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CBN undergraduates, graduates loan: See who qualifies, how to apply

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The Central Bank of Nigeria (CBN) has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES), which provides undergraduates and graduates with a platform to access loans.

The TIES’ underlying aim is to provide access to capital for Nigerian undergraduates and graduates with innovative entrepreneurial and technological ideas from polytechnics and universities.

TIES intends to shift undergraduates and graduates away from white-collar job pursuits and towards a culture of entrepreneurship development for economic development and job creation.

Who is eligible for TIES loan?

Only those with a Nigerian polytechnic or university degree will be considered. Also, Priority will be given to innovative entrepreneurial activities with high potentials for export, job creation and transformational impact.

The documents listed below will confirm your eligibility.

  • First-degree certificate (BSc/HND/ or it’s equivalent)
  • National Youth Service Certificate (NYSC) discharge or exemption certificate
  • Certificate of Participation issued by polytechnics and universities evidencing entrepreneurship training; and
  • Not more than 7 years post-NYSC.

How undergraduates can apply

Undergraduates would be able to apply for grants through the scheme’s development component.

In a national biennial entrepreneurship competition, the Developmental Component would be distributed in the form of awards to Nigerian polytechnics and universities.

The competition aims to increase undergraduates’ awareness and visibility of high-impact entrepreneurial/technological concepts, foster entrepreneurial talent hunts in Nigerian polytechnics and universities, and encourage commercially viable and transformative technologies.

Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal (https://cbnties.com.ng), outlining brief details of the project, potential impact and evidence of originality of project;

How it works

For the biennial regional and national entrepreneurship competitions, the CBN would choose a Body of Experts (BoE) from the corporate and governmental sectors to assess entrepreneurial and technology innovations submitted by Nigerians.

The BoE will review the submitted applications through engagements that feature undergraduates competing by pitching entrepreneurial and technology innovations at regional levels, with finalists progressing to the national event for final consideration and ranking by the BoE.

The showcasing programs will be shown on channels such as social media and national television stations for four (4) weeks to assist showcase the benefits of entrepreneurship and influence attitudes and social perceptions about it.

On the recommendation of the BoE, the grant will be awarded to the top five (5) entrepreneurial and technological innovations at the national level; and the grant will be disbursed in 55:45 ratio tranches directly to a dedicated account opened for the grant by Nigerian polytechnics and universities, subject to approved milestones.

How graduates can apply

Graduates of Nigerian polytechnics and universities shall be eligible to participate under the Term Loan Component of TIES.

The Term Loan Component consists of two tires for individuals and companies

Tier 1/ Individual projects

The maximum loan amount in this category is N5.0 million, with a 5-year repayment period. The current interest rate on the loan is 5% per year, however, it will increase to 9% on March 1, 2022. In addition, the loan has a maximum 12-month moratorium on principal and interest.

Documentation Collateral Requirements:

The applicant shall apply as a business entity registered with the Corporate Affairs Commission (CAC) and certified true copies (CTC) of relevant forms submitted;

  • Bank Verification Number (BVN);
  • First-degree certificate (BSc/HND or its equivalent);
  • National Youth Service Certificate (NYSC) discharge or exemption certificate; and
  • Certificate of Participation issued by polytechnics and universities evidencing entrepreneurship training.

Collateral Requirements

  • Duly signed Global Standing Instruction (GSI); and
  • Third-party guarantee from a senior federal/state civil or public servant (not below level 10 and not having less than 5 years to retire from service), clergy of note and reputation or recognized traditional ruler.

Tier 2 – Partnership / Company projects

The loan limit for company projects is N25.0 million, with a 5-year term. The loan’s current interest rate is 5% per year, however, it will climb to 9% on March 1, 2022. In addition, the loan has a maximum 12-month principal and interest moratorium.

Documentation Collateral Requirements

The partnership or company shall apply as a registered business with the Corporate Affairs Commission (CAC) and certified true copies (CTC) of relevant forms submitted.

Each member of the partnership or company shall also submit:

  • Bank Verification Number (BVN)
  • First-degree certificate (BSc/HND or its equivalent)
  • National Youth Service Certificate (NYSC) discharge or exemption certificate
  • Certificate of Participation issued by polytechnics and universities evidencing entrepreneurship training.

Collateral Requirements Requirements

  • Duly signed Global Standing Instruction (GSI) by a member of the partnership or company; and
  • Third-party guarantee from a senior federal/state civil or public servant (not below level 10 and not having less than 5 years to retire from service), clergy of note and reputation or recognized traditional ruler.

Award of Grants

Five (5) top Nigerian polytechnics and universities with the best entrepreneurial pitches/ideas shall be awarded as follows:

  • First place – N150.0 million;
  • Second place – N120.0 million;
  • Third place – N100.0 million;
  • Fourth place – N80.0 million; and
  • Fifth place – N50.0 million.

The grants shall be in the following areas:

  1. Agribusiness – production, processing, storage and logistics;
  2. Information technology – application/software development, business process outsourcing, robotics, data management;
  3. Creative industry – entertainment, artwork, publishing, culinary/event management, fashion, photography, beauty/cosmetics;
  4. Science and technology – medical innovation, robotics, ticketing systems, traffic systems, renewable energy, waste management; and
  5. Any other activity as may be determined by the CBN from time to time.

Note that the Scheme shall be operated for a period of 10 years in the first instance (not exceeding 31st December 2031) depending on the complexity of the project.

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Exchange Rate

Dollar to naira exchange rate today 14 January 2022

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dollar to naira exchange rate

FELLOW PRESS reports news on the dollar to naira exchange rate today 14 January 2022.

How much is Dollar to Naira Exchange at CBN Rate?

According to available data from the CBN, US dollar to naira exchange rate bought at ₦413.79 and sold at ₦414.79, making an average of  ₦414.29 for $1 on Thursday January 13.

How Much Is Dollar To Naira Exchange Today At Official Rate?

The official rate today, dollar exchange to naira opened at ₦416.15 on Wednesday January 12, and closed at ₦416.50 on Tuesday January 11. This amount to () per cent increase for naira against dollar.

The CBN adopts the NAFEX rates from FMDQ, signifying that all exchange rate transactions involving the public and the private sector will reference the prevailing NAFEX rate as its official exchange rate.

It is the official security exchange where foreign currencies (FOREX) is traded between naira and dollar and other currencies.

Daily turnover at the forex market stands at ₦172.99m.

How Much Is Dollar To Naira Exchange Today at Bank Rate?

Each commercial banks is at their discretion to fix forex exchange rate. Factors can range from currency availability, demand against the prevailing rate.

See below bank rate of dollar to naira:

GTbank: ₦ 480

Ecobank: ₦ 480

Access Bank: ₦470

UBA: ₦510

Sterling Bank: ₦480

FCMB: ₦480

Fidelity: ₦533

How much is exchange rate of Dollar to Naira in Black Market today?

According to Abuja Parallel Market as available with the Bureau De Change (BDC), US dollar to naira as at Friday January 14, 2022 opened at ₦570 to $1.

Although, the Central Bank of Nigeria (CBN) has warned individuals who need forex to approach commercial banks.

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Business & Economy

Nigeria suspends cooking gas export

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Nigeria will no longer export cooking gas and will channel the procuct 100 percent to domestic market, the Nigeria LNG Limited announced on Thursday.

The board of directors had approved the supply of 100 per cent of the Liquefied Petroleum 3pGas (butane and propane) produced by the company to the Nigerian market.

The NLNG said in a statement that it would prioritise the domestic market for 100 per cent of its butane (cooking gas) production.

The Managing Director and Chief Executive Officer, NLNG, Dr Philip Mshelbila, said the announcement marked the company’s strong commitment to the continued growth of the domestic LPG market and its passion to increase utilisation of one of the most versatile energy sources in the world.

He said, “Committing 100 per cent of our LPG supply is a major milestone in our journey of domestic gas supply. We supplied our first butane cargo into the domestic market in 2007, which helped to develop over the years the LPG industry in Nigeria from less than 50,000 tonnes to over 1 million tonnes market size annually by the end of 2020.

“In 2021, we increased our LPG supply commitment from 350,000 metric tonnes (or 28 million 12.5kg cylinders) to actual delivery of 400,000 metric tonnes (or 32 million 12.5kg cylinders) thereby directing most of our production into the domestic market.

“But this was not enough for NLNG, hence this commitment to do all that we possibly can and supply 100 per cent of our LPG production to the domestic market.”

According to Mshelbila, gas, as the cleanest of the fossil fuels, has become an essential energy source to be reckoned with during this energy transition period.

He said, “Other countries are revolutionising their energy industry to cut down on carbon emissions drastically. Nigeria should not be left out in this drive, considering its abundant gas resources.

“Gas is essential for life and living at the moment, because it can support everything we will need to develop our economy and create better living standards for Nigerians. We need to change the narrative, and NLNG is being pragmatic about it.”

“Nigeria LNG Limited supplied LPG both to the Nigerian and international markets before now. With the decision of the Board of Directors, all of the company’s LPG production will be delivered to the domestic market.”

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Exchange Rate

Dollar to naira exchange rate today 12 January 2022

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dollar to naira exchange rate

FELLOW PRESS reports news on the dollar to naira exchange rate today 12 January 2022.

How much is Dollar to Naira Exchange at CBN Rate?

According to available data from the CBN, US dollar to naira exchange rate bought at ₦413.44 and sold at ₦414.44, making an average of  ₦413.94 for $1 on Tuesday January 11.

How Much Is Dollar To Naira Exchange Today At Official Rate?

The official rate today, dollar exchange to naira opened at ₦416.25 on Monday January 10, and closed at ₦416.00 on Friday January 7. This amount to 0.06 per cent increase for naira against dollar.

The CBN adopts the NAFEX rates from FMDQ, signifying that all exchange rate transactions involving the public and the private sector will reference the prevailing NAFEX rate as its official exchange rate.

It is the official security exchange where foreign currencies (FOREX) is traded between naira and dollar and other currencies.

Current turnover at the forex market stands at ₦104.92m.

How Much Is Dollar To Naira Exchange Today at Bank Rate?

Each commercial banks is at their discretion to fix forex exchange rate. Factors can range from currency availability, demand against the prevailing rate.

See below bank rate of dollar to naira:

GTbank: ₦ 480

Ecobank: ₦ 480

Access Bank: ₦470

UBA: ₦510

Sterling Bank: ₦480

FCMB: ₦480

Fidelity: ₦533

How much is exchange rate of Dollar to Naira in Black Market today?

According to Abuja Parallel Market as available with the Bureau De Change (BDC), US dollar to naira as at Wednesday January 12, 2022 opened at ₦570 to $1.

Although, the Central Bank of Nigeria (CBN) has warned individuals who need forex to approach commercial banks.

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