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Naira Redesign Policy: Caught in the Web – Nigerian Economic Summit Group

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Nigerian naira banknotes are seen in this picture illustration, September 10, 2018. REUTERS/Afolabi Sotunde/File Photo

The Nigerian economy faced complex challenges in 2022. One of the most significant of these challenges is the prolonged fuel scarcity, which appears to be slowing down economic activity, increasing inflationary pressure, eroding the purchasing power of the Naira, and pushing more Nigerians into poverty. 

While ordinary Nigerians and many businesses were devising strategies to mitigate the effects of fuel scarcity and rising inflation, the Central Bank of Nigeria (CBN) announced plans to redesign the country’s currency, specifically the higher denominations, on October 26th, 2022. The announcement came with a tight deadline of January 31st, 2023, to phase out the old N200, N500 and N1,000 notes – which account for 95.6 percent of the total value of the currency in circulation. 

The decision by the CBN to redesign some Naira denominations is not unprecedented in Nigeria, given the history of currency redesigns as obtained in 2007 and 2009 with the lower denomination banknotes. The Naira redesign policy is authorised by Sections 18 (a) and (b) of Nigeria’s Central Bank of Nigeria Act of 2007. According to the Act, the CBN shall (a) arrange for the printing of currency notes and coin minting; and (b) issue, re-issue, and exchange currency notes and coins at the Bank’s offices and such agencies as it may establish or appoint from time to time.

 Both the reasons for the redesign of the Naira and the timing are important factors in examining the policy and the merits of the decision to redesign the currency notes. The CBN highlighted five (5) main reasons for its decision [1].

Apart from promoting economic activity, the Naira currency represents Nigeria’s pride and heritage, far more valuable than its face value and purchasing power – what it can buy. Cash is still central to economic activity in Nigeria, where about 90 percent of transactions occur using money. Therefore, chronic shortages, such as the Naira scarcity experienced since the fourth week of January 2023, due to limited Naira notes printed by the CBN, hoarding by financial institutions and digital financial platform breakdown/malfunction, have economic and sociocultural consequences for the Nigerian economy and the general populace. 

At a broader level, the Nigerian economy is facing continued exchange rate volatility, increased inflationary pressure, and other macroeconomic challenges. These issues have deteriorated socio-economic conditions, increasing insecurity, food shortages, and crime. While this is due to various structural problems, the effects of the pitiable execution of the redesign policy are exacerbating the economy’s situation, mainly because of the prominent role of “cash-in-hand” to economic activities and the unpreparedness of economic actors for the rapid changes which have taken place. This report details an analysis of the CBN’s Naira redesign policy to provide a critical way forward toward addressing the unintended realities emanating from policy implementation.

Download the full document here (PDF)

Chainlink (LINK) is keeping an eye on NFTs, Quant (QNT) whale transactions at a 16-month high, TMS Network (TMSN) removes intermediaries and enables instant deposit and withdrawal

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Chainlink (LINK) is a blockchain oracle network built on Ethereum. The Chainlink (LINK) network facilitates tamper-proof data transfer to on-chain smart contracts from off-chain sources. Chainlink (LINK) is now venturing into NFT (Non Fungible Tokens), which will cause it to surpass DeFi boundaries. More on this later in the article.

Quant (QNT) is an Ethereum token that powers the network’s brand of software solutions. These solutions look to connect private networks with public blockchains. So, what has boosted Quant’s (QNT) value recently? In this article we will learn what makes Quant (QNT) one of the most promising coins to watch this year.

The crypto trading world was always on the lookout for a trading platform that enabled quicker transactions and maintained transparency. This is where TMS Network’s (TMSN) new decentralized trading platform comes in. The team at TMS Network (TMSN) has worked hard to ensure the platform protects traders’ personal information and transactions. TMS Network (TMSN) platform also encourages investment control.

Chainlink (LINK) to surpass DeFi boundaries this year

Chainlink (LINK) is one of the top players in the DeFi area. Chainlink (LINK) has forged many partnerships with top players in the blockchain market. This has helped its token holders earn significant passive income through staking. The current Chainlink (LINK) token price stands at $7.28.

Now that Chainlink (LINK) is venturing into the NFT market, there is a possibility its value will surpass the DeFi boundaries. NFTs have seen an upward trend in 2022, and experts believe that Chainlink’s (LINK) value will increase with this new venture. It is reported that Chainlink (LINK) has shown an interest in dynamic NFTs (dNFTs). These NFTs can be changed depending on certain conditions or other real-world actions.

New Quant (QNT) whale activity has boosted its value by 10%

The Quant (QNT) network has seen a significant boost in value since a week ago. The current Quant (QNT) price stands at $137.09. This was due to the Quant (QNT) network’s massive whale activity.

Although the Quant (QNT) price has since corrected, it still remains 32nd on the list of the largest cryptocurrencies. Quant (QNT) is also one to watch out for in 2023, despite a drop of 40% in value in 2022. This is also an indicator that Quant (QNT) could be set for a price rally as the market recovers in the months ahead.

TMS Network’s (TMSN) all-new decentralized platform encourages investment control

TMS Network’s (TMSN) decentralized trading platform was formed to facilitate ease of transactions and secure trading. TMS Network’s (TMSN) platform makes traders confident that their information and transactions are secure.

One of the major benefits of using TMS Network’s (TMSN) platform is lower fees. This is possible because TMS Network (TMSN) eliminates intermediaries. It allows traders to retain higher profits, and re-invest more into the market. TMS Network’s (TMSN) platform also allows traders to respond quickly to changes in the market, and take advantage of various opportunities. TMS Network’s (TMSN) platform has gained popularity since its launch, and the current token price is $0.0047.

 

For more information on TMS Network please see the links below:

Presale: https://presale.tmsnetwork.io

Website: https://tmsnetwork.io

Telegram: https://t.me/tmsnetwork

Twitter: https://twitter.com/tmsnetworkio

Cosmos (ATOM) and Orbeon Protocol (ORBN) – Two Tokens Set for Massive Returns in 2023

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A closer look at Cosmos (ATOM) and Orbeon Protocol (ORBN) shows that investors of these tokens should expect massive returns in 2023. Cosmos (ATOM) is scaling with new adoptions while Orbeon Protocol (ORBN) is up by 1675% with no plans of stopping.

>>BUY ORBEON TOKENS HERE<<

Cosmos (ATOM)

Cosmos (ATOM) is a network of blockchains that communicate with each other in a decentralized way. Cosmos (ATOM), the native token of the Cosmos Hub, is used for fees payment, staking, and governance.

In addition to the regular upgrades implemented by the Cosmos (ATOM) team, the ecosystem has seen adoptions that have kept the price of ATOM on a steady uptrend. Sushiswap, an Ethereum-based decentralized exchange recently acquired Vortex Protocol, an on-chain trading platform built atop Sei Network, a blockchain using Cosmos’ tooling. Sei Network and Sushi’s newly-acquired Vortex Protocol will both launch on mainnet in Q2 of 2023.

This makes SushiSwap one of the first Ethereum applications to make the move over to the Cosmos ecosystem. dYdx, a derivatives exchange on Ethereum, has also signaled that it may launch on Cosmos in Q2.

And it is not surprising because building on Cosmos (ATOM) allows developers to spin up blockchains specifically tailored to a project’s needs rather than turn to Cosmos (ATOM) for shared security. Cosmos (ATOM) is currently trading at $13.32.

>>BUY ORBEON TOKENS HERE<<

Orbeon Protocol (ORBN)

Orbeon Protocol (ORBN) is a decentralized investment platform that allows investors to buy equity into beginning companies for prices as low as one dollar. Orbeon Protocol (ORBN) achieves this through the use of fractionalized NFTs. The protocol mints reward and equity-based NFTs for businesses and brands that need financing rounds. Then it fractionalizes these NFTs to enable everyday investors to purchase fragments of the businesses with small funds.

With Orbeon Protocol (ORBN), companies obtain funds from a larger number of investors due to fractionalization, while investors find a one-stop shop platform with multi-chain capabilities to back promising projects and earn VC rewards. Lyobomyr Koval and his team built Orbeon on the Ethereum blockchain with plans to bridge to multiple chains like Polygon and Solana for more scalability.

Furthermore, Orbeon Protocol (ORBN) protects investors with its “Fill or Kill” safety mechanism that automatically returns their money if a company fails to meet funding targets within a given period.

$ORBN is the native asset of the Orbeon ecosystem. Users need it to purchase NFTs from the Orbeon marketplace. They can buy the token from the ongoing stage 8 of the presale.

Also, Orbeon Protocol (ORBN) token holders enjoy certain benefits like voting rights, priority access to upcoming funding rounds, discounts on transaction fees, staking rewards, and access to exclusive investor groups.

Additionally, they can expect a 60x return on their investments as analysts predict a 6,000% increase in price after the presale. Already, the coin has done 1675% moving from $0.004 to $0.0766.

 

Find Out More About The Orbeon Protocol Presale

Website: https://orbeonprotocol.com/

Presale: https://presale.orbeonprotocol.com/register

Big Eyes Coin Nearing $28 Million – OKB and Near Protocol on the Rise?

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We entered 2023 fearing a crypto winter, however, a few coins may be riding against the tide. Big Eyes Coin catching fire with an explosive pre-sale, OKB’s massive return for holders and Near Protocol nearing a rebound are a few things to look at.

Big Eyes Coin – A pawsome crypto!

Big Eyes Coin (BIG) – the most talked about Ethereum-based meme coin brings new hope in the crypto industry as it brought home huge donations, raising almost 28 million in its pre-sale. This feline-friendly coin is known for its eco-friendly initiatives, with 5% of its tokens being donated to organizations focused on reviving the world’s oceans. What’s even more exciting is that Big Eyes Coin is about to release “Loot Boxes,” a fun and engaging way for users to get their hands on cryptocurrency.

OKB and Near Protocol – What you should know?

OKB, on the other hand, is a coin that utilizes blockchain technology to streamline transactions and enhance user experience. It’s designed to be a utility token that provides users with access to a wide range of services on the OKEx platform, from trading fees to margin trading. With a market cap of over $3 billion, OKB is certainly a force to be reckoned with in the world of cryptocurrency.

Near Protocol (NEAR) is a coin that is taking a different approach altogether. It uses sharding technology to increase throughput and reduce the time it takes to confirm transactions, making it a popular choice for decentralized applications (dApps). It’s also designed to be energy-efficient, which sets it apart from other coins that require a significant amount of energy to mine.

Takeaway

While each coin has its unique features and specialties, they all share some similarities. For one, all three coins have a strong focus on technology and innovation. Big Eyes has its NFT Sushi Crew and loot boxes, OKB has its utility on the OKEx exchange, and Near Protocol has its Proof of Stake consensus mechanism.

Another similarity is the growing popularity of each coin. Big Eyes has gained a loyal following of fans who are excited about its potential as a meme coin contender. OKB has a solid reputation and is backed by one of the most established exchanges in the world. Near Protocol is gaining attention from developers who are interested in building decentralized applications on its platform.

For enthusiasts, it’s critical to keep up with the most recent advancements. These three coins are worth keeping an eye on, whether you are an experienced investor or just getting started.

 

Find out more about Big Eyes Coin (BIG):

Presale: https://buy.bigeyes.space/

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

Last Sunday at the Super Bowl Was A Busy  Night For Dogecoin in the Crypto Market & The  Best Presale in Crypto Big Eyes Coin Continue to Excel

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Since their beginnings almost 14 years ago, cryptocurrencies have gained significant traction and risen in recognition among people. Bitcoin, with its cheap transaction fees, quick payments, minimal to no documentation, and lack of the requirement for a centralised institution, is rapidly transforming the way of money. With many currencies accessible in the crypto world, choosing which one to invest in may be challenging.

Decentralisation (DeFi) is the order of the day in asset and fund management. Individuals prefer to manage their investments and move cash without involving third-party organisations such as banks. This is why the cryptocurrency space was developed.

Big Eyes Coin (BIG) is a groundbreaking Japanese anime cat-inspired meme coin that allows cat enthusiasts to take part and explore a platform with like-minded investors to gain a deeper understanding of cryptocurrencies and meme-based content.

 

Big Eyes Coin’s Presale Doing (BIG)

Big Eyes Coin (BIG) has quickly become one of the most popular meme tokens. The debut of the coin has piqued the interest of investors all around the world, and community demand has skyrocketed. Big Eyes Coin has surpassed a remarkable $27.56 million in presale value, aiming to make the cat meme coin the most popular presale token in the past two years. Because of its tremendous potential, Big Eyes Coin has intrigued a significant number of investors.

Big Eyes Coin is one of a handful of cryptocurrencies that aspires to make a difference by putting their money where their mouth is. Although several top-ranked cryptos are known to have harmed the environment due to crypto mining, Big Eyes has recognised the issue and has put aside 5% of the total supply in a charity wallet to be given to ocean-saving organisations. The cryptocurrency platform distinguishes out since it is dedicated to the preservation of marine species and the nation’s biggest ecosystem.

In a tweet, Big Eyes (BIG) posted to aid the Luna Children. Like Twitter, Big Eyes (BIG) pushes users to retweet as many times as they can. They needed 10,000 retweets to execute their strategy. The event lasted two days. BIG ultimately gave $1000 to the Luna Children. 

Dogecoin (DOGE) Made It To The Super Bowl

Most commonly known as the first-ever meme coin to be introduced to the crypto market. In the summer of 2013 Billy Markus and Jackson Palmer launched Dogecoin, as a joke. It quickly took centre stage and became very popular in the crypto world, with people like Elon Musk gravitating towards the meme coin.

One of the biggest sporting events in the world took place on Sunday the 12th of February. The Philadelphia Eagles were up against the Kansas City Chiefs, which ended 35-38 for the Chiefs.

Elon Musk was in attendance, alongside Rupert Murdoch. Two billionaires sitting next to each other at such a big event with Rihanna performing at the famous halftime show, what a time to be alive!Since Elon Musk bought Twitter before the end of the year, a lot of speculation has been made about him using DOGE as a form of payment on the social media platform. Dogecoin has had a good start to the year. After Musk tweeted a picture of Murdoch and himself, with the caption ‘Dogecoin’. This resulted in the cryptocurrency surging 5% on the following day.

 

For More Information On Big Eyes Coin (BIG), Click The Links Below:

Presale: https://buy.bigeyes.space/

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

Twitter: https://twitter.com/BigEyesCoin