International Monetary Fund (IMF) has reported that Nigeria’s local currency, the naira, is beginning to show signs of stability, largely due to recent interest rate hikes and the clearing of foreign exchange (FX) backlogs by the Central Bank of Nigeria (CBN).

This observation was highlighted in the IMF’s global financial stability report, unveiled during a press briefing in Washington DC.

IMF noted that the CBN’s actions, particularly the settlement of verified FX obligations, have contributed to stabilizing the naira.

On March 20, the CBN announced it had successfully cleared all verified FX obligations, though an unverified amount of $2.4 billion remains under investigation.

The IMF praised these efforts, stating, “Rate hikes and the clearing of overdue domestic central bank foreign exchange obligations have helped the naira show more signs of stability.”

The naira’s improved stability comes at a time of ongoing debate regarding some of the CBN’s monetary policies.

Since Olayemi Cardoso assumed office as governor, the CBN has raised interest rates multiple times to combat rising inflation, which currently hovers around 30 percent.

In the most recent hike on September 24, the CBN’s Monetary Policy Committee increased the interest rate by 50 basis points, pushing it to 27.25 percent.

The decision faced criticism from stakeholders such as the Manufacturers Association of Nigeria (MAN) and the Lagos Chamber of Commerce and Industry (LCCI). Both groups expressed concerns about the policy’s potential negative impact on business growth and the manufacturing sector.

Despite the pushback, Tobias Adrian, the IMF’s financial counsellor, commended the CBN’s efforts to transition to an inflation-targeting regime and liberalize the exchange rate.

“The rate hikes implemented so far have been appropriate, especially given the challenges posed by high inflation,” Adrian said.

Though the World Bank recently described the naira as one of the worst-performing currencies in sub-Saharan Africa in 2024, the currency has shown signs of stabilization over the past month.

It has been trading between N1,700 and N1,600 per dollar in the parallel market and N1,500 to N1,600 in the official window.

As global demand grows for sustainable living, energy efficiency, and minimalist design, companies are reshaping their product offerings to stay competitive and meet consumer expectations.

At the forefront of this shift in the home appliance market is LG Electronics with its cutting-edge WashTower – a high-performance, space-saving laundry solution designed for today’s urban households.

Boasting advanced features, large capacities, and innovative technology, the WashTower is more than just a washer-dryer combo – it’s a game changer for those seeking efficiency, smart connectivity, and excellent cleaning performance.

Ideal for compact spaces, the LG WashTower’s slim, vertical design fits seamlessly into small laundry rooms or closets without sacrificing performance. Standing at 1655mm tall and 600mm wide, it offers ample capacity—13kg in the washer and 10kg in the dryer – perfect for large loads like bedding or towels, all while saving valuable floor space.

The 2024 LG WashTower™ is a revolutionary solution that aligns perfectly with Nigeria’s vision for modern, sustainable living,” said Oktae Kim, Product Director, Home Appliance Division, LG Electronics Nigeria. “Its space-saving design and advanced features cater to the unique needs of our customers in the country, setting a new benchmark for laundry care.”

Unlike traditional stacked units with controls in hard-to-reach places, the LG WashTower™ introduces an all-in-one control panel designed to simplify laundry care. With the TurboWash 360, DUAL Inverter Heat Pump™ Dryer, Auto Cleaning Condenser, and LG ThinQ™ connectivity, the WashTower™ enhances functionality and convenience, meeting the demands of modern, fast-paced lifestyles.

Some of its most impressive features include:

Built-in Intelligence Takes Out the Guesswork

When it comes to doing laundry, one out of two consumers default to the Normal Cycle on their washers and dryers because they simply don’t know which to choose.

LG WashTower takes out the guesswork with built-in intelligence that uses sensors to detect fabric texture and load size, and then automatically selects the right wash motions, temperatures, and more for precision fabric care.

And it gets smarter: WashTower will even learn your preferred settings. Simply activate Smart Learner in the LG ThinQ® app, and it will remember your ideal wash temperature, spin speed, or dry level. With Smart Pairing™, the washer can even tell the dryer the right compatible drying cycle, making LG WashTower the ultimate laundry hack.

Help Remove Allergens in Fabrics

LG washers are the industry’s first to be CERTIFIED asthma & allergy friendly® by the Asthma and Allergy Foundation of America. The Allergens™ wash cycle goes beyond everyday cleaning, using the gentle power of steam to remove common household allergens in fabrics by more than 95 percent.

In addition, LG TurboSteam™ technology in the dryer helps sanitize and refresh clothes in between washes as well as children’s toys, decorative pillows and more.

Exceptional Cleaning and Drying Performance

With steam function in the washer and heat pump in the dryer, the WashTower effectively sanitizes clothes and removes wrinkles, which is a boon for those with allergies or sensitive skin.

Its durable, never-rust stainless steel drum ensures long-lasting reliability, and the absence of an agitator means it’s gentle on delicate fabrics. The dryer starts to preheat before the end of washing, so drying takes less time. With the Dual Inverter Heat Pump™, an energy-saving way to dry, the dual cylinders allow for faster drying and energy saving.

Laundry Made Better – for You and the Planet

Designed with energy efficiency in mind, the LG WashTower includes energy monitoring capabilities, helping consumers save money while helping the planet. ENERGY STAR certified washers and dryers use 25 percent less energy and 33 percent less water than traditional models.

Verdict: A Smart, Stylish Choice

The LG WashTower stands as a top contender in the world of washer-dryer combos, offering a perfect blend of technology, performance, and space-saving design. With no drawbacks, the WashTower’s overall functionality, energy efficiency, and convenience make it a strong choice for families and individuals alike.

If you’re looking for a washer-dryer combo that combines smart technology with stylish design, the LG Wash Tower is a reliable, high-performing option.

The LG WashTower™ strengthens LG’s position as a leading innovator in the home appliance sector. With its cutting-edge technology and user-friendly interface demonstrates LG’s dedication to shaping the future of home appliances. It’s more than just a product – it’s a testament to LG’s vision of bringing convenience, efficiency, and sustainability into every home.

Adebayo Adewolu, the Chief Executive Officer of Trium Limited, delivered key insights at the 2024 International Capital Markets Association (ICMA) FinTech & Digitalisation Forum, held recently in London.

L-R: Andy Hill, Co-Head of Market Practice and Regulatory Policy, International Capital Market Association (ICMA) (Moderator); Adebayo Adewolu, CEO, Trium Limited; Martin Hillebrand, Professor of Quantitative Methods, XU Exponential University of Applied Sciences; Stephane Malrait, Head of Market Structure and Innovation, Financial Markets, ING; Rowan Varrall, Associate Director, Digital Token Identifier Foundation; Emma Lovett, Credit Lead, Markets Distributed Ledger Technology team, J.P. Morgan, at the 2024 ICMA FinTech & Digitalisation Forum in London.

The event, which has become a prominent platform for industry leaders, explored the transformative role of technology in capital markets, bringing together top minds from across the globe to discuss the future of the industry.

Mr Adewolu participated as a panellist in a session titled “Will the new digital world ever fully replace the legacy market?”, where he was joined by experts from J.P. Morgan, ING, XU Exponential University, and the Digital Token Identifier Foundation.

Moderated by Andy Hill, Co-Head of Market Practice and Regulatory Policy at ICMA, the panel explored key themes such as the digital bond ecosystem, the integration of AI and machine learning, and the ongoing role of regulation in fostering technological innovation.

During the discussion, Adewolu offered a forward-looking view on the co–existence of legacy systems and emerging technologies.

He emphasised the opportunity for emerging markets to leapfrog traditional infrastructures, adopting advanced digital solutions more rapidly.

He stressed the opportunity for economic inclusion and democratisation of access to capital markets leveraging digital channels.

His remarks highlighted how technologies such as tokenisation and AI could potentially reshape capital markets by making them more efficient, transparent, and accessible.

“The legacy markets will not disappear overnight, but what we’re seeing is a unique chance for markets, especially in Africa and other emerging regions, to bypass old systems and adopt digital infrastructure faster than more established markets,” Adewolu remarked during the session.

He also stressed the importance of human oversight in a world where automation is increasingly prominent. While AI and machine learning are becoming critical tools in areas such as risk management and trading, Adewolu noted that experienced professionals will continue to play a crucial role in interpreting data and ensuring market integrity.

The forum, which saw participation from leading institutions across the financial sector, also touched on the evolving regulatory environment.

Panellists underscored the need for a balanced approach that allows innovation to flourish while protecting market participants and maintaining investor confidence.

Closing remarks by Georgina Jarratt of ICMA and Emma Lovett of J.P. Morgan echoed the forum’s focus on the need for ongoing dialogue and collaboration as the capital markets sector navigates an era of rapid technological change.

The participation of Adebayo Adewolu at the ICMA FinTech & Digitalisation Forum signals Trium Limited’s commitment to staying at the cutting edge of digitisation initiatives in its markets. With the insights gathered from the forum, Trium is well-positioned to continue driving innovation in the sector.