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Kaduna State Government Orders State’s Ministries and Agencies to Ensure Continued Acceptance of Old Naira Notes By Their Collection Agents

By
Tiamiyu Ismail
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0

The Kaduna State Government has ordered all agencies, department and ministries within the state to ensure that their collection agents continue to accept payments made in all denominations of the naira, old and new congruent to the subsisting ruling of the Supreme Court on Wednesday that the old 200, 500 and 1000 Naira notes shall remain a legal tender pending the determination of the suit brought before it against the Federal Government and the CBN.

According to a statement by the State Government dated 19th February 2023 and signed by the Special Adviser to the Governor on Media and Communications, all the Government authorized collection agents within the state which offer the citizens a route for cash payment are expected to comply with the subsisting order of the supreme court. The Statement reads as follows:

“In line with the subsisting order of the supreme court, the Kaduna State Government has directed its ministries, departments and agencies to ensure that their collection agents continue to accept payments made in all denominations of the naira, old and new.

“The laws of Kaduna State do not allow personnel of government agencies to be involved in cash collection of revenues. The collection agents authorized by State government agencies do offer citizens a route for cash payment, and are expected to comply with subsisting court order.”

Recall that on February 16, the Governor of Kaduna State, Mallam Nasir El-Rufai, had in a media address implored Kaduna State citizens to continue to use their old naira notes along side the new notes without any fear while he assured that all the old and new notes shall remain in use as legal tender in Kaduna State until the Supreme Court determines otherwise. This is despite the declaration of the old 500 and 1000 Naira notes as obsolete by the President, Muhammadu Buhari .

Some of the citizens and residents of Kaduna State had also expressed pessimism and skepticism about the posture of the State Government, especially with the awareness that the CBN and the major Commercial banks in the state will not be collecting the old notes from them.

How Followers of Atiku, Tinubu and Obi Can Manage Their Mental Health in the Case of Electoral Loss

By
Mutiu Iyanda
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0

Several reports have shown that the number of populist leaders is both increasing and decreasing around the world. In the global north, the reports indicate that the political leadership style has “fallen to a 20-year low after a series of victories for progressives and centrists over the past year,” according to analysis from the Tony Blair Institute. The Institute, as quoted by the UK newspaper The Guardian, reports that the number of people living under populist rule has fallen by 800 million in two years. Politicians like Donald Trump in the United States of America, Jair Bolsonaro in Brazil, and Rodrigo Duterte in the Philippines gained power through populism, an ideology, political programme or movement that champions, or claims to champion, the common person. In other words, it “promotes the idea that its leaders alone represent the people in their struggle against the elite.”

In the global south, where we have Africa, Latin America and Asia, the political movement is also on the rise. These continents had populist leaders who fought the elite and eventually were elected as presidents and prime ministers. Burundi, Cameroon, Egypt, Gabon, The Gambia, South Africa and other countries on the continent have had populist leaders who eventually became presidents. A populist leader who eventually became president could only have happened in Nigeria, when President Muhammadu Buhari was elected in 2015 after “public acceptance” of his rhetoric and promises of changing poor socioeconomic and political indices. Citizens and members of the international community have described his seven years as president as having both negative and positive consequences.

As his tenure draws to an end, some of his economic policies and political decisions are having severe impacts on people and businesses. As a result, there is a need to elect a populist leader. However, our analyst observes that, for the first time since the country’s return to democratic governance in 1999, voters are undecided about which of the three leading presidential candidates to support. They are in a serious dilemma because Senator Bola Ahmed Tinubu, Alhaji Atiku Abubakar and Mr. Peter Obi have been campaigning using populism since September 28, 2022. Across mainstream news media, digital platforms, and community mobilisation strategies, the trio has used and continues to use various rhetorical appeals and ethos that align with populism. This is not a new phenomenon in the history of populist movements; Hugo Chavez famously used emotionally charged populist rhetoric to appeal to a broad base of Venezuelans from the poor and working classes.

However, when a populist leader fails to win a presidential election, their followers can be left feeling deflated and disappointed. In order to manage their mental health during such a time, it is important for followers of a populist leader to practice self-care and focus on the positives in any situation. After reviewing several sources regarding the psychological state of followers of populist leaders during electoral cycles in the global north and some countries in the global south, our analyst briefly discusses some fundamental tips for mental health management in the case of electoral loss.

Firstly, it is important for followers of the three candidates to avoid engaging in negative self-talk. It can be easy to get caught up in the disappointment and frustration of the failed election and to start thinking negatively about oneself and the situation. Instead, followers should focus on reframing these negative thoughts into something positive and productive. For example, if they are feeling down about the election result, they could think of ways that they can use this experience to better themselves and their communities.

Secondly, followers should practice self-care and self-compassion. This can be done through activities such as mindfulness, yoga, or journaling. Taking time to relax and focus on themselves can help followers reframe their thoughts in a more positive light and find contentment in their current situation.

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

By
Tekedia Editors
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0
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

By
TI Partners
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0

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

By
TI Partners
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0

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

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