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Ethiopia earns $835 million in nine months from coffee export

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Ethiopia earns $835 million in nine months from coffee export

An Ethiopian industry institution has revealed that coffee exports have earned the African country over $835 million in revenue over the past nine months.

 

According to the East African, the country exported 174,596 tons of coffee to the international market during the first nine months of the current Ethiopian 2023/24 fiscal year that started on July 8, 2023, the Ethiopian Coffee and Tea Authority (ECTA) said.

 

Ethiopia in this fiscal year has also managed to create new markets outside of its traditional coffee-importing countries, according to Shafi Oumer, ECTA Deputy Director-General.

 

Data from the ECTA revealed that China, the United Arab Emirates and Sudan are becoming top destinations and massive importers of Ethiopian coffee.

 

Ethiopia’s traditional coffee importers include Saudi Arabia, South Korea, the United States, Germany and Japan. They have been the major destinations of Ethiopia’s coffee exports over the years.

 

Ethiopia is globally recognized as the home of Arabica coffee, a distinct strain of coffee found almost exclusively in the country. The country remains Africa’s largest producer and exporter of coffee.

 

Ethiopia’s economy is led by its agricultural sector, and coffee production is the backbone of the agricultural sector in the country.

 

Ethiopia is globally recognized for its production of rich coffee quality and flavor ranging from winy to fruity and chocolatey. The country’s coffee is in great demand across the globe.

 

During the previous fiscal year of 2022/2023, the country earned a whopping $1.3 billion in revenue from exporting about 240,000 tonnes of coffee.

 

The ECTA responsible for coffee’s export revenue, however, noticed a notable drop as compared to the previous fiscal year when the country recorded a record high of $1.4 billion from the export of about 300,000 tons of coffee.

 

Experts in the Ethiopian coffee sector have pinpointed the lack of value addition to Ethiopia’s coffee sector as a major setback that hinders the country from fully benefitting from its rich coffee resources as the country only exports raw coffee beans to the global market.

 

What to know

Ethiopia’s main exports are gold (21 per cent of total exports) and coffee (19 per cent). Others include live animals, oilseeds, flowers, and khat. Ethiopia’s main export partner is Switzerland (21 percent of total exports) mainly for export of gold.

Agriculture remains a critical part of Ethiopia’s economy, accounting for 40 per cent of the gross domestic product (GDP), 80 per cent of exports, and an estimated 75 per cent of the country’s workforce.

Ethiopian coffee is globally renowned for its richness and variety, making it a hot demand in countries like China, Saudi Arabia, South Korea, the United States, Germany, and Japan.

Explainer: Is CBN’s cybersecurity levy 0.5% or 0.005%?

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Explainer: Is CBN’s cybersecurity levy 0.5% or 0.005%?

On May 6, 2024, the Central Bank of Nigeria (CBN) issued a directive for banks and other financial institutions to start deducting a cybersecurity levy, as stated in a circular by the CBN’s directors.

The levy, set at 0.5% of the value of all electronic transactions, was introduced under the newly enacted 2024 Cybercrime (Prohibition, Prevention, etc.) Amendment Act, intended to fund national cybersecurity efforts managed by the Office of the National Security Adviser.

The implementation has confused the public due to a discrepancy in the percentage rate between the former and the new act, sparking discussions on the need for clearer communication and possible revisitation of the legislation.

This was disclosed in a circular to different categories of banks, mobile money operators, payment service providers, and others signed by the apex bank’s Director of Payments Systems Management, Chibuzor Efobi, and Director of Financial Policy and Regulation, Haruna B. Mustafa.

 

According to the circular, the deduction and collection of the cyber security levy is the sequel to the enactment of the 2024 Cybercrime (prohibition, prevention, etc) Amendment Act of 2024, which provides for a 0.5% deduction of the value of all electronic transactions to the National Cyber Security Fund, which would be administered by the office of the NSA.

 

Furthermore, the circular noted that the deduction would be described as Cybersecurity Levy and the relevant financial institutions should begin deduction in two weeks following the secular.

It stated,

“Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and pursuant to the provision of Section 44 (2)(a) of the Act, a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the Second Schedule of the Act, is to be remitted to the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National Security Adviser (ONSA).”

 

“Accordingly, all Banks, Other Financial Institutions and Payments Service Providers are hereby required to implement the above provision of the Act as follows:”

 

“Calculate the levy based on the total electronic transfer origination, then deducted and remitted by the financial institution.”

 

“The deducted amount shall be reflected in the customer’s account with the narration: ‘Cybersecurity Levy’.”

 

Origin of the confusion on the levy

With the announcement of the levy, some Nigerians are wondering whether the rate to be deducted is 0.005% or 0.5%.

 

The confusion is due to the provisions of the repealed Cybercrimes (prohibition, prevention, etc) Act, 2015 as well as a 2018 CBN circular, which stated the rate as 0.005%.

Also, Section 44 (2) (a) of the repealed act noted “a levy of 0.005 of all electronic transactions by the businesses specified in the second schedule of this act”, which is expected to be credited into the “National Cyber Security Fund”.

In a 2018 CBN circular in March 2018, the apex bank said “All banks are hereby directed to comply with the statutory provision for the collection and remittance of the 0.005% levy on all electronic transactions by the businesses specified in the second schedule of the Cybercrime (Prohibition, Prevention, etc.) Act.”

 

However, in a follow-up circular in June 2018, the CBN excluded the % and stated that “the levy shall be 0.005 of the service charge (exclusive of all tax effects) from all electronic financial transactions occurring in a bank, a mobile money scheme or other payment platforms.”

 

What changed?

The 2015 Act is currently being replaced by the Cybercrimes (prohibition, prevention, etc) (Amendment) Act, 2024.

 

In the new act, the provisions of Section 44 of the principal act were amended, nullifying the previous regulation.

 

The new provision states clearly “a levy of 0.5% (0.005) equivalent to a half per cent of all electronic transactions value” to be made by “the business specified in the Second Schedule to this Act.”

 

The amended act did not only state the decimal value of the levy (0.005) like the previous one, but it also introduced the percentage equivalent (0.5%) of the levy. Therefore, the levy is not 0.005% but 0.5%.

 

What they are saying

Speaking with Nairametrics, a legal practitioner based in Abuja, Damilola Victoria Alabi, said:

 

“A cursory look at the introductory paragraph of the CBN memo reveals that the conversation on the imposition of a ‘cybersecurity levy by banks on the instruction of Nigeria’s apex bank’ is not a new conversation.

 

“The conversation dates back to as far as 2018. While there are several issues to unpack as to the legality or otherwise of this imposition, whether the CBN is acting within its statutory mandate and in fact whether the office of the National Security Adviser has now become a ‘revenue generating body’, the major concern for me as a legal practitioner is how ignorant we are about the existence of certain laws and regulations.

 

“If the recent expression of displeasure about the now reintroduced cybersecurity levy had not occurred, most Nigerians may have, in fact. been unaware that the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024 had in fact happened.”

 

She further noted the complications around the exemptions, saying:

 

“Number 2 on the list of exemptions in Appendix 1 of the memo excludes salary payments from the application of this deduction.

 

“How will this be adapted to suit informal sector workers who earn wages and not salaries, especially for a country that has a huge percentage of its populace in the informal sector? Are initiators of electronic transfers now required to tag any money they desire to transfer to which they do not wish to pay the levy as ‘salary payment’?”

 

Meanwhile, the Nigeria Labour Congress (NLC) has opposed the Central Bank of Nigeria (CBN)’s directive for all financial institutions to impose a 0.5% cybersecurity tax on every electronic transaction.

 

In a statement on Tuesday, NLC President, Joe Ajaero, criticized the directive, calling it “an additional burden on hardworking Nigerians.”

 

Ajaero also demanded that the policy be reversed and a new cybersecurity measure that does not impose another financial burden on the Nigerian people be introduced.

 

Also, the Centre for the Promotion of Private Enterprise, (CPPE) criticized the law stating that the newly introduced cybersecurity levy and other numerous taxes imposed by federal, state, and local governments in Nigeria are impeding the capacity of businesses to drive economic growth, leading to job losses and inflation across the country.

 

Optics: The Central Bank of Nigeria’s directive on the new cybersecurity levy highlights an essential update in the country’s financial regulatory framework.

 

Despite the intended clarity in the amended Cybercrime Act, which sets the levy at 0.5% rather than the previously misunderstood 0.005%, confusion persists.

This ongoing uncertainty highlights the need for a comprehensive review of the legislation, ensuring that all stakeholders are clearly informed and the law aligns with both technological advancements and public expectations.

Why Nigerian fintech firms are facing regulatory issues – AFN president

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Why Nigerian fintech firms are facing regulatory issues – AFN president

President of the Africa Fintech Network (AFN), Dr. Segun Aina, has said that some of the regulatory issues facing fintechs in Nigeria are due to the dynamic nature of their technology-enabled business.

 

Speaking in an interview with Nairametrics against the backdrop of the recent clampdown on some fintechs by the Central Bank of Nigeria (CBN), Dr. Aina said governments and regulators globally are struggling to regulate technology because it moves at a very fast pace.

 

While noting that regulations may create impediments for the fintechs at the beginning, he said in the end, it would benefit them and the financial system. He, however, warned against policies that could stifle innovation.

 

Innovation vs regulation

Pointing to the fact that innovation is always ahead of regulation, Dr. Aina said:

 

“One of the fastest and most dynamic sectors today is technology because it continues to change. So, the regulators and governments have to struggle to cope with how to regulate fintech because when you say innovation, these are things that did not exist before.

“Regulation may create some encumbrances for those who are in the business, but eventually it’s going to benefit the system because it will make everyone better at the business.

“What is important is that the policies must be friendly, must recognize that there is a need to innovate, and the policymakers must make sure that they carry along all the stakeholders so that they don’t just come up with a policy that will stifle innovation because that is worse.”

Corporate governance issue

Dr. Aina said fintechs are also having challenges due to corporate governance issues. According to him, because most fintechs are small businesses, they do not have corporate governance structures that could compare to that of a commercial bank.

 

However, he noted that as they grow over time, they will begin to put the right structure in place. He said the first set of Nigerian fintechs that are moving to other markets are putting in place proper corporate governance.

 

The AFN President said the issue of corporate governance has now become a focal point for all fintech stakeholders in Nigeria as that is expected to spark the next stage of fintech growth in the country.

 

The backstory

The CBN recently directed four fintechs – OPay, Palmpay, Moniepoint, and Kuda Bank – to stop onboarding new customers over the suspicion that their platforms are being used by criminal elements to maneuver foreign exchange through crypto trading.

 

Earlier, a court order had been obtained by the Economic and Financial Crimes Commission (EFCC) to freeze at least 1,146 bank accounts belonging to different people and businesses that were allegedly engaged in illicit foreign exchange dealings.

 

Some of the fintechs have argued that while 90% of the accounts in question were commercial bank accounts, only the fintechs were asked to stop onboarding customers. However, industry analysts said the ease with which new fintech accounts can be opened with little KYC instigated the CBN’s action against the companies.

US to deploy cybercrime advisor in Nigeria to combat fraud scams, sextortion

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US to deploy cybercrime advisor in Nigeria to combat fraud scams, sextortion

The United States has announced that it plans to deploy a cybercrime advisor in Nigeria.

 

The advisor is poised to facilitate cooperation between the two nations, offering essential training, equipment, and technical assistance to bolster Nigeria’s capacity to address cyber threats, including fraud scams and sextortion.

 

The decision to deploy the advisor, expected to be funded by the International Narcotics and Law Enforcement Affairs (INL), was disclosed in a joint statement released by the Governments of the United States of America and Nigeria during the sixth U.S.-Nigeria Binational Commission held in Abuja on April 29-30, 2024.

 

The statement, published by the US Department of State on Monday and seen by Nairametrics, revealed the shared concerns regarding the adverse impacts of cybercrime on peace, prosperity, and security.

 

Reinforcing efforts against cyber-enabled money laundering, fraud

The joint statement emphasized the imperative to reinforce efforts against cyber-enabled money laundering and fraud, underscoring the importance of leveraging technology and international cooperation mechanisms such as extradition and mutual legal assistance.

 

The United States, recognizing Nigeria’s progress, also commended the country for acceding to the Budapest Convention on Cybercrime in 2023 and its active participation in various cybercrime forums.

 

The Budapest Convention, also known as the Convention on Cybercrime, is the first international treaty seeking to address Internet crime by harmonizing national laws, improving investigative techniques, and increasing cooperation among nations.

 

In Nigeria, the Cybercrimes (Prohibition, Prevention etc.) Act 2015 was introduced as the legal framework for the codification of criminal activities in cyberspace. There are ongoing plans to amend this Act.

 

The joint statement read:

“Nigeria and the United States shared concerns regarding the threats that cybercrime poses to mutual peace, prosperity, and security. Nigeria identified its several efforts and capabilities for combatting cybercrime, presenting many avenues for bilateral cooperation. The United States commended Nigeria for acceding to the Budapest Convention on Cybercrime in 2023 and Nigeria’s collaboration in several fora on cybercrime. The United States and Nigeria pledged to work together on combatting cybercriminals who target citizens of both countries.

 

“To that end, the United States announced the upcoming deployment of an INL-funded cybercrime advisor in Nigeria to facilitate that cooperation and provide training, equipment, and technical assistance to build Nigeria’s capacity for cybercrime, including fraud scams and sextortion. Both sides understand the need to reinforce efforts to combat cyber-enabled money laundering and [cyber-enabled] fraud and to make greater use of both technology and international cooperation mechanisms such as extradition and mutual legal assistance.”

 

What You Should Know

Nigeria has been ranked 5th in a global report on sources of cybercrime activities, coming behind Russia, which ranked number one, and Ukraine, China, and the United States, which occupied the second, third, and fourth positions respectively.

The Central Bank of Nigeria (CBN) on Monday ordered banks to enact the process of deduction of cyber security levy to be administered by the office of the National Security Adviser (NSA).

According to the statement, the deduction and collection of the cyber security levy is the sequel to the enactment of the 2024 Cybercrime (prohibition, prevention etc) Amendment Act of 2024 which provides for a 0.5% deduction of the value of all electronic transactions to the National Cyber Security Fund which would be administered by the office of the NSA.

However, although the levy is to be charged on all electronic transactions and applied at the point of transfer origination, the CBN in an appendix to the circular, listed 16 transactions exempted from the levy.

EXCLUSIVE: NGX Group downsizes, 25 staff members affected

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EXCLUSIVE: NGX Group downsizes, 25 staff members affected

The Nigerian Exchange Group (NGX) conducted a significant downsizing shortly after its annual general meeting in Lagos, officially terminating 25 employees, contrary to earlier reports of 40. Affected positions include regulatory officers, compliance managers, and high-level executives such as the chief financial officer.

The restructuring, influenced by a PricewaterhouseCoopers (PwC) audit, was implemented by Group Managing Director/CEO Mr. Temi Popoola, following recommendations to reduce operating costs and align staff roles with organizational needs.

Despite a sharp increase in profits, reported at N5.2 billion in 2023, primarily from its holdings in CSCS Plc, the downsizing has been met with demands for reinstatement and financial compensation from affected staff, who claim the layoffs lacked transparency and clear criteria.

The Nigerian Exchange Group (NGX) has relieved some staff members of their jobs days after its annual general meeting (AGM) which was held in Lagos.

 

Multiple sources told Nairametrics that over 40 staff members of NGX Group were affected, with top shots in the organization asked to go.

 

However, sources at the NGX informed Nairametrics that the official figures were 25 full-time employees.

 

Staff affected

The affected staff members, according to sources, include regulatory officers, compliance managers, audit managers, the investment team, the chief finance officer, and the general counsel of NGX, among others.

 

The overhaul was led by PricewaterhouseCoopers (PwC), a multinational professional services firm, Nairametrics understands.

 

The PwC carried out a staff audit and made recommendations to Group Managing Director/Chief Executive Officer of Nigerian Exchange Group, Mr Temi Popoola, who implemented the downsizing, a source said.

 

“Mr Popoola knew that he was in a position to be the next Group CEO when Oscar Onyema (former NGX Group CEO) left. So, as soon as he assumed office, he contracted PwC to overhaul NGX Group,” an affected senior staff member told Nairametrics.

 

“However, several times, PwC asked about job responsibilities from the Human Resources (HR) Department. In preparation for the AGM, as Holdco managers, we were in charge of organizing the AGM and we did a lot of leg work to ensure that we got enough proxy shareholders so as to secure enough percentage required to rectify Popoola as GMD.”

 

The ex-staffer said after the AGM, same day around 5 pm, a virtual meeting was held with all staff members of the group, where the Group Managing Director said that he had got feedback from PwC and that he was going to scrap offices and allow staff members that were no longer relevant to the organization to go.

 

Mr Popoola noted that he was going to send termination letters to affected staff the same day and have their emails blocked for access, the ex-staff member said.

 

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“He didn’t give the affected people the opportunity to ask questions. He said consultants did a transparent job but he did not show the results of the review to anybody,” another affected ex-staff member said.

 

“We didn’t know the criteria that were used to come to the conclusion of the sacks. That aside, we have a high staff attrition rate, not to forget that the payout to the board level is extremely high.”

 

Another affected staff member said the decision of the NGX to downsize was greeted with pessimism, noting that there were no clear criteria for the dismissal.

 

Currently, the affected staff members are demanding reinstatement, emphasizing their contributions and lack of justification for their terminations.

 

Some are seeking financial compensation, while others are advocating for reinstatement.

 

The NGX Group did not comment officially on the downsizing.

 

NGX Headcount

Official information contained in the company’s financial statement reveals that NGX Group (the parent company of the NGX Exchange Ltd) has about 132 staff members, down from 139 a year earlier.

 

At the Group level, the total headcount is about 23 versus 21 same period a year earlier.

However total salaries and defined benefits for 2023 were N3.1 billion (N3.14 billion in 2022) which represents around 37.8% of Group revenues, slightly above NGX’s wide average of 30% per Nairametrics research.

The Group with just 23 employees also has an annual salary and defined benefits of N911.4 million up from N5111.8 million a year earlier, a whopping 78.2% increase year on year.

Also included in the salaries is N607.3 million for board members, with executive compensation accounting for N388.4 million. Sitting allowance alone gulped N72 million.

Executive compensation relates to compensation paid to Chief Executive Officer and Executive Directors other than Board members, according to company filings.

“No big deal”

Downsizing is not new as it is common in several organizations. Recruitment experts say downsizing is sometimes necessitated by economic downturns, lack of productivity, and redundancies, among others.

 

“Downsizing is not always a big deal,” said a recruitment expert, Dan Agim.

 

“It is forced upon organizations when there is low productivity or over-recruitment. Sometimes, it is caused by economic downturns, but that is mainly for corporates.

 

“At times, it is driven by disloyalty for a new sheriff in town or when a new CEO feels that those around are loyal to the previous CEO. It may also be caused by the perception of imbalance, such as when it is perceived that the majority of people in the organization are from one religious, ethnic, or religious group,” he said.

 

Sources with knowledge of the matter also opine that the move was informed by directors of the NGX who lamented the high operating costs at NGX, demanding the implementation of recommendations for corporate restructuring.

 

According to one source, roles that were previously designated for Senior Managers were downgraded to manager roles to align with role expectations.

 

Other sources suggest that consultants also recommended a Group structure for the NGX, which bloated the workforce and overhead. “The same consultants are now the ones asking for a downsizing,” the source opined.

 

The NGX Group reported a profit after tax of N5.2 billion in 2023, a ninefold increase from the N591.5 million posted a year earlier. Most of the profits came from its crown jewel, CSCS Plc. The NGX owns 44% of the company.

 

Update: This article has been revised to reflect new information. Contrary to the earlier report of 40 staff members being dismissed, sources at NGX have confirmed the actual number is 25.

 

Femi Adebayo Awarded N25m against Media House for Film piracy

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Femi Adebayo Awarded N25m against Media House for Film piracy

The Nigerian film industry has experienced exponential growth over the years, but we haven’t been able to maximise the true dividends of this business because of dare devil pirates who benefit where they didn’t sow.

The guts with which they even perpetrate this evil is so alarming. This is a major reason why investors find it hard to commit their funds to filmmakers. However, through persistence and the use of the legal framework covering intellectual property, we can bring their activities to a gradual halt.

 

Femi shares that, “Several times, I have been a victim of movie pirates and I never spare them. I recently concluded a legal battle with a notable media company that owns a big radio station and also engages in youtube content distribution.

 

During the cinema run of “Survival of Jelili” in 2019, my movie was gathering good numbers at that time. They decided to use my movie poster and title to promote a movie on their platform, thereby deceiving fans and diverting revenue accrued to me.”

 

He explains that It took 3 years to get this done, “But my trust in the legal and justice system remained unwavering. With the dedication of our legal team, Bola Adebowale & Co Legal Practitioners, who are seasoned professionals with wealth of experience in handling such cases. They presented undeniable evidence, put up a strong argument, and took the case to trial. Their promptness, efficiency, and attention to detail played a huge part in the direction of the case. We won and were awarded a total of Twenty Five Million Naira.”

 

“This isn’t just my win as a filmmaker and content producer but a while for all of us. We need to be ready to fight IP theft and piracy at all levels. Every win brings us closer to protecting and getting the true economic value of our works.” He added.

I Felt Revealing My Son Might Affect My Chances Of Finding A Man’ – Nollywood Actress, Eniola Ajao

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I Felt Revealing My Son Might Affect My Chances Of Finding A Man’ – Nollywood Actress, Eniola Ajao

Nollywood actress, Eniola Ajao, has revealed her reason for shielding her 21-year-old son, Ayomide Daniel, away from social media.

 

reports that the movie star, in an interview with celebrity journalist, Seun Oloketuyi, said she felt worried that revealing her son might affect her chances of finding a partner.

 

Eniola said the decision to keep her son a secret was taken even before she ventured into the movie industry, stressing that it was supposed to avoid the stigma attached to being a single mother.

 

The thespian added that she eventually revealed her son’s existence to the public after being perceived as a “young girl” by her colleagues.

 

She said, “It was something I decided a long time ago before I even considered pursuing a career in the entertainment industry.

 

“When I had him, I worried that no man would want to marry me with a child, so I decided to keep it private. I kept many aspects of my life out of the public eye, including my son.”

Nigerians left in shock as CBN, FG clamp down on crypto market

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Nigerians left in shock as CBN, FG clamp down on crypto market

A growing number of Nigerian residents are raising concerns following clampdown on crypto assets via the financial industry

 

Following the classification of cryptocurrency trading as a national security issue by Nigeria’s National Security Adviser (NSA), at least four fintech startups operating in the country—Opay, Moniepoint, Paga, and Palmpay—will block the accounts of customers engaging in cryptocurrency transactions and report those transactions to law enforcement agencies.

 

Nigerian fintechs close shop on crypto industry

 

The Central Bank of Nigeria (CBN) barred prominent fintech companies, including Kuda, Opay, PalmPay, and Moniepoint, from accepting new clients last week.

 

The apex bank’s action was related to a continuous assessment of the fintech companies’ Know-Your-Customer procedures. These companies have been under investigation in recent months due to worries about money laundering and financing of terrorism.

 

The African most populated country comes in second for Bitcoin interest globally, even though the FG had forbidden banks from providing services to cryptocurrency customers. The African country, which has long struggled with high inflation, has held the crypto sector party responsible for the recent naira’s depreciation.

 

Consequently, a court order had been obtained by the Economic and Financial Crimes Commission (EFCC) to freeze at least 1,146 bank accounts belonging to different people and businesses that were allegedly engaged in illicit foreign exchange dealings.

 

OPay warned in a notification on Friday that it would impose severe penalties on users who disobey its policies, which are in line with the CBN’s position on cryptocurrency trading.

 

“Please be aware that OPay forbids the trade of any virtual money, including cryptocurrencies, under the instruction issued by the CBN. Any account that engages in these kinds of activities will be closed, and regulatory authorities will receive access to client information.” the fintech firm said.

This looks like a contradiction from the CBN’s previous stance. It had earlier instructed financial institutions to assist with account opening, offer certain settlement services, and serve as middlemen for businesses that transact in cryptocurrency assets in a circular that was published late last year.

 

Conflicting signals

A two-year restriction on crypto transactions was lifted by the CBN last year, and discussions regarding cryptocurrency licenses were underway between the Securities and Exchange Commission (SEC) and at least three cryptocurrency exchanges.

 

CBN had previously refuted a report claiming that it had issued an order mandating that all banks and financial institutions identify people or organizations transacting with cryptocurrency exchanges and make sure that those accounts are placed on “Post No Debit” instructions, which are orders from banks or other financial institutions to limit specific transactions on a customer’s account, for six months.

 

Market leaders see this move as counterproductive as most P2P transactions occur in opaque channels. Most P2P transactions, according to Ray Youssef, CEO of NoOnes, take place on WhatsApp, Telegram, coffee shops, and public spaces rather than on Binance or any other platform.

 

“On Binance P2P, NoOnes, or any of these other platforms, the majority of peer-to-peer activity does not occur. They take place in coffee shops, on the streets, on Telegram and WhatsApp, and everywhere else.

” Most peer-to-peer communication takes place there. And $60 billion, if I may estimate, passing through the centralized exchanges. Because Nigerians are so resourceful and can find uses for things that weren’t necessarily intended for them, I believe that the majority of that is a peer-to-peer volume that they are also sort of hiding,” he continued.

The FG had previously accused Binance of encouraging currency speculation that caused the naira to plummet in value. It then invited two of Binance’s executives to the nation, whereupon they were detained and one of them managed to flee.

 

Nigeria has the largest crypto economy in Africa in terms of trade volume, and many of its people use crypto assets amid its very young and vibrant population

 

However, the newly appointed Director-General of SEC has garnered optimism and confidence from Nigeria’s blockchain community. The pro-crypto history of the new SEC Chair is considered as an additional benefit for the regional crypto sector.

 

Emomotimi Agama, a former managing director of the Nigerian Capital Market Institute (NCMI), has been named by Nigerian President Bola Tinubu as the new chair of the SEC.j

Bitcoin breaks above 63K gain as crypto market turns green  

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Bitcoin breaks above 63K gain as crypto market turns green  

The crypto market turned green as Bitcoin rebounded strongly on Saturday morning sparking hopes that the worst of the meltdown might be over

 

BTC surged almost 5% to briefly above $63,000 today’s early trade following a cooler-than-expected U.S. April jobs report that eased concerns about higher interest rates. At press time bitcoin was changing hands at $63,100, up 6% with a market valuation of $1.24 trillion

 

Arthur Hayes, former CEO of BitMEX, stated that the pioneer crypto asset has probably bottomed out at this week’s low of $56K. However, he cautioned investors not to expect a quick return to the March highs, but rather a gradual increase over the next several months as markets moderate.

 

“Did bitcoin hit a local low […] earlier this week,” Hayes responded. “Yes,” was his response. “I expect prices to bottom, chop, and begin a slow grind higher.”

 

He anticipated “a range-bound price action between $60,000 and $70,000 until August.”

 

In the same time frame, ether recovered the $3,100 mark and saw a 5% increase, while the two largest altcoins, dogecoin and Shiba Inu, saw about 10% increases. In response to the most recent surge in the price of bitcoin, traders anticipated that higher levels would hold as support, making the week’s plunge to two-month lows appear to be an involuntary reaction.

 

According to the government’s Nonfarm Payrolls data, the U.S. economy added 175,000 jobs in April, fewer below the expert expectation of 245,000 and the 315,000 jobs gained the month before. Additionally, the data revealed that the U.S jobless rate increased somewhat from 3.8% in March to 3.9%, thus elevating the appetite for risk  CME FedWatch data highlighted market participants projected a 68% chance of at least one rate cut by September after the announcement, up from 57% a week earlier.

 

For the first time, Grayscale Investments have seen net positive inflows for the Grayscale Bitcoin Trust (GBTC). This follows almost four months of nonstop withdrawals following its January conversion to a Bitcoin exchange-traded fund (ETF).

 

According to Farside’s early data, Grayscale’s GBTC had inflows of $63 million on May 3 after outflows of roughly $17.5 billion since the introduction of the 11 spot Bitcoin ETFs on January 11.

 

Franklin Templeton’s Bitcoin ETF (EZBC), among the other funds tracked thus far, experienced its largest-ever inflow of $60.9 million.

 

Bitwise Bitcoin Fund (BITB) ranked second with $102.6 million, followed by Invesco Galaxy Bitcoin ETF (BTCO) with $33.2 million. The day’s top inflows were driven by the Fidelity Wise Origin Bitcoin Fund.

 

Google faces scrutiny over ads as US trial nears wrap-up 

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Google faces scrutiny over ads as US trial nears wrap-up 

Google is facing scrutiny over advertising practices amid an antitrust trial by a United States court.

 

Judge Amit Mehta presided over the final stages of a US antitrust trial concerning Alphabet Inc., parent company of Google, casting a spotlight on the tech giant’s advertising practices.

 

Over two days of closing arguments, Mehta posed questions to both sides, providing little indication of his eventual ruling.

 

At the heart of the trial is the allegation that Google has unlawfully maintained a monopoly in online search and advertising, particularly through exclusive multibillion-dollar agreements with companies like Apple Inc. for default search engine placement, according to Bloomberg who reported the news first.

 

The trial also addressed concerns about Google’s dominance in the advertising sector, with the government arguing that this dominance has allowed the company to raise prices on advertisers unchecked.

 

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The proceedings mark the culmination of a case that began six months prior and represents the first antitrust trial involving a US technology company in over two decades. Mehta is expected to deliver a verdict later this year, which could potentially require Google to restructure its business operations.

 

What to know

In response to the allegations, Google defended its practices, asserting that search ads are just one of many avenues available to advertisers.

 

However, Justice Department lawyer David Dahlquist contended that Google’s search ads are essential for reaching consumers and that the company has exploited its dominance to increase prices and limit transparency for advertisers.

 

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The trial also delved into Google’s document retention policies, with Mehta expressing concern over the company’s practices. Specifically, Google’s “Communicate with Care” program, which automatically deletes chat messages after 24 hours, came under scrutiny.

 

The Justice Department argued that this policy constituted a deliberate effort to withhold evidence, while Google maintained that the chats were deleted as part of routine practices.

 

Ultimately, the outcome of the trial could have far-reaching implications not only for Google but also for the broader tech industry. As Mehta deliberates on the case, the tech giant faces scrutiny over its advertising practices and approach to document retention, with potential sanctions looming depending on the judge’s ruling.

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