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Why We Introduced Digitalized Cash Transfer Payments – FG

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The Federal Government said the introduction of digitalized cash transfer payment will help in addressing some lapses while operating the analog payment system.

Minister of Humanitarian Affairs, Disaster Management, and Social Development, Sadiya Umar Farouq, disclosed this at the official flag-off of the grant for vulnerable groups as well as the digitized payment for conditional cash transfer held in Dutse, Jigawa State.

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She explained that part of the program lapses is the use of an analog system of the payment which caused delays in the payment process.

The Minister said the exercise is to create room for a reliable, transparent, and accessible database for seamless disbursement to beneficiaries of the Conditional Cash Transfer.

“It is a POS process of transferring cash grants to beneficiaries to ensure accountability and transparency in the process,” the minister said.

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The minister, however, explained that the Federal Government had also introduced the Grant for Vulnerable Groups program (GVG) to sustain the social inclusion agenda of President Buhari’s Administration.

“It is designed to provide a one-off N20,000 grant to some of the poorest and most vulnerable Nigerians in rural and peri-urban areas in all the 36 States of the Federation to improve their productivity and their commercial activity, all of which will help in easing them out of poverty.

READ ALSO: Nigeria Loses N101bn Worth Of Oil, OPEC Says

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“In Jigawa State is to disburse the grant to 4,537 beneficiaries across the 27 Local Government Areas out of which 70% of the total number of beneficiaries is for women while the remaining 30% is for the youths”

“It is consistent with the national target of lifting 100 million Nigerians out of poverty in 10 years.”

The minister also urged all the beneficiaries to utilize the grant judiciously to address poverty which today is the core developmental challenge.

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Naira Rises In Parallel Market

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The naira today appreciated to N1,545 per dollar in the parallel market from N1,550 per dollar last weekend.
Likewise, the Naira appreciated to N1,528.65 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira fell to N1,528.65 per dollar from N1,532 per dollar last week Friday, indicating N3.35 appreciation for the naira.

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READ ALSO:Naira Abuse: Don’t Condemn Tompolo Over Mere Allegation, Says EFCC Boss

Consequently, the margin between the parallel market and NFEM rate narrowed to N16.35 per dollar from N18 per dollar last weekend.

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SEC Raises Alarm Over Forsman & Bodenforms, Warns Investors

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The Securities and Exchange Commission, SEC, yesterday, has warned the investing public over the activities of Forsman & Bodenforms Limited, saying the firm is not registered to operate in the capital market or to solicit for funds from the public.

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The SEC, disclosed this on its website, stressing that its attention has been drawn to the activities of Forsman & Bodenforms Limited, which has been promoting its services in the social media.

The commission said: “The attention of the Securities and Exchange Commission has been drawn to the activities of Forsman & Bodenfors Ltd also known as F&B, which is paraded by its promoters as the Nigerian Branch of a Swedish advertising company bearing that name with obvious criminal intent. The promoters of this fraudulent Nigerian entity go about promising Nigerians automatic employment in the company as compensation for recruiting more members who are lured to pay various sums of money for various positions in the company.”

READ ALSO:What May Change As Lagos Tenancy Bill Passes Second Reading

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The commission noted that preliminary investigations reveal that Forsman & Bodenfors Ltd has been actively promoted on social media platforms and online forums, adding that its operations exhibit the typical indicators of a fraudulent (Ponzi) scheme.

The Commission hereby informs the public that Forsman & Bodenfors Ltd is not registered by the Commission nor authorized to solicit funds from the public or to operate in any capacity in the Nigerian capital market.

“Accordingly, the public is advised to refrain from engaging with Forsman & Bodenfors Ltd or its representatives in respect of any business in the Nigerian capital market, as the potential risk of losing funds to the fraudulent promoters of the entity is very high.

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“The investing public is further advised to verify the status of companies and entities offering investment opportunities on the Commission’s dedicated portal – http://www.sec.gov.ng/cmos, before transacting with them”.

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Naira Depreciates Against Dollar

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The Naira experienced a slight depreciation on Friday at the official market, trading at N1,528.56 to the dollar.

Data obtained from the website of the Central Bank of Nigeria (CBN) showed that the Naira lost N2.73.

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This represents a 0.17 percent loss compared to the N1,525.82 recorded on Thursday.

READ ALSO:Naira Appreciates At Official Market

The Naira, which opened the week on Monday with a gain of N9.52 against the dollar, held steady gains until Thursday.

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On Wednesday, the local currency gained N3.42 against the dollar and received commendation from the International Monetary Fund (IMF).

The IMF, in its 2025 Article IV Consultation report on Nigeria, commended the CBN for its reforms to the foreign exchange market, which supported price discovery and liquidity.

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