| Of e-naira and emerging digital currency imperialism
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Last week’s historic adoption of ‘bitcoin’ by El Salvador as a legal tender presents a new analytical trend on the entire concept of money. The mistrust that clouded the courageous roll-out as well as the widespread dip of the cryptocurrency market points to the increasing role of external variables in determining the value of money...
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‘Policy Somersaults in Tech-ecosystem Hindrance to Nigeria’s Job Creation’
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As Nigeria adjusts to the economic fallout of COVID-19, experts in the tech-ecosystem have urged the government to maintain a consistent policy in the sector to sustain the various job creation initiatives gained across the nation. This, according to them, would continue to increase the risk aversion of the growing sector, operators, investors and the intellectual prowess of the technological competence of the young demographic in the country...
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Banks May Not Fare Well With E-Naira — Analysts
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The much anticipated unveiling of digital currency by the Central Bank of Nigeria (CBN), also known as e-naira, according to analysts, is a major step in digital banking that will benefit consumers but not good for the banks. The CBN, in a recent statement, said it has concluded plans to launch its Central Bank Digital Currency (CBDC) pilot scheme called the e-naira on October 1, 2021, with Bitt Inc., a financial technology company that utilises block chain and distributed ledger technology to facilitate secure peer-to-peer transactions, as a technical partner...
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Despite AfCFTA, Nigeria’s African exports decline 25% in H1 2021
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Nigeria’s exports to Africa fell by 25% in the first six months of 2021 compared to the same period last year, according to foreign trade data released recently by the National Bureau of Statistics (NBS). This decline in African exports sufficed despite the African Continental Free Trade Agreement (AfCFTA), which started in January 2021. Analysis from NBS data released earlier in the week, revealed that exports to all regions excepting Africa increased in the period under review...
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