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eNaira: Nigeria Digital Currency Guidelines Released By CBN

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Enaira: Reasons Why You Should Use The Digital Currency

Following the launch of the eNaira by President Muhammadu Buhari, the application for the digital currency introduced by the CBN is available for download.

Enaira: Reasons Why You Should Use The Digital Currency

CBN said the applications has received more than 5,000 downloads within hours of the launch.

This is as the apex bank released regulatory guidelines which stipulate that charges for transactions that originate from the eNaira platform will be free in the first 90 days commencing from Oct. 25.

After this period, applicable charges as outlined in the Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions will become effective.

The eNaira speedwallet app meant for individuals had, as at 4.pm, seen more than 5000 downloads while the eNaira speed merchant wallet had seen close to 1,000 downloads.

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According to the regulatory and issuance guidelines, banks will automatically be onboarded by the CBN while merchants will be onboarded once they download the app and individuals will have to onboard by themselves.

The guideline revealed that there would be different wallets for different stakeholders.

“The eNaira stock wallet belongs solely to the CBN and it shall warehouse all minted eNaira” the guideline stated.

It said that financial institutions were expected to maintain one treasury eNaira wallet to warehouse eNaira received from the CBN eNaira stock wallet.

“Financial Institutions (FI) may create eNaira sub-treasury wallets for branches tied to it and fund them from its single eNaira treasury wallet with the CBN and FI may create eNaira branch sub-wallets for its branches.

“The eNaira branch subwallet shall be funded from the treasury eNaira wallet.

“eNaira Merchant speed wallets shall be used solely for receiving and making eNaira payments for goods and services. eNaira speed wallets shall be available for end users to transact on the eNaira platform.”

To ensure security of funds, the enaira is expected to have two-factor authentication and other measures.

READ ALSO:  Unemployed Nigerians rise to 23.18 Million

Meanwhile, daily transaction limits for Tier 0, which is just phone number without verified National Identity Number, was set at N20,00 with a balance limit of N120,000.

Tier1 category, which has a verified number has a N50,000 transaction limit and N300,000 balance limit.

Tier2 and Tier3 categories have daily transaction limits of N200,000 and N1 million as well as a N500,000 and N5 million balance limits while merchants have no limit.

READ ALSO:  DSS speaks on report it tortured President Buhari’s driver to death

According to a circular signed by Mr Chibuzo Efobi, the CBN director Financial Policy and Regulation Department, the eNaira will compliment cash as a less costly, more efficient, generally acceptable safe and trusted means of payment and store of value.

“Additionally, it will improve monetary policy effectiveness, enhance government’s capacity to deploy targeted social interventions, provide alternative less costly channel for collection of government revenue and boost remittances through formal channels.

“The guidelines seek to provide simplicity in the operation of the eNaira, encourage general acceptability and use, promote low cost of transactions, drive financial inclusion while minimizing inherent risks of disintermediation or any negative impact on the financial system,” the statement reads in part.

NAIJANEWS247.COM

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AMCON Takes Over IBEDC Over Debts

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AMCON Takes Over IBEDC Over Debts - Naija News 247

The Assets Management Corporation of Nigeria (AMCON) has taken over the Ibadan Electricity Distribution Company (IBEDC) Ltd over its failure to pay debts.

AMCON Takes Over IBEDC Over Debts - Naija News 247
AMCON Takes Over IBEDC Over Debts

In a memo to the IBEDC members of staff, the Chief Operating Officer (COO), Engr John Ayodele disclosed the new development.

Ayodele, said in Thursday in the memo, that the company fell under receivership by a September 8, 2021 Federal High Court judgment.

The judgment, he said, granted preservative orders in favour of AMCON.
He explained the government corporation had appointed a lawyer to serve in the receivership action.

READ ALSO:  NERC orders DisCos to hike electricity tariff

He revealed that the receiver arrived on Thursday January 20 to take charge formally, hinting that he already held a meeting with the management staff.

Ayodele, however, allayed fears over the development and assured staff of job security.

The memo read, “Further, to the judgement wherein the Federal High Court on the 8th of September 2021 granted preservative orders in favour of Asset Management Corporation-
“AMCON, (being the Receiver/Manager of Integrated Energy Distribution and Marketing Limited); the court has appointed Mr Kunle Oqunba Esq.SAN to act as Receiver/ Manager Nominee in the receivership action.

“Based on the foregoing the Receiver/Manager came in today 20th January 2022 to the IBEDC Headquarters to take charge formally and subsequently met with the Management team. Therefore, I hereby wish to inform all staff that there is no cause for alarm.

“We are assured of job security which entails our position/ duties in the company, being entitlements to our salaries and other benefits etc.

“On behalf of the Management I urge us all to kindly go about the efficient discharge of our duties to ensure a speedy and mutually beneficial resolution.

“I wish us all the best, while | appeal that we continue to remember IBEDC in our prayers.”

IBEDC distributes electricity to consumers in Oyo, Osun, Ogun and Ondo as well as some parts of Ekiti and Kwara states.

READ ALSO:  DSS speaks on report it tortured President Buhari’s driver to death

Source: Saharareporters

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Official/Black Market: Pounds to Naira Exchange Rate for Today January 18, 2022

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Exchange rate Pounds to Naira black market today, December 23, 2021 - Naija News 247

This is the news about Pounds to Naira rate at the official and black market exchange rate Today January 18, 2022.

Exchange rate Pounds to Naira black market today, December 23, 2021 - Naija News 247
Exchange rate Pounds to Naira black market today, December 23, 2021

How Much Is Pounds To Naira Exchange Rate Today Official Rate?

The official rate today, Tuesday January 18th, 2022, for £1 pound to naira = ₦566.3728/£1.

According to the data from the CBN, exchange rate between the naira and the British pounds opened at ₦566.3728/£1 on Tuesday 18th, after it closed at ₦568.613 to a £1 on Monday, 17th January 2022.

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Naija News reports that a pound is bought at the official market at N565.6896 and sold for N567.056.

How much is exchange rate of Pounds to Naira in Black Market today?

The exchange rate for a pound to naira at Lagos Parallel Market (Black Market) players buy a dollar for ₦730 and sell for ₦740 on Tuesday, January 18th 2022, according to sources at Bureau De Change (BDC).

READ ALSO:  Unemployed Nigerians rise to 23.18 Million
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Windscribe trolls Buhari, Others following FG’s lifting of Twitter ban

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Windscribe trolls Buhari, Others following FG’s lifting of Twitter ban - Naija News 247

A Virtual Private Network, (VPN) provider, Windscribe has trolled Nigerians following the lifting of Twitter suspension by the Nigerian government.

Windscribe trolls Buhari, Others following FG’s lifting of Twitter ban - Naija News 247
Windscribe trolls Buhari, Others following FG’s lifting of Twitter ban

Recall that on Wednesday, January 12, 2022, FG ordered that the ban be lifted after Twitter met its conditions for resumption of operations in the country.

Taking to Twitter to react on Thursday, Windscribe used memes to mock Nigerians about how the are deleting its VPN app from their phones only to end up downloading it again in the event that President Buhari is angered by another tweet and orders the platform be shutdown in Nigeria.

READ ALSO:  NERC orders DisCos to hike electricity tariff

In June 2020, Twitter was banned in Nigeria after the social networking service deleted President Buhari’s tweet for violating its terms of use policy.

Windscribe shared the memes with the caption;

”People in Nigeria be like… #TwitterBan

Windscribe via Twitter

… until the president doesn’t like something else on Twitter. Then…”

Windscribe via Twitter

See the post below:

READ ALSO:  Unemployed Nigerians rise to 23.18 Million
Windscribe trolls Buhari, Others following FG’s lifting of Twitter ban - Naija News 247
Windscribe trolls Buhari, Others following FG’s lifting of Twitter ban
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