The denial by Nigerian central bank governor Godwin Emefiele that he is planning to end the access of foreigners to open market operation bills (OMOs) has left analysts unconvinced.
The central bank has struggled with the costs of having to sell the debt to stabilise the currency.
Bloomberg on March 2 reported director of monetary policy Hassan Mahmud as saying that sales to non-residents would be phased out once current obligations are redeemed.
Emefiele responded by saying that foreigners will not be barred from participating in OMO auctions.
The OMOs have been a profitable kind of carry trade from foreign investors able to access cheap money in dollars or euros and then use it to buy high-yielding debt.
Nume Ekeghe
As businesses in the country grapple with the economic uncertainty occasioned by the Covid-19 pandemic, Sigma Pensions has advised investors not to panic.
The organisation also stressed the need for investor education in order to ensure a diversified portfolio.
The Chief Investment Officer, Sigma Pensions, Mr. Pabina Yinkere, gave the advice while speaking at a webinar titled: “Big Future, Little Steps: The Power of Diversification,” organised by the firm yesterday.
According to Sigma Pensions, the webinar was organised with the aim of educating attendees on skills/actionable advice from professionals on personal finance diversification, choosing investment instruments and pension fund diversification.
Sigma Pensions counsel investors dailytrust.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailytrust.com Daily Mail and Mail on Sunday newspapers.
William Blake, the 18
th century, English poet, and painter, as a young fourteen-year-old did something rather strange for his time. His father had planned to make him serve as an apprentice to a famous engraver, William Ryland who was required to train and develop his talents. Blake junior refused, telling his father that; “I don’t like the man’s face, he looks like he will live to be hanged”. Ryland was famous and well respected at the time and Blake junior’s outburst was incredibly irrational for his time. His father unusually indulged him and sent him off to learn under James Basire a less known engraver. Ryland eventually committed forgery and was hanged. Blakes irrationality earned him legendary status for this outcome. As with Blake, irrationality sometimes leads to interesting outcomes.
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Sigma Pensions has urged youths to start early financial future plans by setting their retirement goals and vigilantly saving towards it.
In a statement titled ‘Sigma Pensions harps on setting retirements goals among youths’, it said this was part of its responsible practice of continually supporting youths through its various financial literacy initiatives.
The Head Risk Management, Sigma Pensions, Ms Paula Benedict, said this during a collaborative webinar organised by Sigma Pensions and Junior Achievement Nigeria youth webinar, which had over 100 youths in attendance.
The statement said the webinar was a financial literacy initiative for youths themed ‘Break free’, which also featured the Founder of Twelve Vest, Mrs Tomie Balogun; and the Head, Business Development, Piggyvest, Mr Ayo Akinola, who spoke on the opportunities in the country, goal setting, savings and adopting technology to aid savings.