Why CBN does not want Nigerian banks to deal with crypto

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April 7, 2022

Nigeria’s central bank recently fined lenders for failing to follow regulations that prohibit customers from transacting in cryptos.

The apex bank introduced the penalties to ensure commercial lenders implement a February 2021 order to block crypto trading because of the threat they deem cryptos to pose to Nigeria’s financial system. The introduction of the eNaira by the CBN in October 2021 is yet to impact Nigeria’s flare for cryptocurrency, however.

Chainalysis reports that Nigeria has the highest proportion of retail users who make transactions under $10K.

Bitcoin has been the subject of controversy among the elites of traditional finance since its introduction in a whitepaper in 2008. For cryptocurrency enthusiasts, the launch of cryptocurrencies marks the arrival of a new and equitable monetary system.

The CBN earlier pointed to cryptocurrency’s role in criminal activity and the lack of legal recognition as justification for opposing the digital asset.

The CBN’s mandate

In Nigeria, the CBN is primarily responsible for financial stability, handling the financial ecosystem through its monetary policies.

There is a chain of trust between transacting parties in the Nigerian economy, which involves borrowers, lenders, and consumers. As the final link in the chain, the CBN is also known as the lender of last resort.

The CBN distributes and regulates money in an economy through intermediaries, such as banks and financial institutions. Their control of the enterprise-level payment infrastructure and settlement systems allows them to dominate the domestic payment system

This power balance has so far held. However, the advent of crypto and the abridgement of settlement systems that respect jurisdictional borders, however, threatens to unbalance the domestic and international realms.

CBN’s issue with crypto

Cryptocurrencies are clearly not liked by the CBN. They offer alternative money, which is an intrusion into their turf. This is why the Bank for International Settlements, the central banks’ bank, does not look favourably on innovation.

Bitcoin’s network can streamline the process of creating and distributing currencies, rather than relying on a centralized infrastructure like that operated by the CBN. Home computers can generate bitcoins.

Peer-to-peer transfers between Bitcoin addresses do not require intermediaries. The distribution of cryptocurrency does not require a network of banks chartered by a central authority.

In contrast, cryptocurrencies are a decentralized means of establishing trust. They share authority within the network rather than relying on centralized validation as seen on the CBN’s network.

As opposed to bank and central bank ledgers that are held centrally, a distributed ledger (among users) records all transactions in an ever-lengthening set of digital blocks called a blockchain.

‘Miners’, or key holders, are paid a fee for adding another digital block to the distributed ledger, which is verified by a network of users and miners.

Naturally, Nigerian banks are unhappy about being made obsolete, and they are working with the CBN to clamp down on crypto after initially dismissing them out of hand.

It is generally the bank’s policy to charge fees for any action they take with money, even just keeping in a bank account.

Because banks have built a level of trust that transactions pass smoothly and everything is accounted for, but crypto is changing that and weakening their grip on many young Nigerian citizens that make a large junk of the population

What Crypto supporters say

Bitcoin supporters argue that the Central Bank of Nigeria is creating money out of thin air, the currency is unbacked by tangible assets. They claim the CBN manipulates the supply of money to create inflationary pressures and asset bubbles in the economy.

Because imports could lower the value of a currency, capital controls were often instituted by the CBN. Others view it as another way for the CBN to exert control over economic and fiscal policy.

As a result, the stateless nature of bitcoin is useful for circumventing capital controls and exporting wealth.

Bottom line

The crypto market has become a hot button issue for the Nigerian apex bank, and it alternates between criticizing it and investigating its application.

While it may have the potential to decentralize and change the functioning of the existing financial infrastructure, Nigeria’s apex bank is still wary of it.

In the meantime, bitcoin will continue to provoke distrust and criticism from established authorities like the CBN until its ecosystem matures and it has a clear use case.

In that regard, the CBN needs to understand that the crypto market could prove to be a powerful ally in solving the financial puzzles many unbanked Nigerians face.

With full knowledge that they provide cheaper, faster, and secure cross-border money transfers.

@TokunboAdesina

Kenyan-based Doctors design Innovative Device to ease Menstrual Pain

By

Cleopatra Okohai

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April 7, 2022

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A team of medical experts based in Nairobi, Kenya, has designed an innovative device that helps reduce menstrual pains for women who usually experience serious unease during their menstrual cycle.

According to a report, the gadget which is already in circulation at a moderate price has leads that are connected to some sticky pads called electrodes, which help deliver small electrical impulses to the painful area of a woman’s body and subsequently ease the pain.

One of the leading innovators of the device, who is also the chief executive and co-founder of Swift Wellness, Peter Arina, says watching his friend struggle with menstrual pain gave him chills mired in sympathy, prompting him to devise a healing solution.

“The device has leads connected to sticky pads called electrodes. To relieve pain, you attach the pads directly to your skin and turn the device on. The pads will deliver small electrical impulses to the area in pain,” expounds Arina.

According to the innovators, the electrical impulses are capable of reducing the pain signals going to the spinal cord and brain, which may help relieve pain and relax muscles. They may also stimulate the production of endorphins, which are the body’s natural painkillers.

“Depending on the pan impulse, the client regulates the impulse on the device,” Arina says.

The health informatics expert reveals that the device’s working mechanism is inspired by a science called gateway control theory, which dictates that in the human body, an external impulse is given priority over an internal impulse.

During menses, the pain from the menstrual periods is the internal impulse, and it travels all the way to the brain such that when you place the electrodes and the impulse transmission starts, the external impulse is sent to the brain, which forces it to focus on the external impulse, thereby reducing pain from the abdomen.

A co-author of the invention and general practitioner at Karen Hospital, Dr. Jane Wavinya, describes the menstrual agony, which in scientific terms is referred to as primary dysmenorrhea, as a thing of serious concern for the womenfolk.

She said, “During menstrual periods, there are hormones produced called prostaglandins that cause pain. Pain is also caused by uterine contractions and ischaemia, which results from a mechanism where the blood vessels in the uterus constrict, reducing blood supply to the uterus.”

She noted that women with a tendency to produce more blood clots are also predisposed to more pain because the uterus has to contract more to expel these blood clots. She explains that besides disrupting the pain pathway to the brain, the electrical stimulation also stimulates the production of endorphins, the feel-good hormones which relieve pain and boost moods.

“We have sold 207 units so far. We have received orders in the evenings from clients who are stuck to their seats because of the pain. We have made deliveries at night, and we have had to deal with clients agitated because of pain,” says Mr. Arina.

A physiotherapist at Aga Khan University Hospital, Dr. Irene Onyimbo, says the mechanism used by the device is safe and similar to the devices they use to manage pain in physiotherapy.

“We use Transcutaneous Electrical Nerve Stimulation technology to treat body pains,” she says.

Although it is safe for most people, experts recommend that pregnant women should avoid using TENS in the abdominal and pelvic regions while applying electrodes to the head or neck of people with epilepsy as this could induce seizures.

People with heart problems and those with another type of electrical implant should also avoid it. The duration of pain relief after using the TENS unit can vary.

Some people may experience pain as soon as they switch off the device while others experience adequate relief for up to 24 hours. Children and teenagers under 16 are exempt from using the device, and it cannot be used underwater.

The device, which comes with a manual, its electrodes and a charger, costs Sh3,500, while its battery lasts for six hours if used continuously and you have to charge it fully to use it.

“Use it for 30 minutes, take a one-hour break, and use it again depending on your pain. Pressing on the M (mode) button, you can adjust the frequency depending on your pain. You can use it at work, working out, and even while sleeping,” says Dr. Wavinya.

Dubbed Jolly, the device is a transcutaneous electric nerve stimulator that relieves period pain.

An Embakasi resident, Jacinta Nzyuko, who tried the device on her, told Health Nation that ”when she attached the electrodes of the device on her lower tummy, it gave vibrations that felt like a massage. In less than 10 minutes, the pain had subsided.

Gombe Health Scheme to enrol additional 40,000 Beneficiaries

By

Cleopatra Okohai

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April 7, 2022

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No fewer than 40,000 poor and vulnerable persons will be enrolled in the second phase of the Gombe Health Scheme, says Operations Manager, Gombe State Contributory Healthcare Management Agency, Dr. Maspara Gideon.

Gideon stated this on Wednesday in Akko during a sensitisation of stakeholders in the Local Government Area, shortly after a delegation paid a courtesy call on the Lamido Akko, Alh. Umar Muhammad, where the team secured the support of the traditional institution.

According to him, GoHealth is committed to revalidating its previous records where about 25,565 poor and vulnerable persons were enrolled in the scheme.

Gideon said, “We are here on a sensitisation of stakeholders on this programme for Basic Health Care Provision Fund because we are about to start revalidation and enrolment of beneficiaries into the programme.

“In the past years, we enrolled about 25,565 poor and vulnerable who have benefited from this programme and this year we are going to have up to 40,000, so there is a need to revalidate the old beneficiaries and enroll new ones also to join the programme.”

Commenting on the target of the sensitisation, Gideon said officials were to ensure that beneficiaries understood the scheme, adding National Identity Number would be required.

“We have come here to sensitise the community. We have put together community representatives, all community, religious leaders, groups and organisation of the poor and vulnerable, the aim is to ensure that they understand the categories of people that will benefit from this programme which include children under five, the aged, widows, Internally Displaced Persons and the physically challenged persons in the community.

“We sensitised them to actually be on the lookout and mobilise such categories of people so that they can get their National Identity Number ready for when we start the enrolment which is coming up very soon in May,” Gideon added.

He continued saying that the target was to capture as many as possible towards attaining universal health coverage.

He said, “In this particular phase, as I said we are hoping that from 25,000 we will reach 40,000 enrollees, we are so happy with the enthusiasm and the reception that we got from the community members, the stakeholders actually were more interested and they asked us to make sure that this programme is a success and they have told us that they will take this message down and mobilise people to ensure that the right people are benefiting from this programme.

“We want to achieve universal health coverage for Gombe, so it is until every citizen of Gombe is covered, but we are happy with the progress that we are making.”

Also Speaking, the Chairman of Saif Advocacy Foundation, Alhassan Yahya, said the Basic Health Care Provision Fund is an initiative geared toward improving the health of the masses.

According to him, the rich can access medical support, however, with BHCF the poor can get qualitative care without worries.

He said, “This is an opportunity to reduce out-of-pocket expenses but for the masses, it is free of charge. This category of vulnerable includes widows, and people living with disabilities. It is something worthy of commendation as it closes the gap between the poor and vulnerable. Kudos to GoHealth, Gombe State Government and the Federal Government as this would promote better health indices in the state.”

On her part, the United Nations Children’s Fund representative, Martina Kangtun, during her address at the stakeholders’ engagement, said there would be a 10-day campaign geared towards vaccinating children against measles, meningitis, and yellow fever.

Kangtun also reminded participants that the Covid-19 awareness campaign is still on, urging them to support the drive towards reducing the spread.

“Stop Giving Oxygen To Terrorists”- Information Minister

By

Henry Williams

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April 7, 2022

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Nigeria’s Minister of Information and culture, Lai Mohammed, has advised the media to desist from giving oxygen to terrorists by giving them headlines in their stories.

The Minister made the call while briefing State House Correspondents at the end of Wednesday’s cabinet meeting presided over by President Muhammadu Buhari.

Mohammed, who confirmed Tuesday’s attack on a military base in Kaduna, also said the attack was well repelled by the military but was, unfortunately not reported.

The information Minister further disclosed in the last three to five days, the Nigerian military has recorded massive victories against terrorists and bandits in the North-East, as well as the Kaduna and Niger axis of the country.

Court Orders Nigerian Government To Reserve 35% Of Public Offices For Women

By

Henry Williams

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April 7, 2022

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The Federal High Court in Abuja, on Wednesday, April 6, 2022 ordered the Nigerian government to enforce the National Gender Policy by allotting 35 per cent of appointments in the public sector to women.

A non-governmental organisation, Women in Politics Forum (WIPF), filed a suit against the Nigerian government, seeking the implementation of the 35 per cent Affirmative Action in appointments of women into public office.

Justice Donatus Okorowo while delivering judgment noted that the Nigerian government has obligations not only to implement the 35% affirmative action but also to make it a benchmark in appointments.

The court also implored the Nigerian government to obey the equality clause contained in the 1999 constitution as amended which treats both males and females equally.

Aviation Sector Gets N5.6 Billion For Equipment, Terminals Maintenance

By

Henry Williams

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April 7, 2022

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The Federal Executive Council has approved N5.6 billion for the maintenance of Nigeria’s new international building terminals in Abuja and Portharcourt.

The Minister of Aviation, Hadi Sirika disclosed this to State House Correspondents at the end of Wednesday’s meeting of the council, presided over by President Muhammadu Buhari.

Siirika said the Council also approved the sum of N14.2 billion as variation of the cost for the construction of a terminal building at Akanu Ibiam international airport in Enugu State and Asaba, Delta State.

The Aviation Minister also announced that the cabinet approved a variation for the procurement, configuration, delivery and commissioning of transportable Radars, co-mounted with another Radar and tower control centre for the enhancement of the North-East surveillance safety of air navigation operations and for the airport in Maiduguri to run 24 hours.

He also said N14.7 billion was approved for the construction of clinics at Abuja, Kano, Portharcourt, and Lagos airports as well as the replacement of elevators and excavators at Wings ’D and E’ at the old Lagos Airport.

Local operators explore options amid record oil theft

By

Henry Williams

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April 7, 2022

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A sophisticated criminal network has stepped up its operations in Africa’s biggest oil-producing country, with losses from pipeline vandalism and theft overwhelming Nigeria’s oil business in recent weeks.

To change the narrative, a new report from Wood Mackenzie has uncovered new tricks on how local oil companies can navigate Nigeria’s leaking pipelines carrying crude oil from wells to flow stations in the Niger Delta, where more than 90 percent of the country’s crude is explored.

According to the UK-based energy and intelligence provider, Nigeria’s indigenous firms, which pump at least 10 percent of national output, can explore alternative routes along with the country’s terminal that will reduce their exposure to a growing scale of crude oil theft.

Citing an example, Wood Mackenzie explains how Waltersmith’s 5,000-barrels-per-day (bpd) modular refinery at Ibigwe in Imo State is offering an alternative off-take agreement to local firms willing to avoid Bonny terminal, the largest pipeline network in the Niger Delta, with a capacity to process and export 1.25 million bpd.

Once Upon A Time – April 7 – 1969 – The Internet’s Symbolic Birth Date: Publication Of RFC 1

By

Angel Gimalo

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April 7, 2022

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30 Scholars’ estimate for Jesus’ crucifixion by Roman troops in Jerusalem [or April 3]

529 First draft of Corpus Juris Civilis (fundamental work in jurisprudence) issued by Eastern Roman Emperor Justinian I

1948 World Health Organization formed by the United Nations

1954 US President Dwight D. Eisenhower in news conference is first to voice fear of a “domino-effect” of communism in Indo-China

1969 The Internet’s symbolic birth date: publication of RFC 1

1999 The World Trade Organisation rules in favor of the United States in its long-running trade dispute with the European Union over bananas

Historical Events Today

Today In Music

1724 Johann Sebastian Bach’s “St John Passion” premieres in Leipzig

Today In Sport

2000 South African cricket captain Hansie Cronje is charged by Delhi police with fixing One Day International matches against India

Do You Know This Fact About Today?

1739 Dick Turpin executed in England for horse stealing

Would You Believe This Fact About Today?

2016 Longest-ever captured python found on Penang in Malaysia (26ft/8m)

Police Says Sacramento Shooting Was A Rival Gang Gunfight

By

Zoe Maven

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April 7, 2022

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Sacramento police says the mass killing that left six people dead and 12 wounded outside bars just blocks from California’s Capitol last weekend was a gunfight involving at least five shooters from rival gangs.

Police said they identified at least five gunmen but there may have been more. Only two suspects, both brothers wounded by gunfire, have been arrested in connection with the shooting and, so far, only face firearms charges.

Until Wednesday’s announcement, police had been silent on what led to the shooting that erupted early Sunday as bars were letting out.

Rapid-fire bursts of over 100 gunshots echoed through the streets as terrified patrons ran for their lives and others were hit by bullets.

Police said at least two gangs were involved. They declined to provide more details or name the gangs involved or the affiliation of any suspects.

Experts said that if gangs were to blame, it would mark an unusually bloody feud.

In 20 years of researching gangs in Los Angeles, Alex Alonso said he can’t remember a gang-related shooting with such a high body count.

The location of the Sacramento shooting – in a bustling area of watering holes near the entertainment district — was incidental to whatever fueled the fight.

Russia Threatens States With Consequences Over U.N. Vote

By

Zoe Maven

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April 7, 2022

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RUSSIA THREATHENS COUNTRIES — epa09793950 U.S. Secretary of State Antony Blinken appears on a screen as he delivers a remote speech, to the 49th session of the UN Human Rights Council, at the European headquarters of the United Nations in Geneva, Switzerland, 01 March 2022. EPA-EFE/SALVATORE DI NOLFI / POOL

Russia has warned countries at the United Nations that a yes vote or abstention on a U.S. push to suspend Moscow from the Human Rights Council will be viewed as an “unfriendly gesture” with consequences for bilateral ties.

The United States said on Monday it would seek Russia’s suspension after Ukraine accused Russian troops of killing hundreds of civilians in the town of Bucha.

The 193-member U.N. General Assembly in New York is due to vote on the measure on Thursday.

A two-thirds majority of voting members – abstentions do not count – can suspend a country from the 47-member Geneva-based Human Rights Council for committing gross and systematic violations of human rights.

Russia’s mission to the United Nations urged countries to “speak out against the anti-Russian resolution but it was not immediately clear how many countries received the note.

Russia’s mission to the United Nations declined to comment on the letter because it was not public. Russia is in its second year of a three-year term on the Human Rights Council.

Olivia Dalton, spokesperson for the U.S. mission to the United Nations, said on Wednesday said that Russia blatantly and openly threatening countries who vote to suspend them from the U.N. Human Rights Council is only further evidence that Russia needs to be suspended immediately from the U.N. Human Rights Council.