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The amount of currency in circulation surpasses the level before the naira redesign, reaching N3.4 trillion in December- CBN

Tosin Ranks
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The amount of currency in circulation surpasses the level before the naira redesign, reaching N3.4 trillion in December- CBN

The Central Bank of Nigeria (CBN) has revealed that the currency in circulation (CIC) has surged to a new annual peak of N3.4 trillion as of December 11, 2023, marking a 13.71% increase or N410 billion from the October 2023 figure of N2.99 trillion.

The CIC encompasses currency outside the banking system and the vault cash of banks.

This substantial rise surpasses the October 2022 level (N3.29 trillion) before the naira redesign policy of the CBN.

CBN attributes the current cash scarcity to hoarding and emphasizes that there is ample cash available.

In a statement, the CBN assured the public that efforts are underway to address reported cash shortages in major cities, linking the situation to hoarding resulting from challenges during the Naira redesign project.

Sidi Ali, providing further insight, clarified that the currency in circulation was N1 trillion in February 2023, rising significantly to over N3.4 trillion by December 11, 2023.

This indicates sufficient cash in circulation, with individuals exhibiting apprehension due to past experiences.

The CBN encourages patience as it works to ensure cash availability, especially during the festive season, while also urging Nigerians to explore alternative transaction methods beyond cash.

Billionaire philanthropist Mackenzie Scott donates $12 million to Howard University

Tosin Ranks
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Billionaire philanthropist Mackenzie Scott donates $12 million to Howard University

Mackenzie Scott, ranked as the world’s fourth-richest woman by Forbes and Jeff Bezos’s ex-wife, has generously donated $12 million to Howard University College of Medicine.

With a net worth of $39.5 billion, Scott, a renowned author and philanthropist, has committed $2.2 billion to 360 organizations this year alone.

In a departure from traditional giving, Scott’s contribution is unrestricted, providing Howard University and the College of Medicine with the flexibility to strategically use the funds for maximum impact.

Dean Andrea A. Hayes Dixon, M.D., revealed that this donation will contribute to establishing an innovative center in collaboration with the College of Engineering and Architecture.

The envisioned center aims to foster interdisciplinary learning for medical and engineering students, encouraging exploration in medical technology and the development of novel devices to enhance patient care.

Hayes Dixon emphasizes the significance of this initiative, stating, “The center will empower Howard University students to assume leadership roles in medical technology innovation, potentially reshaping medical practices worldwide.”

This marks Scott’s second significant contribution to Howard University, following a groundbreaking $40 million donation in 2020—the largest single donation in the institution’s history.

A Princeton University graduate and former student of Howard alumna Toni Morrison, Scott continues her steadfast commitment to advancing educational and medical excellence.

In 2022, Scott donated $436 million to Habitat for Humanity, addressing housing shortages globally.

This generous gift was one of her largest disclosed donations, showcasing her ongoing dedication to philanthropy.

Having pledged in 2019 to give away the majority of her wealth, Scott has consistently demonstrated her commitment, donating over $16.5 billion to more than 1,900 nonprofits since her 2019 divorce from Jeff Bezos.

 

Nigeria emerged as the primary recipient of World Bank credit in 2022, securing $2.9 billion in new loans, according to a report

Tosin Ranks
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0
Nigeria emerged as the primary recipient of World Bank credit in 2022, securing $2.9 billion in new loans, according to a report

The World Bank has revealed that Nigeria secured the highest amount of fresh loans in 2022, receiving approximately $2.9 billion.

Tanzania followed closely with $2.7 billion in the same year, as detailed in the International Debt Report for 2023.

The report emphasized the escalating risk of debt crises for the poorest nations, with developing countries spending a record $443.5 billion on debt servicing in 2022 due to a significant surge in global interest rates.

The World Bank warned that rising interest rates have left developing nations more susceptible to debt, resulting in more sovereign defaults in the past three years than in the preceding two decades.

Approximately 60% of low-income nations are currently in or at high risk of entering debt distress.

The report also highlighted the impact of a stronger US dollar on debt service payments, making it more challenging for countries to meet their financial obligations.

The World Bank stressed the urgent need for coordinated action to address the escalating debt levels, high-interest rates, and the potential consequences on public health, education, and infrastructure

The IMF suggests that the widespread adoption of crypto assets has the potential to jeopardize macro-financial stability

Tosin Ranks
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The IMF suggests that the widespread adoption of crypto assets has the potential to jeopardize macro-financial stability

The International Monetary Fund (IMF) has cautioned that the widespread embrace of cryptocurrencies may pose significant risks to the macro-financial stability of countries.

This warning came during a presentation by the Managing Director, Kristalina Georgieva, at the International Conference on Digital Money in Seoul, South Korea.

Georgieva highlighted the resilience of cryptocurrencies, citing the surge in bitcoin prices since April and their increasing adoption in emerging economies like Nigeria and Brazil.

She emphasized that crypto assets are here to stay and urged policymakers to address the challenges associated with their high adoption, especially in countries like India, Nigeria, and Vietnam.

The potential consequences include a threat to macro-financial stability, difficulty in policy transmission due to limited currency holders, challenges in managing capital flows, and the risk of undermining fiscal sustainability with implications for tax collection.

Georgieva stressed the importance of regulating the crypto industry to combat money laundering, terrorism financing, and tax evasion.

She called for the clarification and consistent application of laws, standards, and regulations, including clear tax rules and a well-defined legal foundation for crypto assets.

Furthermore, she firmly discouraged countries from granting cryptocurrencies the status of legal tender, emphasizing the need for ongoing collaboration between the public and private sectors to harness the benefits of innovation without compromising financial stability.

Highlighting the increasing adoption of cryptocurrency in Nigeria, driven by economic challenges such as currency depreciation and rising inflation, Georgieva referenced a report from Chainalysis.

The report indicated a 9% year-over-year increase in cryptocurrency transactions in Nigeria, totaling $56.7 billion between July 2022 and June 2023.

 

Onasanya’s mother passes away; condolences pour in from FirstBank and Governor Sanwo-Olu

Tosin Ranks
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0
Onasanya’s mother passes away; condolences pour in from FirstBank and Governor Sanwo-Olu

Lagos State Governor, Babajide Sanwo-Olu, and the FirstBank Group, along with prominent individuals and organizations, extend heartfelt condolences to Dr. Bisi Onasanya, founder of The Address Homes, on the passing of his mother, Mrs. Selimot Onasanya (Nee Folorunsho), on November 16, 2023.

In a letter, Governor Sanwo-Olu expresses sympathy, acknowledging the profound impact of Mrs. Onasanya’s loss on the entire family.

Sanwo-Olu highlights the matriarch’s enduring values of hard work, honesty, and family love, emphasizing her influential life that touched not only her family but also those in her community.

The Governor reassures Dr. Onasanya that though words can’t erase the pain, Mrs. Onasanya’s legacy will guide and inspire generations.

First Bank, represented by CEO Dr. Adesola Adeduntan, also conveys condolences in a letter titled ‘We mourn with you.’ The letter pays tribute to the late Mrs. Onasanya’s remarkable life, recognizing her enduring legacy of kindness, discipline, and uprightness.

Dr. Adeduntan assures Dr. Onasanya that despite the significant loss, Mrs. Onasanya’s long, fulfilled life and exceptional qualities will be fondly remembered, offering solace and sympathy to the entire Onasanya family, friends, and well-wishers.

 

Threads by Zuckerberg makes its debut in the European Union

Tosin Ranks
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Threads by Zuckerberg makes its debut in the European Union

Meta’s text-based app Threads, an offshoot of Instagram, has finally made its debut in the European Union after its global launch in July, according to Meta CEO Mark Zuckerberg.

Positioned as a competitor to X (formerly Twitter), Threads faced delays entering the EU due to regulatory considerations.

The move aligns with Meta’s efforts to navigate increased scrutiny from the EU concerning data usage for targeted advertising.

With over 100 million users globally within a week of launch (excluding the EU), Threads now allows EU users to create profiles connected to Instagram, adhering to EU regulations.

Zuckerberg mentioned plans for interoperability, allowing Threads posts on other text-based social networks.

Meta aims to address regulatory challenges by offering paid ad-free subscriptions in Europe.

Threads Chief Adam Mosseri announced plans to extend the app’s fact-checking program in the coming year.

This development occurs amid the EU’s efforts, including the Digital Services Act, to regulate online content and combat misinformation.

 

Tinubu dismisses aviation directors shortly after the removal of CEOs

Tosin Ranks
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0
Tinubu dismisses aviation directors shortly after the removal of CEOs

The entire cadre of Aviation directors faced dismissal by the Federal Government within 24 hours of the removal of aviation agency heads from their positions.

The directive, conveyed through a statement by Odutayo Oluseyi, the spokesperson for the Minister of Aviation and Aerospace Development, Festus Keyamo, specified an immediate handover to the most senior officers in their respective directorates.

The decision, part of the government’s efforts to reposition the aviation sector for enhanced safety and efficiency, aligns with the Renewed Hope agenda.

Notably, the shake-up affected agencies such as the Federal Airport Authority of Nigeria, Nigeria Metrological Agency, Nigeria Airspace Management Agency, Nigeria Civil Aviation Authority, and Nigeria Safety and Investigation Bureau.

It was emphasized that board secretaries and legal advisers of these agencies remained unaffected, with strict adherence to the instructions urged upon the dismissed directors.

Additionally, President Bola Tinubu orchestrated the replacement of heads in the aviation sector on Wednesday, appointing acting and substantive heads for various agencies, while also suspending the Director-General of the Nigeria Civil Aviation Authority, Captain Musa Nuhu.

The incumbent Attorney General of Rivers tenders resignation

Tosin Ranks
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0
The incumbent Attorney General of Rivers tenders resignation

The Rivers State Attorney General and Commissioner for Justice, Prof. Zacheaus Adangor, has tendered his resignation in a letter dated November 14, 2023, addressed to Governor Sim Fubara.

In the communication, he clarified that his departure from the office is driven by personal principles.

The letter expressed gratitude for the opportunity to serve in the administration, with Adangor acknowledging the privilege granted to him and his family.

Adangor, previously a cabinet member under former Governor Nyesom Wike, was re-appointed by Governor Fubara.

Speculations had arisen during the state’s early crisis suggesting the former Attorney General, perceived as an ally of the current Minister of FCT, was dismissed by the governor; however, the state government denied these rumors.

The situation in Rivers State escalated when the government demolished the legislative chamber, justifying the action by citing safety concerns following a recent explosion and fire incident.

Meanwhile, four lawmakers loyal to Governor Siminalayi Fubara conducted a plenary at the Government House, Port Harcourt, amidst the ongoing demolition.

Earlier that week, 27 House members elected on the Peoples Democratic Party platform defected to the All Progressives Congress, vowing to reject any requests for approval from the governor.

They attributed their defection to party division over the tussle for the position of the National Secretary, as outlined in letters presented to factional Speaker Martin Amaewhule during the House session on Monday.

X: Paid Twitter subscribers have the ability to conceal their verification badges

Tosin Ranks
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0
X: Paid Twitter subscribers have the ability to conceal their verification badges

Social media platform X, formerly known as Twitter, now allows verified users to opt for concealing their verification checkmarks.

According to the Twitter support page, subscribers can choose to hide the checkmark on their profiles and posts, although it might still be visible in certain areas due to active subscription status.

While the checkmark is hidden, some features may be restricted, and the platform promises ongoing improvements for this feature.

Last year, the Elon Musk-owned platform introduced paid verification alongside the Twitter Blue redesign, incorporating XBlue into its rebranding process.

The ‘About Twitter Blue’ support page for premium subscribers has been updated to clarify that even if the checkmark is hidden, it may still be visible in specific contexts, with no further details provided by the company.

The introduction of paid verification sparked controversy, as distinguishing between users who paid for the checkmark and those with legacy verified accounts became challenging.

Although Twitter initially removed legacy checkmarks in April, they later reinstated them for select accounts, regardless of payment.

To incentivize user engagement, the platform has introduced features such as a 10,000 character limit for posts, a 3-hour video upload limit, reduced timeline advertisements, and most recently, ad revenue sharing for subscription users.

 

Jumia Food plans to conclude its operations in Nigeria by the conclusion of 2023

Tosin Ranks
-
0
Jumia Food plans to conclude its operations in Nigeria by the conclusion of 2023

Jumia is set to discontinue its food delivery service, Jumia Food, in all operational countries, including Nigeria, Kenya, Morocco, Ivory Coast, Tunisia, Uganda, and Algeria by the end of December 2023.

The company’s focus across its 11 operational nations will shift towards the Jumia Pay platform and its core physical goods business.

Despite Jumia Food contributing 11% to Jumia’s Gross Merchandise Value in the first nine months of 2023, the service has struggled to turn a profit since its inception.

In that period, the total value of food sold on Jumia Food amounted to $64 million, representing 11% of $581 million, showcasing the service’s substantial scale but not its profitability.

While Jumia Food demonstrated an impressive 82% year-over-year growth in 2021, it faced challenges in 2023, experiencing a significant decline in Quarterly Active Customers and Orders.

This shift was a strategic move to focus on profitable areas and reduce customer incentives to enhance overall profitability.

Concerning Jumia Food staff, the company states that some will transition to the primary physical goods division, potentially leading to layoffs.

Coinciding with Jumia Food’s closure, Bolt Food, a major player in the African food delivery industry, has announced its exit from South Africa and Nigeria in December 2023.

Bolt Food’s demise is attributed to economic downturns, high inflation, and intense competition from established rivals like Jumia Food, Gokada, and Uber Eats, despite its efforts to expand into major Nigerian cities such as Lagos.

 

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