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President Tinubu’s Adviser Pushes For Crypto Platforms Ban in Nigeria Amid Forex Crisis

By
Ojukwu Emmanuel
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0

Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga is advocating for the ban of cryptocurrency trading platforms in Nigeria amidst the forex crisis.

Mr. Onanuga accused these platforms of manipulating the Naira, which according to him has caused the local currency to significantly lose value.

In a post made on X (formerly Twitter), which he titled “The Naira-Dollar Manipulators”, he urged the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN), to move against these platforms trying to manipulate the national currency to Ground Zero.

He wrote,

“Binance which is blatantly setting exchange rate for Nigeria, hijacking CBN role, is a cryptocurrency trading platform, and suffers access limitations from multiple jurisdictions, such as the US, Singapore, Canada and the The UK. According to Data Wallet, Binance is prohibited in the United Kingdom by the Financial Conduct Authority from conducting any regulated activities. In Japan, the Financial Services Agency (FSA) banned Binance from operating without the necessary regulatory approval.

“Ontario, Canada, has also suspended Binance services following its inability to meet the province’s securities regulation criteria. The Monetary Authority of Singapore also banned Singaporean investors from accessing Binance’s services. Binance, facing regulatory showdown in many countries, and causing disruptions in the currency market, should not be allowed to dictate the value of the Naira, not on its crypto exchange platform.

“Other crypto platforms such as Kucoin, and Bybit should be banned from operating in our cyberspace. FX platform Aboki should be re-banned. The EFCC and the CBN should move against these platforms trying to manipulate our national currency to Ground Zero. Crypto should be banned in our country or else this bleeding of our currency will continue unabated”.

The accusation of Binance for setting the exchange rates for Nigeria and hijacking the CBN role is followed by a blogpost from the crypto exchange, distancing itself from the Forex crisis in Nigeria.

Binance wrote,

“Don’t believe the FUD. We would like to assure users that their funds are secure and our peer-to-peer (P2P) product remains operational. Binance provides a P2P marketplace, not as a price discovery platform. To be clear: it is market-driven and is not intended to be a proxy for currency pricing in Nigeria. It is important to note that foreign exchange rates are influenced by various complex factors, which Binance has no influence on. 

“However, we continue to actively engage with regulators, policymakers, and other relevant stakeholders to foster an open transparent dialogue about managing the evolving landscape of cryptocurrency and financial markets. We remain dedicated to providing market-driven, fraud-free, and manipulation-free products for users. We take our responsibility to protect users and their confidential data very seriously.”

Mr. Onanuga’s call for the ban of crypto platforms in Nigeria comes amidst reports that a fresh crypto crackdown is brewing in Nigeria.

Although, regulators such as the Nigerian Communications Commission (NCC) the Securities Exchange Commission (SEC), and the Central Bank (CBN) are yet to release public notices on the matter. Meanwhile, it is alleged that the NCC has directed telecom operators to interfere with the operations of players like Binance, OctaFX, Coinbase, Kraken and FXTM.

Sources disclose that the recent movement against the crypto industry is inspired by the belief that digital currency exchanges have been weaponized by currency speculators and money laundering groups for dubious activities that continue to undermine the strength of the naira against the dollar.

EV Maker Rivian Slashes Workforce by 10% Amid Competitive Market And Macroeconomic Challenges

By
Ojukwu Emmanuel
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0

American Electric Vehicle (EV) Manufacturer and Automotive technology company, Rivian, has slashed its workforce by 10%, amid an increasingly competitive EV market and macroeconomic challenges.

The company made this disclosure during its fourth quarter (Q4) earnings report. Speaking on the layoff of some part of its workforce, founder and chief executive of the company RJ Scaringe in an email sent to employees disclosed that the company is facing a challenging macroeconomic environment.

In his words,

“Our business is facing a challenging macroeconomic environment, including historically high-interest rates and geopolitical uncertainty, and we need to make purposeful changes now to ensure our promising future”.

Due to these several challenges, Rivian has carried out several rounds of layoffs in its short history. The company let go 6 percent of its workforce both in July 2022 and May 2023. This current round of layoffs is expected to affect over a thousand workers at the Irvine, California-based company, which has a combined workforce of 16,700 salaried and hourly employees.

A spokesperson said the layoffs would mostly affect the company’s salaried employees, as well as a limited number of hourly non-manufacturing workers.

During the fourth quarter earnings report, the company said that it would likely not produce any more vehicles than it did in 2023. Rivian disclosed tights it made 57,232 vehicles in 2023, of which 50,122 were delivered. It expects to produce 57,000 vehicles in 2024, roughly the same number it made in 2023.

Scaringe boasted that Rivian produced the best-selling electric vehicle over $70,000 last year. In its shareholder letter, Rivian said it expected deliveries to be the same this year although it expects to achieve a “modest gross profit” by the end of 2024.

During an earnings call with investors, Rivian’s CEO said the company was focused on reducing costs, most notably by shrinking the number of electronic control units (EUs) found in each vehicle.  He also talked up the imminent release of R2, despite the fact that the vehicle won’t go into production until late 2026.

“We’re in a very interesting moment in time where there is a lack of choice of highly compelling EV products in that $45 to $55,000 price range,” he said.

Rivian will unveil its new smaller and less expensive consumer models, the R2S SUV and R2T pickup, in March, but those vehicles are not expected to be in production until 2026.

On the broader EV market, it is worth noting that sales of electric vehicles have not expanded as rapidly in the past year as they had before, and automakers have blamed high-interest rates for some of that slow-down.

Coupled with pressure from Chinese competitors, major U.S. and European auto manufacturers are pushing hard to cut electric vehicle costs so they can have price tags and profit margins.

This has spurred giant EV maker Tesla to aggressively cut prices of its vehicles, which has put pressure on other automakers. Ford, for instance, recently announced it was deeply cutting prices of its Mustang Mach-E, a direct competitor to the Tesla Model Y SUV.

The arrival of lower-cost Chinese EVs has no doubt added new impetus to European automakers’ ongoing efforts to develop more affordable models.

Rivian to cut 10% of staff – LinkedIn News

Slowing demand for electric vehicles is hitting Rivian. The company announced plans to eliminate 10% of its salaried jobs, while production this year is expected to match that of 2023 levels at 57,000 vehicles, missing analysts’ estimates. Rivian blames “economic and geopolitical uncertainties and pressures, most notably the impact of historically high interest rates.” The electric truck maker has been trying to challenge Tesla, but has faced supply-chain issues and related problems, as it works to boost production and reduce losses. Rivan laid off workers last year and in 2022.

  • Major automakers, including GM and Ford, have been walking back investments in “battery factories and other facilities” tied to electric vehicle production, notes The Wall Street Journal.
  • Rivian rival Lucid said it was only increasing its EV output by 500 vehicles this year.
  • EV sales in the U.S. rose 47% last year, compared to about 70% growth in 2022.

Nvidia Surpasses Expectations with Record-Breaking Revenue Growth

By
Samuel Nwite
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0

Nvidia has defied expectations yet again, reporting fourth fiscal quarter earnings that soared above Wall Street’s projections.

The semiconductor giant not only surpassed forecasts for earnings and sales but also delivered a bold outlook for the current quarter, exceeding even the most optimistic predictions for revenue growth.

Following this announcement, Nvidia’s shares surged approximately 10% in extended trading, signaling resounding confidence from investors.

The figures paint a vivid picture of Nvidia’s outstanding performance: Adjusted earnings per share stood at an impressive $5.16, surpassing the $4.64 expected by analysts. Revenue reached an astounding $22.10 billion, comfortably surpassing the projected $20.62 billion. Looking ahead, Nvidia anticipates revenue of $24.0 billion for the current quarter, eclipsing the $22.17 billion anticipated by analysts.

At the core of Nvidia’s success lies its pivotal role in the technology industry’s fervor for large artificial intelligence (AI) models. The company’s graphics processors for servers have become indispensable in the development of these models, positioning Nvidia as the primary beneficiary of this trend.

“Strong demand was driven by enterprise software and consumer internet applications, and multiple industry verticals including automotive, financial services and health care,” the company said in commentary provided to investors.

Addressing concerns about sustaining this remarkable growth trajectory, Nvidia’s CEO Jensen Huang expressed unwavering confidence in the company’s future prospects. He highlighted the enduring demand for Nvidia’s GPUs, fueled by the proliferation of generative AI and a broader industry shift towards accelerators over central processors.

Huang told to analysts, “Fundamentally, the conditions are excellent for continued growth in 2025 and beyond…Demand for the company’s GPUs will remain high due to generative AI and an industry-wide shift away from central processors to the accelerators that Nvidia makes.”

The latest financial report denotes Nvidia’s staggering ascent, with net income skyrocketing to $12.29 billion, marking a remarkable 769% increase compared to the previous year. Total revenue surged by 265%, primarily driven by robust sales of AI chips for servers, notably the highly sought-after “Hopper” chips like the H100.

Nvidia’s Data Center business, now the cornerstone of its revenue stream, witnessed a remarkable 409% increase to $18.40 billion. This surge was propelled by robust demand across various sectors, including enterprise software, consumer internet applications, automotive, financial services, and healthcare.

Addressing the impact of recent U.S. restrictions on exporting advanced AI semiconductors to China, Huang noted, “We understood what the restrictions are, reconfigured our products in a way that is not software hackable in any way, and that took some time so we reset our product offering to China. Now we’re sampling to customers in China.”

Chief Financial Officer Colette Kress acknowledged the persistent supply constraints, especially with the impending launch of its next-generation chip, the B100.

“We are delighted that supply of Hopper architecture products is improving,” Kress said on a call with analysts. “Demand for Hopper remains very strong. We can expect our next-generation products to be supply constrained as demand far exceeds supply.”

“Whenever we have new products, as you know, it ramps from zero to a very large number and you can’t do that overnight,” Kress added.

Meanwhile, Nvidia’s gaming business, although up 56% year over year to $2.87 billion, pales in comparison to the meteoric rise of its data center segment. Nevertheless, the company’s diverse portfolio, including its automotive business and OEM ventures, demonstrates resilience and potential for future growth. It rose 7% to $90 million while business making graphics hardware for professional applications rose 105% to $463 million.

Nigerian Customs, Think Beyond Revenue To How To Support Economic Growth

By
Ndubuisi Ekekwe
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0

Everyone knows my testimony: Nigeria worked for me. It provided me EVERYTHING a young man would have wished for. So, my desire daily is that Nigeria works for others, and that is why we try to explore how we can have a working nation. On that, I do hope the Nigerian government considers this observation from Peter Obi:

“A situation where at the point of initiating importation, Form M and other documents related to importation are based on a particular rate of exchange, for example, N1000 to $1, being the prevailing exchange rate at the time which the importer of goods was used to calculate the entire process, from the import initiation to receipt of goods in his warehouse. Then suddenly when the goods arrive in Nigeria, and duties are calculated at different rates, say N1400 to $1, it becomes a serious business challenge that results in business losses,” Peter Obi said.

Floating Naira does mean we cannot honour contracts. I have posited that Customs should not become a blinded rainmaker for Nigeria as doing that we will make it a poison pill: the more radical revenue from Customs, the more Nigeria’s economy is dying since these revenues are import-driven, not export-driven.  We must ask the government to allow predictability in the market system.

The newspapers and TV pundits hailed that for the nation. Yet, if you look deeper, you will notice one thing: Nigeria is becoming a trading hub as companies shift to export instead of make in Nigeria, since the Customs revenue is not coming from exports as ships are still leaving our ports largely empty. Also, these are not equipment and machinery; these are basic imports of household and business consumables which ought to be made in Nigeria.

Again, we commend the Customs team but we must not celebrate these huge numbers. For everything, the double digit growth we’re seeing in the customs revenue will remind us that Nigeria is being de-industrialized!

The Casino Industry in the New Age of Cross-Platform Gaming

By
TI Partners
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0

In the last few years, the face of gaming has undergone a major transformation. Technological advancements and player preferences have changed the sector. These are among some of the factors that are making cross-platform gaming take root at a rapid rate in casinos.

Cross-platform gaming simply means being able to play games on several devices without any problems. In fact, this idea is becoming popular in casinos. This way, players can be able to access their favorite casino games from different platforms, such as computers, tablets or smartphones, among others. The ability to do so makes cross-platform gaming very attractive for modern gamers who desire flexibility and continuous playing experiences

Cross-Platform Gaming Challenges And Solutions

Cross-platform gaming not only provides a seamless gambling experience but can also help attract a wider audience. By breaking down barriers to game accessibility via various devices, casinos target a larger demographic, increasing players’ engagement and retention.

However, implementing cross-platform gaming in casinos is not without its challenges. Such technical issues as ensuring compatibility across different platforms, achieving real-time synchronization of game progress, maintaining infrastructure that would support reliable network connectivity are major hindrances to adopting it widely; these hurdles must be overcome by strategic planning and making use of appropriate technological solutions.

Investing in servers and networking equipment capable of supporting high-speed data transfer and real-time synchronization would solve these obstacles. Additionally, incorporating software development best practices ensures compatibility with different platforms for gamers seeking an elite casino experience.

The Benefits Of Data Integration and its Role In Cross Platform Gaming

While there are difficulties on the one hand, there are diverse benefits associated with cross-platform gaming on the other hand. Switching between devices enhances the overall user experience by retaining game progress. For instance, it increases retention rates for users while allowing gaming companies to provide unique features and rewards that work across different platforms. Such situations may include special games, bonuses or promotions that are open to any player, despite the gadget used.

The role of data integration in cross-platform gaming cannot be overstated. It enables casinos to deliver personalized gaming experiences across platforms based on player information. This might involve recommending games based on past play, tailoring promotional offers for individual players, or improving retention and engagement levels, among others. Also, data could help in designing more rewarding loyalty programs that can operate regardless of the platform a player is using.

Technological Innovations And Game Revamps

Cross-platform gaming promises a lot in the future, carving a niche among popular American casino brands. Upcoming technologies, such as cloud gaming and Blockchain, will take this trend to another level. Through cloud gaming, games can be streamed between devices instantly, making this feature even more seamless for users. At the same time, blockchain technology may ensure secure player data transmission and fair play, thereby enhancing trustworthiness within the gambling industry.

Technological advancements have affected the game experience and games themselves. Traditional slot machines are among the games that integrate virtual reality, augmented reality, and artificial intelligence into their systems. Player involvement in the game is improved by these technologies, which create a more immersive and participatory gaming experience.

Looking into the Future of Gaming

Cross-platform gaming is revolutionizing many aspects of the gambling industry that are beneficial to both gamblers and casino houses. Therefore, it is vital for us to embrace these technological advancements as we move on to this new era of gambling while upholding responsible gambling practices. Furthermore, players and casinos can exploit new openings present through cross-platform gaming.

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