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The Central Bank of (CBN) on Thursday issued regulatory guidelines for the operation of Indirect Participants in the Payments System, with effect from Nov. 11.

The apex bank made this known in a circular issued by CBN’s Director, Payments System Management Department, Mr Sam Okojere, to banks.

The Indirect Participants are payments service providers who are non-clearing financial institutions but settle their payments obligations through clearing banks.

According to the guideline, to qualify as an indirect participant, an institution shall: have a satisfactory risk-based rating from the CBN and secure a letter of recommendation from its direct participating bank, signed by the Chief Risk Officer and an Executive Director of the direct participating bank.

The bank also directed that an indirect participant expected to settle all its payments obligations through only one direct participating bank per payment scheme at any given time.

“The relationship between a direct participating bank and an indirect participant shall be governed by a Settlement Agreement.

“Where the account of an indirect participant with a direct participating bank is not adequately funded, the direct participating bank may decline further settlement services to the indirect participant and inform the payment processor accordingly.

“Except as otherwise agreed, a direct participating bank or an indirect participant shall give at least thirty 30 days’ notice to the other party before terminating the Settlement
Agreement for any other reason apart from the circumstances in 3.4.

“The terminating party shall notify the Payments Service Provider (PSP) of its intention to terminate.

“A direct participating bank and an indirect participating bank shall enter into a bilateral agreement to guide the relationship.

“Where an indirect participant connects directly to a PSP for transaction processing, the indirect participant, direct participating bank, and the PSP shall enter into a tripartite agreement”, the bank directed.

It also directed that indirect participants must process their e-reference instruments through the direct participating bank or directly, through the Nigeria Inter-Bank Settlement System (NIBSS).

“In the latter option, NIBSS shall indicate the source, (bank, indirect participant)
of the e-reference requests.

“The receiving bank shall not discriminate between e-references originating from banks and indirect participants.

“An indirect participant shall comply with the applicable provisions of the Nigeria Bankers’ Clearing System Rules (NBCS)”.

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Abass Sulaiman Adegoke, well known as Adegoke is a student of Federal Polytechnic Ede studying Civil Engineering, He is a media enthusiast, loves traveling, and has a special interest in personal development.

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Business

War: US, China sign first deal

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War: US, China sign first deal 20200117 020314

The U.S. and China signed a so-called ‘Phase One’ deal on Wednesday, thus putting on hold a trade war between the two economic giants but leaves in place massive tariffs on Beijing’s goods, while also sidestepping some of the thorniest issues.

The trade war has roiled world markets and slowed global growth over the past two years.

The approximately 90-page deal includes Chinese promises to buy some 200 billion dollars’ worth of U.S. products over two years and implement stronger rules on intellectual property, NAN reports

It also established a dispute resolution mechanism, which is meant to ensure the deal is enforceable, and provides further access to the Chinese market for U.S. financial service providers.

The U.S. said that if the sides could reach a more expansive Phase Two deal, Washington would roll back tariffs on hundreds of billions of dollars of Chinese imports.

The first phase leaves in place Washington’s tariffs on 370 billion dollars’ worth of Chinese imports, while reducing the tariff rate on some of those goods from 15 to 7.5 per cent.

Still, President Donald Trump hailed the “historic” agreement at a lengthy White House signing ceremony.

“Keeping these two giant and powerful nations together in harmony is so important for the world.

“The world is watching today.

“Together, we are righting the wrongs of the past,” Trump said, while stressing that he viewed the remaining tariffs as a negotiating tool.

China will buy 40 billion dollars in U.S. agriculture products “in line with market terms,” Chinese Vice Premier Liu He said at the ceremony, while noting that demand would also be a factor.

Trump has made closing the large trade deficit between the U.S. and China one of the goals of his administration.

He also has sought an end to abuses of U.S. intellectual property rights by Chinese companies along with forced technology transfers.

“We are not likely to see in this agreement any provisions addressing the key structural problems with China,” Jennifer Hillman, a trade expert at the New York-based Council on Foreign Relations, warned ahead of the ceremony.

Hillman cited Beijing’s use of subsidies to “prop up” companies that flood markets with goods and drive down prices among the practices.

Chinese President Xi Jinping, who did not attend the event in Washington, praised the deal, in a letter read out by Liu.

“In the next step the two sides need to implement the agreement in real earnest and optimize its positive impact,” Xi said.

“In that spirit, I hope the U.S. side will treat fairly Chinese companies and their regular trade and investment activities,” the letter added.

Senate Democratic leader Chuck Schumer said on Wednesday, “(The deal) is an extreme disappointment to me and to millions and millions of Americans who want to see us make China play fair.”

Chinese observers also feel like the deal, while halting a trade conflict that was spiralling out of control, may fail to serve China’s national interests.

Beijing might also find it hard to purchase the set amounts of U.S. agricultural, energy, and manufactured goods outlined in the agreement without alienating other countries, said Shi Yinhong, a professor of international relations at Renmin University.

“I think China has made a lot of concessions, and the implementation of the first phase of the agreement poses a considerable challenge,” he said.

Other countries have raised objections to the deal, saying it would force China to adopt a system of “managed trade” to the detriment of other nations, according to Joerg Wuttke, president of the European Chamber of Commerce in China.

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Business

What Nigeria must do to stop extreme poverty – World Bank

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What Nigeria must do to stop extreme poverty – World Bank worldbank

The World Bank latest economic analysis for says increasing productivity will be vital to support robust growth and job creation and to keep millions from falling into extreme poverty.

In its latest publication on Africa’s largest nation titled “The Nigeria Economic Update, Jumpstarting Inclusive Growth: Unlocking the Productive Potential of Nigeria’s People and Resource Endowments”, the institution listed priority to include increased policy transparency and improved access to finance.

The report recommended areas where reforms can contribute to economic growth and expand the job market, such as in trade, education and the digital economy.

“Without robust productivity growth, the report warns that living standards will continue to deteriorate, and the number of people living in poverty will continue to rise, increasing by more than 30 million by 2030”, it said.

Marco Hernandez, World Bank Lead Economist for Nigeria, and co-author of the report said: “Nigeria’s population is expected to grow by as much as 35 million in the next decade.

“Unless the pace of growth and job creation accelerates, the country will account for a quarter of all people living in extreme poverty worldwide.

“Creating new opportunities for this rapidly increasing labor force will require a new economic model based on productivity growth.”

The update analyzes the evolution of productivity in Nigeria and identifies the policies and institutions which can help accelerate Nigeria’s economic expansion and create new job opportunities.

It further outlined four priority areas that would lay the foundation for Nigeria’s transition to a new economic model.

World Bank urged the Nigerian government to: “Ensure policy transparency and predictability, which will be critical to reduce investment risk and promote growth outside the extractive industry;

“Enhance factor quality by investing in infrastructure, strengthening land tenure security, improving educational outcomes, liberalizing the trade regime and enhancing trade and transport facilitation to help develop value chains and facilitate the efficient reallocation of factors of production, making Nigeria more cost-competitive;

“Reduce regulatory discretion to help attract foreign and domestic investment to the non-oil sector, encourage competition, and promote formalization;

“Improve access to finance, which could enable new firms to compete with incumbents and allow more productive firms to scale up their operations.

Additionally, the report recommends building momentum for reforms, which are essential to mitigate risks and promote faster, more inclusive and sustainable growth that improves living standards and reduces poverty.

Select reform areas include: “Leverage trade integration to harness the benefits of the Africa Continental Free Trade Area;

“Improve basic education financing to improve human capital outcomes;

“Monitor the impact of conflict on the welfare of households to protect poor and vulnerable people;

“Leverage digital technologies to diversify the economy and create jobs for young workers.”

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