Naira In Circulation Increases By 0.3 Percent To N2.159 Trillion

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At N2.159 trillion, currency-in-circulation, on a month-on-month basis, increased by 0.3 per cent at the end of April 2019, the Central Bank of Nigeria (CBN) revealed in its economic report for May 2019.

This was in contrast to the respective decline of 3.9 per cent and four per cent at the end of the preceding month and the end of the corresponding period of 2018.

The development relative to the preceding month, according to the central bank, reflected the increase in demand deposit component.

The report showed that deposits of the federal government, banks and the private sector with the CBN, on a month-on-month basis, rose, relative to the level at the end of the preceding month.

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Overall, the aggregate deposit at the CBN increased by 12.8 per cent to N15.746 trillion at the end of April 2019, the report showed.

“Of the total deposits at the CBN, the shares of the federal government, banks and the private sector were 42.4 per cent, 36.8 per cent and 20.8 per cent, it added.

Also, under the CBN’s Commercial Agriculture Credit Scheme, as at May 20, 2019, 21 projects repaid the sum of N2.63 billion in respect of one project as full repayment and 20 projects as steady repayments.

The repayment of N2.63 billion took the cumulative repayment under CACS from inception in 2009 to N347.69 billion.

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Analysis of a number of projects financed under CACS by value chain indicated that out of the 588 CACS-sponsored projects; production accounted for 61.1 per cent and dominated the activities funded, while processing accounted for 28.1 per cent.

“These were followed by storage, input supplies and marketing which accounted for 4.8 per cent, 3.4 per cent and 2.7 per cent, respectively.

“The Agricultural Credit Guarantee Scheme (ACGS) guaranteed a total of N259.1 million to 1,397 farmers in May 2019. The amount represented a decrease of 24.4 per cent and 2.7 per cent below the levels in the preceding month and the corresponding period of 2018, respectively.

“Sub-sectoral analysis showed that food crops got the largest share, amounting to N136.0 million (52.5%) guaranteed to 860 beneficiaries, followed by livestock, N44.9 million (17.3%) guaranteed to 171 beneficiaries.

Read Also:  Adequate External Buffer Now In Place: Reserves Increased by US$3.82bn in Dec 2017 to US$38.77b
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“The sum of N41.8 million (16.1%) was guaranteed to cash crops sub-sector, in favour of 226 beneficiaries. Fisheries, ‘others’ and Mixed crops received N22.8 million (8.8%), N10.9 million (4.2%) and N2.8 million (1.1%), guaranteed to 77, 45 and 18 beneficiaries, respectively,” the report showed.

Analysis by State showed that 22 states and the Federal Capital Territory benefited from the scheme in May 2019, with the highest and lowest sums of N34.6 million (13.4%) and N0.1 million (0.04%) guaranteed to Ogun and Delta states, respectively.

The report indicated that the Bank continued to intervene in the foreign exchange market to further sustain the improved liquidity and relative stability in the market.

Thus, a cumulative sum of US$2.04 billion was sold by the Bank to authorised dealers in May 2019, compared with US$2.43 billion supplied in April 2019. This indicated a decline of 16.1 per cent and 42.4 per cent below the levels in the preceding month and the corresponding period of 2018, respectively.

Interbank sales fell by 10 per cent to US$0.09 billion, compared with the level in the preceding month. However, BDC sales rose by 6.3 per cent to $1.05 billion in the review month, while swaps transaction remained unchanged at the preceding month’s level of $0.01 billion

In the review month, the report showed that the average exchange rate of the naira to the US-dollar, at the inter-bank segment, was N306.95/$, representing an appreciation of 0.003 per cent and 0.4 per cent, compared with the levels in the preceding month and the corresponding period of 2018, respectively. The average rate at the BDC segment, at N360/$, depreciated by 0.3 per cent, relative to the level at the end of the preceding month, but appreciated by 0.7 per cent, relative to the level at the end of the corresponding period of 2018.

At the Investors and Exporters’ (I&E) window, the average exchange rate of the naira vis-à-vis the US dollar, at N360.74/$, appreciated by 0.01 per cent and 0.06 per cent above the levels in the preceding month and the corresponding period of 2018, respectively.

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Naira In Circulation Increases By 0.3 Percent To N2.159 Trillion - Brand Spur

Emerging Stronger with Adaptable HR: Alight Solutions’ State of HR Transformation...

SINGAPORE - Media OutReach - 12 May 2021 - After releasing three insightful editions, we are delighted to bring to you the fourth edition of the Alight Solutions' State of HR Transformation Study in partnership with People Matters.


Naira In Circulation Increases By 0.3 Percent To N2.159 Trillion - Brand Spur


The study, which was launched during the People Matters TechHR SEA, is themed around Emerging Stronger and sheds light on how some organisations are ahead of the curve in emerging stronger. A key finding was the positive sentiment that organisations in Asia have for the coming 12 months. Amongst them, adaptable organisations have reported that they are 1.5 times more likely to see positive growth in revenues and profits. The HR function has certainly proved its mettle in this case and shown how well it can manage disruption and guide organisations to emerge stronger.

Last year, Alight brought forward the construct of Adaptable HR as a guide to navigating the increasingly uncertain business and talent landscape in the midst of the biggest crisis faced. Exploring the anchors of adaptability in HR functions, Alight has consistently observed that HR Operating Model (interchangeably referred to as HR Service Delivery or Business Model) plays an important role in driving confidence on execution and productivity. When complemented with the right HR technology strategy, the results are amplified further.

Talking about this year's study, Vikrant Khanna (Sr. Director and Advisory Lead at Alight Solutions), exclaimed, "We are delighted to see how Adaptable HR function led organisations are recovering from the impact of the pandemic. While there is still quite a bit of uncertainty in the environment, the construct of Adaptable HR acts as a lighthouse for organisations to emerge stronger."

This year, as we continue to face new challenges and uncertainties posed by the pandemic, Alight found that organisations with Adaptable HR are emerging stronger to:


Naira In Circulation Increases By 0.3 Percent To N2.159 Trillion - Brand Spur


Lead in being digital: Adaptable HR report twenty times the NPS on technology satisfaction as compared to market averages. This is due to the digital success enabled by leveraging HR Technology to complement the HR Operating Model. In addition, 50% of Adaptable HR have advanced along their adoption journey of robotics and cognitive technologies to drive efficiencies and improved experience for employees.

Enable shifts in the way we work: Adaptable HR functions are three times more likely to be proactive in driving institutional change, new ways of working, and adoption of work technologies. In fact, Adaptable HR functions report the use of up to 5 forms of work technologies. Factors that enabled quick adoption include investment priorities and the right efforts in helping adoption through investments in manager/ leader enablement.

Reimagine HR: Adaptable HR functions are three times more likely to succeed in delivering closer partnership with the business through their operating model and capabilities. The specific capabilities demanded in Adaptable HR functions are what sets them apart and enables the organisation to be agile by design.

Shape and deliver value: Adaptable HR functions are almost three times more confident in their HR strategy and execution. This foundation and investment priorities enables them to be better equipped to address complexities and more proactive in responding to changes.

Read Also:  Adequate External Buffer Now In Place: Reserves Increased by US$3.82bn in Dec 2017 to US$38.77b

Naira In Circulation Increases By 0.3 Percent To N2.159 Trillion - Brand Spur


The world of work too has undergone drastic transformation in these times. Adaptable HR functions have proven that HR is truly at the forefront of shaping and delivering value to stakeholders, enabling us to adopt new ways of working, and enable digital success. Throughout this report, observations were shared in terms of how Adaptable HR organisations have paved ways for new co-creations and solutions for people and organisations to emerge stronger.

It is an accumulation of all individual behaviour changes and the larger organisation change which leads to business success. It is no surprise that organisations with Adaptable HR functions are 1.5 times more likely to have favourable growth in revenues and profit before tax in the coming 12 months.

Shaswat Kumar (Vice President and Asia Leader, Alight Solutions) shares, "This year's findings demonstrate that Adaptable HR function led organisations are likely to succeed in their change agenda. This will enable organisations, not only to compete better, but also to deliver the right value to its constituents and shareholders."

Certainly, the future belongs to organisations that are able to continue their journey of Adaptable HR, lead transformation and emerge stronger!

The State of HR Transformation 2021, is the fourth edition of the Alight Solutions' flagship study on this subject. The study data was captured between Jan 2021 and Apr 2021 through an online survey. The insights combine data captured via a survey that saw participation from over 1,700 respondents (which were filtered down to 1,022 based on completeness and accuracy of responses), and observations of Alight Solutions in the space of HR Transformation.


About Alight Solutions

With an unwavering belief that a company's success starts with its people, Alight Solutions is a leading cloud-based provider of integrated digital human capital and business solutions. Leveraging proprietary AI and data analytics, Alight optimises business process as a service (BPaaS) to deliver superior outcomes for employees and employers across a comprehensive portfolio of services. Alight allows employees to enrich their health, wealth and work while enabling global organisations to achieve a high-performance culture. Alight's 15,000 dedicated colleagues serve more than 30 million employees and family members.


We deliver next level transformation at alight.com


Click here to download the exclusive report now. Let's emerge stronger together!

Naira In Circulation Increases By 0.3 Percent To N2.159 Trillion - Brand Spur
- Advertisement -
spot_imgspot_img

Latest News

Emerging Stronger with Adaptable HR: Alight Solutions’ State of HR Transformation Study 2021

SINGAPORE - Media OutReach - 12 May 2021 - After releasing three insightful editions, we are delighted to bring to you the fourth edition of the Alight Solutions' State of HR Transformation Study in partnership with People Matters.


Naira In Circulation Increases By 0.3 Percent To N2.159 Trillion - Brand Spur


The study, which was launched during the People Matters TechHR SEA, is themed around Emerging Stronger and sheds light on how some organisations are ahead of the curve in emerging stronger. A key finding was the positive sentiment that organisations in Asia have for the coming 12 months. Amongst them, adaptable organisations have reported that they are 1.5 times more likely to see positive growth in revenues and profits. The HR function has certainly proved its mettle in this case and shown how well it can manage disruption and guide organisations to emerge stronger.

Last year, Alight brought forward the construct of Adaptable HR as a guide to navigating the increasingly uncertain business and talent landscape in the midst of the biggest crisis faced. Exploring the anchors of adaptability in HR functions, Alight has consistently observed that HR Operating Model (interchangeably referred to as HR Service Delivery or Business Model) plays an important role in driving confidence on execution and productivity. When complemented with the right HR technology strategy, the results are amplified further.

Talking about this year's study, Vikrant Khanna (Sr. Director and Advisory Lead at Alight Solutions), exclaimed, "We are delighted to see how Adaptable HR function led organisations are recovering from the impact of the pandemic. While there is still quite a bit of uncertainty in the environment, the construct of Adaptable HR acts as a lighthouse for organisations to emerge stronger."

This year, as we continue to face new challenges and uncertainties posed by the pandemic, Alight found that organisations with Adaptable HR are emerging stronger to:


Naira In Circulation Increases By 0.3 Percent To N2.159 Trillion - Brand Spur


Lead in being digital: Adaptable HR report twenty times the NPS on technology satisfaction as compared to market averages. This is due to the digital success enabled by leveraging HR Technology to complement the HR Operating Model. In addition, 50% of Adaptable HR have advanced along their adoption journey of robotics and cognitive technologies to drive efficiencies and improved experience for employees.

Enable shifts in the way we work: Adaptable HR functions are three times more likely to be proactive in driving institutional change, new ways of working, and adoption of work technologies. In fact, Adaptable HR functions report the use of up to 5 forms of work technologies. Factors that enabled quick adoption include investment priorities and the right efforts in helping adoption through investments in manager/ leader enablement.

Reimagine HR: Adaptable HR functions are three times more likely to succeed in delivering closer partnership with the business through their operating model and capabilities. The specific capabilities demanded in Adaptable HR functions are what sets them apart and enables the organisation to be agile by design.

Shape and deliver value: Adaptable HR functions are almost three times more confident in their HR strategy and execution. This foundation and investment priorities enables them to be better equipped to address complexities and more proactive in responding to changes.

Naira In Circulation Increases By 0.3 Percent To N2.159 Trillion - Brand Spur


The world of work too has undergone drastic transformation in these times. Adaptable HR functions have proven that HR is truly at the forefront of shaping and delivering value to stakeholders, enabling us to adopt new ways of working, and enable digital success. Throughout this report, observations were shared in terms of how Adaptable HR organisations have paved ways for new co-creations and solutions for people and organisations to emerge stronger.

It is an accumulation of all individual behaviour changes and the larger organisation change which leads to business success. It is no surprise that organisations with Adaptable HR functions are 1.5 times more likely to have favourable growth in revenues and profit before tax in the coming 12 months.

Shaswat Kumar (Vice President and Asia Leader, Alight Solutions) shares, "This year's findings demonstrate that Adaptable HR function led organisations are likely to succeed in their change agenda. This will enable organisations, not only to compete better, but also to deliver the right value to its constituents and shareholders."

Certainly, the future belongs to organisations that are able to continue their journey of Adaptable HR, lead transformation and emerge stronger!

The State of HR Transformation 2021, is the fourth edition of the Alight Solutions' flagship study on this subject. The study data was captured between Jan 2021 and Apr 2021 through an online survey. The insights combine data captured via a survey that saw participation from over 1,700 respondents (which were filtered down to 1,022 based on completeness and accuracy of responses), and observations of Alight Solutions in the space of HR Transformation.


About Alight Solutions

With an unwavering belief that a company's success starts with its people, Alight Solutions is a leading cloud-based provider of integrated digital human capital and business solutions. Leveraging proprietary AI and data analytics, Alight optimises business process as a service (BPaaS) to deliver superior outcomes for employees and employers across a comprehensive portfolio of services. Alight allows employees to enrich their health, wealth and work while enabling global organisations to achieve a high-performance culture. Alight's 15,000 dedicated colleagues serve more than 30 million employees and family members.


We deliver next level transformation at alight.com


Click here to download the exclusive report now. Let's emerge stronger together!

Naira In Circulation Increases By 0.3 Percent To N2.159 Trillion - Brand Spur
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