use it, simply type “Meta AI” followed by your question or request within a chat. Haven’t gotten access to the Meta AI after updating your WhatsApp? Haven’t gotten the update yet on your regular WhatsApp but eager to try it out? Consider joining the WhatsApp Beta program. Beta testers get to play with upcoming features like Whatsapp Meta AI before everyone else. This lets you experience the latest innovations and provide valuable feedback to help shape the future of WhatsApp. The future of chatting with AI Whatsapp Meta AI is a big leap forward in using AI for everyday communication. It can answer questions, summarise information, and even spark creative ideas, making WhatsApp even more useful.
Read MoreeTranzact to adopt HoldCo structure to raise capital for its biggest revenue drivers
NGX-listed eTranzact International Plc will restructure its business and adopt a holding company structure if it secures regulatory approval from the Central Bank. The 21-year-old payments provider, valued at ₦57 billion, will likely use a HoldCo structure to raise capital for its best-performing business units. “It is entirely up to the CBN. We have been ready since 2023,” Niyi Toluwalope, the company’s managing director and CEO, said in an exclusive interview with TechCabal. Holding company structures are not new; at least two African telcos have spun off their mobile money business in the last few years and have raised money for those subsidiaries. “You can also raise money for specific things in specific subsidiaries,” said Toluwalope. “The HoldCo structure will lead to a stronger focus on profitability and possible expansion plans into new markets,” said one fintech expert who asked not to be named. It could also result in increased operating costs for the company. According to its financial report, eTranzact’s primary business is switching and was responsible for 95% of its 2023 revenue. Its other revenue lines are payment solution services, mobile money operations, and value-added services. Further breakdown of its revenue showed that it earned ₦24 billion from mobile airtime sales. Yet the company does not want to be known as an airtime collector. “We aggregate for the telcos because the telcos want to use trusted platforms to sell airtime. It is not a growth product. We do it because we exist. Our growth drivers are switching and merchant acquiring. The future revenue earner is our direct-to-consumer platform,” Toluwalope said. eTranzact has introduced a range of products such as PocketMoni—a fintech app for consumers, Corporate Pay for streamlined salary payments, PayOutlet designed to allow merchants to collect payments from customers of banks in eTranzact’s network, SwitchIT—a transaction processing technology, and Credo—a payment gateway tailored for social commerce. The company claims to process 20 million transactions daily and reported ₦33 billion in revenue in 2023. eTranzact competes with several businesses. In switching, for instance, it competes with fintechs like Zone and bank-backed newcomers like Hydrogen, the payments company of Access Corporation, the holding company of Access Bank. Access Bank is eTranzact’s biggest shareholder. Ultimately, the company will focus on delivering value to shareholders. Last year, eTranzact’s share price was up over 171.4%, and shares were trading at ₦6.25 at the time of this report. But its Holdco ambition could face a roadblock, said one financial services insider. The CBN recently told payment company leaders it would no longer allow them to restructure to holding companies, an industry insider with direct knowledge of the meeting told TechCabal. Based on its success in payments, eTranzact is betting big on mobile money. The thinking is that Nigeria’s unbanked population presents a huge opportunity for market penetration. Only 61.4 million Nigerians have registered Bank Verification Numbers (BVNs) as of April 2024, according to data from the Nigeria Inter-Bank Settlement System (NIBSS). “There is still a large number of people that use cash. When you see how transaction dynamics can change overnight then you understand that it isn’t about mobile money, it is about banking from the unbanked,” said Toluwalope.
Read MoreCardoso downplays concerns over FX reserves amid naira rally
Nigeria’s central bank governor, Olayemi Cardoso, has downplayed claims that the bank is depleting foreign exchange reserves to prop up the naira. Cardoso claimed that the apex bank’s intervention in the FX market is not as costly as speculated. On Tuesday, a Bloomberg report pointed out a worrying reduction of the country’s foreign exchange reserves between March and April. It coincided with the start of weeks of appreciation for the naira, which is now the world’s best-performing currency this month. According to Bloomberg’s analysis, liquid reserves declined 5.6% from March 18, when the naira rebounded from record-low levels against the dollar to $31.7 billion as of April 12. That same article quoted an analyst as saying the CBN was “using its FX reserves to clear the valid backlog and return the naira to a realistic exchange rate.” The central bank governor countered on Wednesday evening that the decline in the reserves isn’t out of place. “There have been little cases at the outset where the Bureau De Change (BDCs) needed tiny amounts of money to get that segment going,” Cardoso said. “Debts were due, and they needed to be paid. Other times, money comes in. We have $600 million that came into the reserves. We want a market that operates on its own—a willing buyer, willing seller and price discovery.” Cardoso did not share specific details about the debts that were due. “The exchange rate gives people hope. We were regarded as the worst-performing currency of any country. Six months later, we have the title of best-performing currency,” said Cardoso. The Central Bank introduced a raft of policies to stabilise the naira. It directed banks to reduce their net open positions. Last month, it cleared a much-discussed FX backlog estimated at $7 billion. Cardoso emphasised the importance of trust and a return to the orthodox policy and highlighted the need for the fiscal side to meet the bank in the middle. “We must have a handshake with the fiscal side.” Inflation figures show the Central Bank still has a lot to do. Food inflation accelerated to 40% in March while headline inflation quickened to 33.2% in March, defying analysts’ estimates of a marginal increase.
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