The apex bank compelled that “abuse of the currency attracts a penalty of not less than six months or a fine of not less than N50,000 or both.”
An Assistant Director at the Currency Operations Department, Aladeen Badajo said this on Thursday during the opening of the CBN two-day sensitization fair held in Abeokuta.
The program was meant to create awareness about its activities about economic development initiatives.
In his declaration, Badejo urged the people to deem Nigeria’s currency as a symbol of national identity.
Badejo who stressed the need to handle the banknotes with care and dignity expressed concern over the huge amount being spent on reprinting them.
He said, “Abuse of the currency attracts a penalty of not less than six months or a fine of not less than N50,000 or both.”
Zuckerberg Loses Nearly $7bn To Facebook Crash -NetBlocks
Facebook stock went down by about 5.5 per cent, while its Chief Executive Officer, Mark Zuckerberg, also lost nearly $7bn to the crash that deteriorated the social media platform on Monday, aso Naija gathered.
Also affected were WhatsApp and Instagram, both owned by the Silicon Valley, California-based tech company.
In all, the global economy lost billions of dollars to the outage which took place at about 4.42pm Nigerian Time on Monday.
According to NetBlocks, which tracks internet outages and their impact, the outage had already cost the global economy about $160m per hour.
Facebook and its affiliates have 2.9 billion monthly active users. The shutdown is reminiscent of 2019, when Facebook shut down in its biggest outage till date (a 24-hour shut down).
For hours when navigating to Facebook, Instagram, and WhatsApp websites, a server error appeared, which indicated there was an issue with Facebook’s servers.
According to TechCrunch, users were also unable to send messages or load new content on the mobile apps for these platforms. Even Oculus, Facebook’s virtual reality platform, and Workplace, its business communication tool, were down.
It seems as though the outage was caused by a domain name server failing, the naming structure that forms the web’s infrastructure.
According to Independent, Facebook’s DNS problems were only a symptom.
It said, the system could not have broken down spontaneously, and it was likely that something had happened to the underlying infrastructure – a stray settings change, a physical outage at a server, or something else entirely – that has stopped it from working.
A Twitter user had tweeted that facebook.com was now up for sale. Twitter’s Chief Executive Officer, Jack Dorsey, had tweeted asking for the price of the domain.
CRYPTOCURRENCY:Bitcoin Procures $220.24bn In 30 Days, Trades Above $40k
The market cap of Bitcoin gained $220.24bn in 30 days according to analysis of data on CoinMarketCap.
On July 8, 2021, BTC opened trading at $33,889.61. It had a high of $33,907.91, a low of $32,133.18 and closed trading at $32,877.37. Its market cap was $616,492,852,697 and it closed with a trading volume of $29,910,396,946.
On August 7, 2021, BTC opened trading at $42,832.80, had a high of $44,689.86, a low of $42,618.57, and closed trading at $44,555.80. Its market cap was $836,730,623,772 and it closed with a trading volume of $40,030,862,141.
Higher trading volumes mean more positive activity in the BTC market, which indicates greater investor security.
The resurgence of BTC prices has been sustained since August 8, with BTC trading at sustained levels beyond $40k.
BTC prices began to dip in May, after Elon Musk said that Tesla wasn’t going to accept it as a form of payment again. China’s continued crackdown on BTC mining also affected the market.
Musk has since said Tesla would begin accepting BTC again once mining of the digital currency becomes more environmentally friendly.
Naira Slides To 505/$ As CBN Stops Forex Sale To Bureau De Change Operators
The naira fell slightly to the dollar at the parallel market few hours after the Central Bank of Nigeria on Tuesday announced the discontinuity of forex supplies to the Bureau de Change Operators in the country.
The CBN Governor, Godwin Emefiele, announced the end of forex sales and new licence approval after the Monetary Policy Committee two-day meeting in Abuja on Tuesday.
He expressed the MPC’s disappointment over their continuous abuse of the privilege.
At the end of the meeting, the MPC retained the lending rates and other parameters.
Reading the MPC’s decision, Emefiele said, “Based on the above considerations, the MPC made the decision to hold all policy parameters constant; believing that a hold stance will enable the continued permeation of current policy measures in supporting the recorded growth recovery and macro-economic stability.
“The committee thus decided by a unanimous vote to retain the Monetary Policy Rate at 11.5 per cent; retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 per cent; and retain the Liquidity Ratio at 30 per cent.”
Speaking on the decision to stop forex to the BDCs, Emefiele said the MPC noted with disappointment and great concerns that the BDCs had defeated their purpose of existence to provide forex to retail user, but instead, they had become wholesale and illegal dealers.
“They have remained renegade and so greedy, recalcitrant with abnormally high profit from these sales while ordinary Nigerians have been left to feel the pain and therefore suffer.
“Given this rent seeking behaviour, it is not surprising that since the CBN began to sell forex to the BDCs, the number of operators has risen from mere 74 in 2005 to over 2,700 in 2016, and almost 5,500 BDCs as at today.
“In addition, the CBN constantly receives nothing less than 500 new applications from BDC licences every month, and we therefore begin to wonder, what is in this business that everybody must be in it?”
The BDCs, he observed, had continued to make huge profits while Nigerians suffered in pain.
He said the commercial banks would be monitored to provide forex for the legitimate use of Nigerians.
“The Central Bank will henceforth discontinue the sale of forex to Bureau de Change operators,” Emefiele said.
National Assembly To Ban bankers From Operating Foreign Accounts
The House of Representatives is contemplating banning staff members of banks and other financial institutions from operating accounts outside the strands of Nigeria, aso Naija reports.
Their spouses and children may also be mandated to declare their assets when a bill presented at the House becomes law.
This was contained in the ‘Bank Employees, Etc., (Declaration of Assets)(Amendment) Bill 2021’, which is awaiting second reading.
The legislation was titled ‘A Bill for an Act to amend the bank employees, etc., (Declaration of Assets) Act CAP. B1 Laws of the Federation of Nigeria 2004 to reflect the prevailing situation in the country.
The bill, sponsored by the lawmaker representing Iseyin/Itesiwaju/Kajola/Iwajowa federal constituency in Oyo State, Mr. Shina Peller, proposed a series of amendments to the Act.
Section 1 of the Act is to be amended by deleting the existing subsections and inserting new ones that read, “(1) Every employee of a bank shall, immediately after assuming duty and, thereafter, at the determination of his (or her) employment, and in the case of a serving banker, within thirty (30) days of the receipt of the Declaration of Assets form from the appropriate authority or at such other intervals as the President or the appropriate authority may specify, make full disclosure of his (or her) properties, assets and liabilities, and those of his (or her) spouse or unmarried children under the age of 18 years.
“(2) For this section, a transfer or secondment from one bank to another shall be treated as a new employment.”
The bill is also seeking an amendment to Section 5 by inserting new subsections that prohibit foreign accounts for bank workers.
“(a) A bank employee shall not maintain or operate a personal bank account in any country outside Nigeria.
“(b) Any complaint that a bank employee has committed a breach of or has not complied with the provisions of this Act shall be made to the Central Bank of Nigeria or the appropriate regulatory body in the case of employees of other Financial Institutions.”
International Hacking Anonymous Group Send Threat Video To Elon Musk Over Bitcoin Fluctuation
The famous Multinational Hacking Group Anonymous is threatening to uncover Tesla CEO and billionaire Elon Musk over Bitcoin down Price and fluctuations.
The ‘Hacktivist’ group Anonymous on June 5, posted a video on their YouTube which sent the internet reeling,aso Naija gathered.
The video entitled, ‘Anonymous message to Elon Musk.’ has generated over 700,000 views on the platform and is currently trending on social media platforms.
In the conveyed video, the international hacking group threatened to target and expose Elon for fluctuating and causing the price of Bitcoin to plunge with his tweets.
The group said that the Billionaire has too much power over the cryptocurrency markets and that they had grown tired of his attitude and tantrums.
In their video to Elon, Anonymous said;
“People are beginning to see you are nothing more than another narcissistic rich dude who is desperate for attention.”
“Millions of retail investors were counting on their crypto gains to improve their lives.”
You were born into the stolen wealth of a South African apartheid emerald mine and have no clue what struggle is like for most of the working people in the world.”
“As hardworking people have their dreams liquidated over your public temper tantrums, you continue to mock them with memes from one of your million-dollar mansions.”
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