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CBN Introduces Guidelines for Open Banking, Warns Banks to Respect Customers’ Data

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The Central Bank of Nigeria (CBN) has on Wednesday, issued operational guidelines for open banking in Nigeria, as part of its measures to sanitize operation of the banking industry.

The CBN said the Regulatory Framework for Open Banking in Nigeria established principles for data sharing across the banking and payments system to promote innovations and broaden the range of financial products and services available to bank customers.

“As a result, open banking recognizes the ownership and control of data by customers of financial and non-financial services, and their right to grant authorizations to service providers for the purpose of accessing innovative financial products and services,” the apex bank said, adding that this is anticipated to drive competition and improve accessibility to banking and payments services.

According to the guidelines, participants in open banking shall adhere strictly to security standards when accessing and storing data, and shall be subject to minimum privacy standards, operational standards, risk management standards and customer experience standards as prescribed by the Bank.

The CBN shall provide and maintain an Open Banking Registry to provide regulatory oversight on participants, enhance transparency and regulate operators within the open banking ecosystem.

Under the open banking proposition, any organization that has data of customers which may be exchanged with other entities for the purpose of providing innovative financial services within Nigeria is eligible to participate in the Open Banking ecosystem.

The CBN said entities participating within the Open banking ecosystem are categorized based on the roles that they may perform, and participants may assume more than one role depending on their services and offerings. The roles include API Provider, API Consumer and customer – whose data is involved and whose permission is required before the data is used.

“Consent is required from customers whose data may be required by services provider to avail them of financial products and services,” the guideline said.

CBN’s Director, Payments System Management Department, Musa Jimoh, said the guidelines have become necessary as the apex bank pushes to stabilize the financial system.

“The adoption of open banking in Nigeria will foster the sharing of customer-permissioned data between banks and third-party firms to enable the building of customer-focused products and services.

“It is also aimed at enhancing efficiency, competition, and access to financial services,’’ he stated.

Speaking on the conditions for sharing customers’ private data, the guideline said API Provider shall only share information of a customer with an API Consumer, upon presentation of a valid proof of consent by the customer, and shall authenticate such consent to ensure it emanates from its customer.

“Authentication of end-users and the validation of information to be shared with the ACs shall be done directly by the AP using the prescribed authentication mechanism within the API Security and Risk Management Standards,” it said.

Jimoh implored stakeholders to ensure strict compliance with the guidelines and with other regulations.

“The guidelines apply to banking and other related financial services as categorized and determined by the apex bank in the regulatory framework for open banking in Nigeria,’’ he said.

Is The Crypto Market Stabilizing? – Layoffs Decreased by 80% in February

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Recent reports reveal that the crypto industry witnessed a decrease in layoffs in February, compared to the previous month.

The number of layoffs for February was relatively low with only 570 recorded, compared to over 2,900 in the previous month. This new report suggests that the crypto market/ industry could be stabilizing which is a positive sign for the industry.

In February, the majority of job cuts impacted digital asset platforms, blockchain analytics firms, and software and blockchain development companies. Among the most recent layoffs were Messari and Elliptic, both crypto analytics firms, which cut 15% and 10% of employees respectively.

Other prominent crypto firms that announced headcount reductions in February are Fireblocks, crypto exchange Bittrex, NFT marketplace Magic Eden, software firm Protocol Labs and crypto media company The Block. Further research shows that a reduction of staff layoffs, in February was not only peculiar to the crypto space but across the general tech space. 

Despite the job losses, the crypto industry remains dynamic and continues to attract new talent and investment. Currently, there is now a bit of relief as the pace of layoffs in February appears to have slowed compared to previous months.

One of the reasons analysts suggest for the decline in the number of layoffs is that the economic downturn has outlived its effects, and there’s been some upward trajectory in the crypto market recently, which is a pointer to the fact that stability might be back. 

It is however interesting to note that amid the doomy and gloomy sentiment from the layoffs recorded, several market players offered help to those affected by the cuts, including Solana co-founder Anatoly Yakovenko, who tweeted, “If you are a departing Coinbase employee, reach out! I would love to find you a home in the ecosystem.”

Last year, the cryptocurrency market lost a whole lot of steam in 2022, which saw numerous investors got burned by fraudsters, crypto scams, and the implosion of major crypto institutions. This however affected investors’ confidence and prolonged the crypto winter.

It would be recalled that since FTX, one of the leading crypto trading platforms filed for bankruptcy in November 2022, its collapse sent a huge wave to the crypto industry which saw the price of crypto assets massively decline, accompanied by a series of layoffs from the crypto firms.

Also, crypto firms that had exposure to FTX and its related company Alameda Research had to file for bankruptcy as they struggled to stay afloat.

Meanwhile, CoinGecko COO Bobby Ong disclosed that during the bull market run, crypto exchanges expanded aggressively in response to the rapid growth in retail investor demand until they were hit hard by the onset of crypto winter amid a tough macroeconomic environment.

He said, “layoffs revealed that exchanges, in particular, have been ‘swimming naked’ and can no longer sustain their previous excesses.” 

However, many crypto enthusiasts and experts are predicting that the market could recover in 2023.

Useful apps that can help with essay writing

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Modern students often feel problematic and seek help with their homework, especially when it comes to written homework. Of course, you can use the help of your teachers and classmates who have more experience in writing, but when you are alone with your task, and must complete it faster. Becoming more productive could make a big difference. Our article will hint at how to use modern technologies to improve your studying performance and become a more successful student. Proceed reading, if you want to get some information you will be glad to use for your studies betterment.

Why use an essay writing app? 

Students often get written assignments when they study different disciplines and colleges and universities. Almost all students seek ways to ease their routine of creating various papers. Since essays are among the most widespread types of written assignments, students are focused on looking for ways to make writing essays plain, fast, and straightforward. We recommend you pay attention to the benefits of a modern, digitalized world. Thanks to using an app that writes essay for you, you will ease the process of creating papers and economize time.

In this article, we collected information about the most useful apps to help with essay writing. Please read below about the most impressive apps you can find online. We hope that the information about the apps below will improve your life and make you feel more confident when you write essays.

  1. Simplenote

Teachers recommend students take notes when they create drafts of essays and brainstorm on topics and theories. Many students are more likely to use paper notebooks and stickers to make notes. If you want to be sure that you will keep a sticker with your ideas or the notebook with the notes you created, you had better use a digital version of a notebook. Simplenote is one of the best apps that offer many functions related to creating notes. By using this app, you can easily make notes on any topic, organize them by groups and use them to create effective papers in a heartbeat. With Simplenote, creating notes will become a pleasure for you, and you will feel much more productive in producing papers faster.

  1. Oxford English Dictionary

Thanks to world-known organizations such as Oxford University Press, any student can get immediate access to the world’s comprehensive English Dictionary. It is not a secret that students who are not native English speakers face difficulties not only with formatting, structuring, and generating creative ideas for papers. One of the main issues is the need to write and use English words correctly. The Oxford English Dictionary app will let you download the dictionary to your device and use it on the go. Compatible with both iOS and Android systems, Oxford English Dictionary will become your best helper when you need to understand how to spell a word correctly, how to use it in the proper context, and how to explain its meaning.

  1. Grammarly

Some students admit that one of the challenging stages for them is the stage of editing. The main issue appears because after students spend many hours or even days creating a meaningful essay, they do not have enough resources to proofread the paper with patients. Skipping the stage of proofreading is forbidden if you want to score good grades because teachers pay attention to typos and grammar mistakes, considering them vital when deciding on the quality. A great app named Grammarly will let you reveal all your problems with proofreading and polishing your essays. The app has two versions, a free one and a paid one. Even if you use only a free version, you will quickly reduce errors and mistakes related to punctuation, grammar, repeated words, stylistic errors, and more. By using the paid version, you will make your text fantastic and can also check the paper for plagiarism.

  1. EssayShark

One of the most appreciated services that help with essays online, Essay Shark, created a great app that will let you get help with papers on the go. By downloading the app to your device, you will quickly provide all the information to a freelance author who works with the most reliable writing service on the web. The Essay Shark writing app is irreplaceable if you need more time to get to your laptop, open it, find the website, and fill out the order form to get help with your papers. Instead, you could use your mobile phone from the classroom to provide the information about the forthcoming task as you remember it. Do not wait long; once you get assigned a new essay on any topic, give the deadline formatting style, recommendations on structure, and other information to your potential helpers of the online essay writing service. Forget about the worries, thanks to this perfect app.

  1. Pro Writing Aid

The multifunctional app called Pro Writing Aid is irreplaceable for those who feel stuck writing their essays. If you want to eliminate errors in your essay and update it as a professional, this app is best for you. Pro Writing Aid works for students with low experience in writing or those with enough capabilities to create a perfect essay. This app recognizes the context of writing, understands the topic, and helps to reduce the words that do not fit well with the style of the paper. There are two versions of the app. A free version lets you understand how an app works and imagine how you will feel if you purchase a paid one to widen the functions. Use this app for creating essays on any discipline and see the difference in how your papers look with the help of modern technologies.

  1. Evernote

Thanks to Evernote, taking notes will become much more manageable. This app is top-rated among students and is used by business owners, managers, teachers, schoolchildren, and many other categories of users. Evernote offers a multifunctional interface to manage your notes, which they utilize in different ways. You can create papers in the app, draft essays, and group the information to store it effectively. Evernote also allows managing notes written by hand, so it has all the functions of a paper notebook. This app is top-rated, and you must try to understand what it offers.

Afterall 

One of the main problems students might face when they start working on their written tasks is the lack of ideas and instruments that help to implement their ideas. Students admit that they often do not have enough skills and knowledge of the language or do not have useful ways to make notes and generate ideas. If this problem sounds familiar to you, we are sure that reading our article was very helpful. We collected information about the most useful apps that can help with essay writing and are confident that now you understand what modern technologies can do for you in terms of studies. By downloading any of the apps, we provided in our article, writing essays will become more effective and productive, boosting your grades and self-confidence. Use the apps we provided, and do not forget that nowadays, you can become successful thanks to technology. We wish you good luck with your studies.

Naira Redesign: Confusion As Federal Govt, CBN Keep Mum About Supreme Court Judgment

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Confusion has continued to trail the recent judgment of the Supreme Court, which annulled the naira redesign policy introduced by the Central Bank of Nigeria (CBN) late last year with the backing of the federal government.

The Supreme Court had on March 3, stopped the federal government from implementing the naira redesign policy, ordering that old N200, N500, and N1,000 notes be allowed to co-circulate with the new notes until December 31, 2023.

The seven-man panel led by Justice John Inyang Okoro, in its judgment, described the policy as an affront to the 1999 Constitution and therefore nullified it.

However, both the federal government and the central bank have failed to make statement on the judgment, keeping banks and the Nigerian public in confusion and tedious wait as the cash crunch emanating from the implementation of the policy lingers.

The backdrop has created concern that federal government may once again; flout the apex court’s order, deepening the cash crunch crisis that has heavily impacted the nation’s economy, particularly, the informal sector. The concern persists amid reports that some commercial banks are already collecting and issuing the old notes in compliance with the Supreme Court ruling.

While there is willingness to use the old naira notes as legal tender, the CBN’s failure to issue directive to banks on the court’s judgment has stalled the circulation.

“What is this confusion? Supreme Court says old naira remains valid till December, banks start dispensing old notes but buses, supermarkets, fuel stations, and so on are not collecting the old notes. It’s like this country is on autopilot,” Olaiya Simileoluwa, a Lagos resident, was quoted by Daily Trust as saying.

In a report on Tuesday, TheCable quoted Isa Abdulmumin, CBN spokesperson, as saying that both the old and new notes are legal tender and banks are currently issuing them to customers.

“Banks are paying old notes as well as new notes. They are all legal tender,” he said.

“Yes, the CBN has not issued an official statement on the issue. Anyone banks give to you, you can collect. We just want to make life easy for Nigerians.”

Abdulmumin was also quoted as urging the public not to reject the old notes, though he acknowledged that the CBN has not officially issued a circular on that.

“No. They can’t reject it. It’s all legal tender,” he said.

However, there are unconfirmed reports that the federal government is waiting on the conclusion of Saturday’s governorship and state house of assembly election to comply with the Supreme Court’s judgment.

The federal government said it had backed the CBN to implement the naira redesign policy in a bid to curb moneybag politics among other ills.

With no statement from the CBN and the federal government, the public are keenly hoping that the conclusion of the governorship election on Saturday will bring an end to the naira redesign crisis.

There is no justification for joining campus secret cults

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I bumped into an old friend whom we grew up in the same neighborhood and we got talking trying to catch up on some memories, I asked him about his younger brother who was also a friend, we all literally grew up together and he told me that he does not know what the brother has been up to lately. I was expecting him to tell me that the brother is now a lawyer working in some big law firm somewhere because we both always wanted to be lawyers. He told me that the brother with whom we got admissions together, although in different schools, did not graduate from his university.

Here is the sad story; the brother got into the University and joined a campus secret cult, they had a cult clash which led to the death of some rival cult members and the death of some other innocent students who were caught in the crossfire; some people got killed and school properties were destroyed. The university board rusticated everyone that was fingered to be involved in the gunfight and anyone known to be a member of the secret cults terrorizing the school and that was how he, as a final year law student got rusticated out of the school; since then he is yet to make anything meaningful out of his life.

He was quite a smart champ but his dream of becoming one of the best lawyers in Nigeria and ending up as a Senior Advocate of Nigeria got shattered all by his doing and he has been off the grid since then. It is possible that he can start afresh and still be what he always wanted to be but nothing could ever make up for the lost years and for his tarnished image.

That story got me thinking about why a student could ever think about or fantasize about joining a campus secret cult and I have struggled to justify their reasons. Nobody I have ever known in my University days that were infamous and notorious as members of campus secret cult ever graduated; some were killed in rival cults clash, some were arrested and sent to jail, while some that got luckier got rusticated from the school.

I remember vividly back then in my class while I was in the University that there were about seven colleagues of ours that got initiated into the campus secret cult. One of them, who was an acquaintance, joined in our final year and he said that he had to join because of the constant harassment, oppression and intimidation he had been enduring in the hands of other cult groups. Most often than not, this is always a similar reason we hear from people as the justification for them joining a secret cult; they do not want to be harassed, oppressed or intimidated and they would rather be the oppressor than the oppressed. Well as touching as this reason may seem, it is all nonsense; millions of people have gone through the university, kept their heads low, avoided troubles and graduated without enlisting into the campus secret cult. Ironically, all secret cults could ever promise their members is false and a bluff; false security and safety because immediately you join your life will constantly be in danger from other rival cult groups and you constantly live in fear.

Out of these seven folks that joined the secret cult in my class, some who rose to the leadership of the cult all had issues. None of them graduated with us. Some dropped out, others were outrightly rusticated. I remember one of them slapped a Junior female colleague while we were writing our final exams. He was rusticated outrightly by the faculty board because there have been a series of other complaints against him for constantly using the cult to intimidate people.

Common guys, this is 2023, youths are building sophisticated tech companies and selling them for tons of millions of dollars, young minds are making a kill off social media, devising means to make legitimate money and survive right from the university and there you are still fantasizing about becoming a “Capone” in a campus secret cult? You should actually be ashamed of yourself.

Most of the people I know back then in university as infamous members of the campus secret cult were killed in a gunfight by the rival cult group, assassinated, and some were shot right inside their classrooms in broad daylight. I remember a guy that was quite popular in my school back then, a very pretty-looking guy; he was shot during a class party right inside the school in broad daylight. I still remember that day as if it was yesterday; we heard a gunshot and some of us in the commotion and confusion, running for our lives had no idea that we were actually running towards the place the incident took place; that was the fight time in my life I saw a human brain shattered in front of me,  I saw thick and sticky blood pumping and gushing out through his head, I can still see him struggling for survival and gasping for breath until he gave up the ghost with his two eyes still wide open. I will need a therapy section to get that image off my head. It was a brutal eyesore.

There is absolutely no reason why anyone should join a campus secret cult. Some of the folks in my class then who were members are always on the run, always looking over their shoulders; they will always abandon classes and even examinations and go into hiding once there was a little brawl in school; hiding from law enforcement agents, hiding from the rival cult groups and hiding from the school authority.

Every sane thinking person, even those that were cult members and managed to graduate and are in better places now will tell one thing; “campus cult is the worst thing you could ever get involved in as a student”. Run away from it, it will ruin your life if you are lucky enough to escape getting yourself shot in the head.