Review: What You Need to Know About the Cryptocurrency Ban
The Central Bank of Nigeria, a few days ago issued a circular prohibiting banks and other financial institutions from carrying out transactions in cryptocurrencies or facilitating payments for crypto exchanges.
This led to a lot of backlash from Nigerians, condemning the policy as a deliberate attempt by the government to impoverish young Nigerians who have been able to create wealth for themselves.
Today on Breakfast Central, Olisa Chukwumah and Tolulope Adeleru-Balogun had a conversation with Financial Analyst, Tunji Andrews on what excatly this ban means.
He began by correcting that first of all, it is not a ban, it is just a reminder by the Central Bank to its constituency not to enable cryptocurrency exchanges. Anyone could still do cryptocurrency if they want to, it is only the banks that are not allowed to perform transactions.
The CBN conversation is always about money stability. They became uncomfortable with this because there was an inflow of money (some dollars) from outside the country without them being involved; and also people receiving dollars directly to them without the money actually coming into the country.
Tunji agreed with the CBN stating that cryptocurrency enables fraud, it might be a stretch of the truth but it does happen. Money stability, issues against fraud, issues against terrorism funding, also, they not able to track or trace the transaction to the other side are the key reasons why the CBN is against crypto.
“It is important to note that one of the major factors that made cryptocurrency popular in Nigeria is the lockdown. When banks were not open and there were few bank transactions, so people switched to crypto as a means of transferring money from outside the country. Nevertheless, after the lockdown, it continued and also became a means where people could engage in weird and illegal transactions,” he said.
He concluded that China is trying to create its own cryptocurrency and banning all the other digital monies, something which Nigeria could choose to do as a way to get more control and regulations of these new digital currencies.
Review: “Nigeria is Not a Country of Justice” – Liborous Oshoma
“Nigeria is not a country of justice. Nigeria is a country where the rule of law is observed in the breach by those who are meant to protect the rule of law.” was Public affairs analyst, Liborous Oshoma’s response when asked what would be the outcome of the Lagos state judicial panel set up to investigate the killings of #Endsars protesters at the Lekki toll gate in October 2020.
Months ago, following the chaos and violence that erupted from the #EndSARS protests, judicial panels were set up across the 36 Nigerian states as part of the demands to signify that the federal government was committed to the eradication of police brutality.
Over 2,500 petitions have been received by the various panels. The panel that everyone has kept an eye on is the Lagos State Judicial Panel of Enquiry and Restitution for Victims of SARS related abuses and other matters.
The panel has now approved returning control of the Lekki Toll Gate plaza to its owners, the Lekki Concession Company, LCC. who had appealed to the panel to allow it to take over the plaza for repair and insurance claims but this was declined by the panel since investigations into incidents l leading to the closure were still being investigated.
On Saturday, February 6, the chairperson of the panel, Justice Doris Okwuobi, granted the request of LCC and handed the toll plaza to them. The youth representatives, as well as one of the lawyers on the panel, voted against the handing over.
On Breakfast Central, Liborous had a chat with Olisa Chukwumah and Tolulope Adeleru- Balogun on his thoughts about the panel’s decison.
He agreed with the fact that the state government does not have the power to set up the panel, explaining that according to the Lagos state power of inquiry laws it gives powers to set up inquiries for chieftaincy, Local government affairs, and areas where the governor has powers to legislate on.
The Federal Government should rather have collaborated with the national human rights commission because they are the ones who have the right to look into these issues.
This could have being avoided; explanations should have been given on reasons for the sudden change because people believed from the beginning that the government was not entirely interested in the panel but rather set up the panel because people asked for it.
“I still see this panel as a way of keeping us busy, it is like since you want a panel, here it is” Liborous said.
“Not Reopening the #Lekkitollgate is very far-fetched, but maybe they could set up monuments of the event as a remembrance of the events of that day”
Another thing is, if repairs and rebuilding are to commence, there would be pressure on motorists and traffic gridlocks.
Liborous concluded by saying that the panel would not be different from the other panels which didnt have any major effect that brought change.
Review: Female Genital Mutilation Killing Girls in Africa
Some Communities In Africa Celebrate Female Genital Mutilation.
Every February 6, the world marks the International Day of Zero Tolerance for Female Genital Mutilation, FGM.
As with many traditional practices, FGM is carried out by communities as a cultural practice and is often associated with ethnic identity. FGM is a contributor to the high morbidity and mortality rate among women and young girls in Africa.
Breakfast Central’s Olisa Chukwumah and Tolulope Adeleru- Balogun spoke with Selina Nkoile who is with the Network for Adolescent Youth of Africa where she is a Girls Rights Champion.
Selina expressed that in her community it is more than just a cut it is a celebration, rite of passage that marks the graduation of a female from girlhood to womanhood, it is a significant stage in the community that involves the elders and blessings from their fathers.
She also highlighted that the implications of the cut of FGM on these girls are but not limited to; dropping out of school, child marriages, teenage pregnancies, health complications, and also death from bleeding during the process.
She urged international agencies and financial agencies to find their way down to the grassroots as it would really help the situation.
International collaborations, Nkoile added, should have and involve community leaders at the heart of their planning because these community leaders are the best people to make recommendations and they are the ones that know how to end this issue. If this is not done there won’t be a significant change.
Bandits Release 279 of 317 Schoolgirls Abducted in Zamfara, Northern Nigeria
Zimbabwe’s Vice President Kembo Mohadi Resigns Amidst Scandal
Akufo-Addo, Wife Take COVID-19 Vaccine Shots
Harare City Nurses Resign En Masse over Allowances
Zambian High Court Cancels State Acquisition of CEC Company Power Lines
Africa’s Wissa, Moffi Lift Lorient over PSG in 3-2 Thriller
U.S. Sells $200m Weapons to Egypt Amid Alleged Human Rights Abuses
Buhari Nominates Ex-Service Chiefs as Non-Career Ambassadors
Six Ghanaians Arrested in the U.S. over $50M Romance, COVID-19 Relief Scam
Payback Time! Nigerian Communities Can Now Sue Shell over Oil Spills
Boosting Africa’s Revenue | The Remittances and Taxation Conversation
China’s Belt and Road Initiative | Is Debt Slowing China’s Advancement?
3rd Mainland Bridge | Rehabilitation Work Nears Completion.
Crude Oil | OPEC Battles to Avoid Glut As Price Rises Above $50
World Bank’s Global Economic Prospects For January 2021
News4 days ago
The Future is Here: RwandAir Becomes First African Airline on IATA’s Digital Health Passport
News4 days ago
Kenya Space Agency Launch Two Mini-Rockets
Health3 days ago
COVID-19: Nigeria Records Additional 600 Cases, Total Now 155, 076
News4 days ago
Palesa Madiba’s Killer Sentenced 31 years
Southern Africa Business5 days ago
South Africans Happy with 2021 Budget Presentation
Business News5 days ago
All Eyes on Ghana as African Gold Rises Like the Phoenix
Business News3 days ago
Nigeria Ports Authority Commences Electronic Call Up System
Health3 days ago
Nurses in Ondo, Southwest Nigeria Declare 3 Days Warning Strike