The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, revealed alarming figures regarding the flow of funds through Binance Nigeria, an online cryptocurrency exchange. According to Cardoso, an estimated $26 billion was transferred through Binance Nigeria within the span of one year, originating from undisclosed sources. Addressing journalists after a committee meeting at the CBN headquarters in Abuja on Tuesday, Cardoso emphasized the need for stringent regulations to fortify the economy. He reiterated the CBN’s stance on clamping down on crypto exchanges, including Binance. The Securities and Exchange Commission (SEC), had declared Binance Nigeria Limited’s operations illegal…
Author: Editor Francis
The House of Representatives Public Accounts Committee has summoned the Governor of the Central Bank of Nigeria, Olayemi Cardoso, to appear before it on March 5, 2024, concerning alleged leakages within the REMITA e-payment platform. Expressing frustration over Cardoso’s previous non-attendance, the committee emphasised the imperative role of Cardoso’s testimony in advancing their investigation into revenue leakages linked to REMITA. The committee, in a letter signed by its chairman, Bamidele Salam, highlighted its authority to summon individuals and the consequences of non-compliance, including the issuance of a warrant of arrest. The letter urged Cardoso to seize this final opportunity to…
In a significant move aimed at tightening monetary policy, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has announced a substantial increase in the benchmark interest rate by 400 basis points to a historic high of 22.75%. . The decision was unveiled by CBN Governor Olayemi Cardoso during the first MPC meeting of the year held in Abuja. Following a two-day session, Cardoso revealed that the committee unanimously voted to adjust the asymmetric corridor around the Monetary Policy Rate (MPR) to +100 to -700 basis points, up from the previous range of plus 100 to -300…
The Central Bank of Nigeria (CBN), has announced its decision to resume the sale of foreign exchange to eligible Bureau De Change (BDC), operators across the country. This move, revealed in a circular issued by the Director of the Trade and Exchange Department, Hassan Mahmud, aims to address distortions in the retail segment of Nigeria’s foreign exchange market and narrow the gap in exchange rates. After more than two years since the suspension by former CBN Governor Godwin Emefiele, the apex bank has reintroduced the allocation of $20,000 to each eligible BDC operator. The exchange rate for this allocation is…
In response to South Korea’s alarming low birth rate, Ssangbangwool, an underwear company, announced on Thursday its initiative to offer substantial financial incentives to its employees for having children. The company revealed plans to provide a $22,400 bonus for the birth of the first and second child, and a $30,000 bonus for the third child, as reported by The Korea Herald. A spokesperson for Ssangbangwool emphasized the societal importance of addressing the low birth rate, expressing the company’s commitment to actively contribute towards increasing the fertility rate in the country. This announcement follows a similar move by Booyoung Group, a…
Amidst widespread social media hoaxes falsely proclaiming the imminent shutdown of Gmail, Google has stepped forward to reassure users that the popular email service is not ceasing operations. The viral post, garnering over seven million views, erroneously claimed that Gmail would be closing in August. Google swiftly debunked this rumour on the same platform, emphasising the continued availability of Gmail to its vast user base. Experts caution against the perils of misinformation, using this incident as a poignant example. Richard Bagnall of Carma underscores the necessity for enhanced tools to verify facts online, highlighting the challenges posed by the proliferation…
The Federal Government has announced plans to extend social security payments to graduates holding qualifications from the National Certificate in Education (NCE) and above. Following the Federal Executive Council meeting on Monday, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed that this initiative aims to provide stipends to unemployed Nigerian youths. “In response to the current challenges posed by heightened food prices, the President is committed to assisting the poorest by implementing a Social Security unemployment program. This program will specifically target unemployed graduates and youth, as well as the wider society,” stated the Minister. Furthermore,…
In a recent interview on Channels Television’s ‘Politics Today’, the Deputy Speaker of the House of Representatives, Benjamin Kalu, addressed the ongoing debate surrounding federal lawmakers’ salaries. Kalu emphasised that the current salaries are insufficient to adequately fulfil their duties to their constituents. He clarified that while the salary itself may not be as substantial as perceived, the allowances are crucial for carrying out the responsibilities assigned by the electorate. Kalu underscored that allowances are strictly monitored and mismanagement could lead to sanctions upon retirement. Regarding calls for a 50% salary reduction, Kalu argued that such a measure would not…
President Joe Biden is slated to embark on a visit to the US-Mexico border this Thursday, setting the stage for a split-screen moment with his 2024 rival, former President Donald Trump. Trump, who has made Biden’s handling of illegal immigration a focal point of his reelection campaign, is expected to deliver remarks at Eagle Pass on the same day. CNN reports that during his visit, Biden plans to engage with US Border Patrol agents, law enforcement officials, and local leaders in Brownsville to address the pressing need for a comprehensive border agreement. The geographical distance between Brownsville and Eagle Pass,…
The Nigerian Customs Service has announced a temporary halt to the sale of seized food items across all commands nationwide following a tragic stampede at the NCS Old Zonal Headquarters in Yaba, Lagos State, last Friday. In a press statement released on Monday, the agency’s spokesperson, Abdullahi Maiwa, conveyed the decision to suspend sales as a precautionary measure in light of the incident. The Customs had initially planned to sell seized food items on February 20, 2024, as part of efforts to alleviate hardship and reduce the cost of living in the country. The first sale took place at the…
In a bid to address Nigeria’s persistent economic challenges, the Trade Union Congress (TUC) has put forward recommendations to President Bola Ahmed Tinubu’s administration. During a press conference held in Abuja on Monday, TUC President Festus Osifo emphasized the urgent need for action to alleviate the country’s widespread suffering. Osifo expressed deep concern over the unprecedented levels of hardship facing Nigerians, surpassing even the difficulties experienced during past military regimes. He attributed these challenges to the government’s inadequate support for locally produced goods and services, coupled with a dearth of competent leadership. Highlighting the gravity of the situation, Osifo urged…
At the Munich Security Conference, Google’s CEO Sundar Pichai voiced optimism about the potential of artificial intelligence (AI), in fortifying global defenses against cyber threats. Despite prevailing concerns over AI’s misuse, Pichai contended that these tools could expedite the identification and mitigation of hostile cyber activities for governments and corporations alike. With cyberattacks escalating in frequency and sophistication, Pichai underscored their detrimental impact on economies, citing estimates of $8 trillion in damages in 2023, projected to soar to $10.5 trillion by 2025. Though reports, including one from Britain’s National Cyber Security Centre, caution that AI might exacerbate cyber risks by…