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Nigeria’s Central Bank Unveils A New Playbook To Save Naira

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A message to Nigerian banks by the high priest of Nigerian banking: “The era is coming to an end when because your customers need $100 million in foreign exchange or $200 million, you now want to go to the CBN and pack all the dollars. It is coming to an end before or by the end of this year. We will tell them don’t come to the Central Bank for foreign exchange again, go and generate from export proceeds,” Central Bank of Nigeria governor Godwin Emefiele.

The Nigerian forex crisis is spiraling out of control in defeat to the stringent policies initiated by the Central Bank of Nigeria (CBN) to tackle it.

The backdrop is not only evident in rising inflation rate, now 20.52%; it is also visible in its bearing on international transactions. The CBN has continued to limit the amount of dollars that Nigerians can spend on international POS. But that, like every other initiative it has taken, has failed to ameliorate the forex crisis.

Now banks are completely running out of dollars even though the CBN had earlier in the year, halted supply to Bureau de Change operators, opting to supply dollars to banks that will in turn sell directly to customers.

If the CBN does it, what that means is simple: you cannot run a manufacturing business in Nigeria which uses imported raw materials without having a clear strategy to deepen exports. In other words, every business in Nigeria which uses foreign inputs should have a foreign desk that can receive foreign currencies.

This is not a radical playbook. In Tekedia Capital, we encourage our startups to do everything necessary to earn US dollars, Euro, Pounds, etc even as they pack Nairas. Our thesis has been clear: Nigeria’s economic growth is slower than population growth, and within years, most of the big brother policies in Nigeria will stop working. Only companies that take charge of their futures will remain and thrive.

Nigeria’s Forex Crisis: First Bank to Suspend Int’l Transactions on Naira Cards

Nigeria’s Forex Crisis: First Bank to Suspend Int’l Transactions on Naira Cards

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Naira USD

The Nigerian forex crisis is spiraling out of control in defeat to the stringent policies initiated by the Central Bank of Nigeria (CBN) to tackle it.

The backdrop is not only evident in rising inflation rate, now 20.52%; it is also visible in its bearing on international transactions. The CBN has continued to limit the amount of dollars that Nigerians can spend on international POS. But that, like every other initiative it has taken, has failed to ameliorate the forex crisis.

Now banks are completely running out of dollars even though the CBN had earlier in the year, halted supply to Bureau de Change operators, opting to supply dollars to banks that will in turn sell directly to customers.

First Bank of Nigeria has announced to its customers that it will suspend international transactions on its naira Mastercard from September 30, an indication that the dollar scarcity is nearing the bottom.

First Bank said international transactions will not be available on its naira credit card, credit card and visa prepaid card.

“Due to current market realities on foreign exchange, you will no longer be able to use the Naira Mastercard, Naira Credit Card, our Virtual card and Visa Prepaid Naira card for international transactions. This will take effect on 30 September 2022.

“Please use your Visa Debit Multi-currency Card, Visa Prepaid (USD) Card and Visa Gold Credit Card to continue transacting abroad with limits of up to $10,000,” First Bank said.

First Bank is not the first financial institution in Nigeria to tow this path. After reducing the international spending limit on naira cards from $100 to $20 monthly in March, some financial institutions have gone further to cancel many of their international transaction services.

Following the decision of Standard Chartered Bank to suspend international transactions on its naira visa debit card in July, other financial service operators like Flutterwave, Eversend and other fintech platforms have also stopped virtual card services for international transactions.

Against this backdrop, the naira has been in free fall in both the official Investor and Exporter window and the parallel market – exchanging around N435/$1 and N710/$1 respectively. The central bank has attributed Nigeria’s forex scarcity to many factors, including market manipulation, while experts keep pointing at poor dollar liquidity as the major cause.

Nigeria depends mainly on oil for forex but has watched its revenue from oil export plummet in recent years due to oil theft, lack of refineries and fuel subsidy. Nigeria spends the dollars it earned from oil export on importation of refined petroleum products, erasing what it should have used to build its foreign reserve up.

With an insignificant volume of forex coming from non-oil exports, the CBN has been counting on Diaspora remittance to upset the dollar shortage. The apex bank has introduced a series of schemes such as the Naira 4 Dollar and the RT200 Scheme to encourage Nigerians in Diaspora to send money home.

Alas, these schemes have failed to curtail the raging crisis and the consequences keep increasing. In June, the International Air Transport Association (AITA), expressed concern over Nigeria’s inability to repatriate $450 million belonging to foreign airlines. The development forced Emirate Airlines to announce the suspension of its operation in Nigeria, though it reversed the decision after the federal government released $265 million to pay foreign airlines.

Many Nigerian SMEs and individuals that rely on their debit and virtual cards to pay for products and services abroad now have to find difficult alternate means of payment.

The future doesn’t look bright. The CBN has hinted that it is planning to stop selling dollars to banks by the end of the year. The financial regulator said banks should generate forex from exporters if they want to sell importers.

“The era is coming to an end when, because your customers need $100 million in foreign exchange or $200 million, you now want to go to the CBN and pack all the dollars.

“It is coming to an end before or by the end of this year. We will tell them don’t come to the Central Bank for foreign exchange again, go and generate from export proceeds,” CBN governor Godwin Emefiele said.

Experts have expressed concern that if the CBN ends dollar supply to banks by the end of the year, Nigeria may see a devastating rate of inflation.

Big Eyes Coin To Overtake Solana And Tamadoge As The Best Crypto Token To Purchase Right Now

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Today, the cryptocurrency market continues to evolve as various use cases, and trends stretch the industry market cap.  One of the coins with remarkable utility and a fast-growing fanbase is Big Eyes (BIG), which has overtaken Solana and Tamadoge as the best crypto token to buy now. Let’s take a look at these three coins and why BIG is giving them a run for their money.

Solana (SOL) Fly’s Close To The Sun

Solana (SOL) is a leading crypto token that has gained relative stability despite going bearish in the crypto collapse. Solana launched in 2018, although its whitepaper was released in 2017. The network is designed to offer the cryptocurrency market a faster blockchain than existing ones, providing a unique protocol and a combination of proof of history and proof-of-stake. As a result, Solana stands out for its super-fast transaction throughput, and lesserSolana (SOL) earned its popularity in 2021, a time when the NFT dominated the cryptocurrency market.

This was also a time when Solana reached its highest valuation as the network incorporated NFT minting and trade. Later in 2022, the network witnessed a series of outages, mainly due to the influx of users seeking to join the community and leverage its utilities. This influx was mostly informed by Solana’s cheap transactions cost, low gas fees, and lightning bolt fast processing speed. The system has struggled to stabilize since then without any report of security breaches.

According to CoinMarketCap, as of the time of writing, Solana (SOL) currently sells for about $31.10

Tamadoge Dictates The Play (TAMA)

Tamadoge (TAMA) is a new token in its final pre-launch stage.  It is a memecoin that combines metaverse experiences and gaming. A utility token, TAMA is the official currency for the Tamaverse, listed as the main exchange token for the network’s play-to-earn gaming feature on the metaverse. The idea of the game is that a player acquires pets as NFT and upgrades them for duels against other users on the Tamaverse. Such players earn Dogepoints in each duel and then convert to TAMA.

The Tamadoge (TAMA) network also enables fast transactions and cheap gas fees compared to other blockchain platforms. This makes it super easy to trade using the coin for exchange. It would appear that the crypto collapse didn’t quite reduce the enthusiasm of crypto users, as the new coin has recorded $19 million in market cap based on presale alone. The Tamadoge presale prices have soared higher than the initial prices, and it would appear you’ve missed out.

Well, you really haven’t.

There’s a new presale at the cryptocurrency market, and it is all the rave right now.

Let’s talk Big Eyes!

A New Name In Adorable Crypto – Big Eyes Coin (BIG)

Big Eyes (BIG) aims to become the next big thing in the cryptocurrency market, and from the look of things, it is clearly bound for the stars. Big Eyes (BIG) departs from the traditional pattern of meme coins offering just humor and laughs.

Big Eyes (BIG)  is a new token on the Binance Chain designed to stimulate the finances of its members and promote charitable causes that seek to make the world more habitable, particularly for water bodies and the oceans. These two primary features are the biggest attractions for Big Eyes as it has helped to attract goodwill and fanfare of the meme communities and cat lovers, mainly due to its cat themes that depart from the usual dog themes we see on meme coins.

This has helped to attract a growing following that has been predicted to rival Dogecoin and Shiba Inu in a few years to come. This community will contribute to the fast growing Big Eyes community, while attracting more investors to the project.  Plus, there are charity donations and giveaways to keep the community gingered up.

One remarkable feature of Big Eyes (BIG) is its NFT club, scheduled to release some snippets by the second presale stage, although the NFT club is projected to fully launch by stage 3. This level will feature minting and trade between users on the network and users from other token communities. These NFT use cases will unlock and stimulate better opportunities like a metaverse space and NFT marketplaces for the coin.

But the good news is Big Eyes presale is still ongoing.

So, if you missed the Tamadoge presale, Big Eyes has got you covered.

With over $2 million already raised before the second presale, BIG eyes is certainly an easy avenue to get wealthy with crypto.

Stage 2 of the Big Eyes Coin presale is slated to end soon, and the BIG team has announced that the token price will go up by 25%.

So, hurry now and follow this link to purchase your Big tokens presale before it goes up!

Big Eyes Coin (BIG)

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

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

Three Tokens that Deserve the Spotlight in your Portfolio: Rocketize, Fantom, and Dash

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Cryptocurrencies are a hot topic in the world of finance. They were first introduced in 2009, and since then they have grown in popularity and value. Cryptocurrencies are decentralized applications that use cryptography to allow individuals to exchange digital currency without the need for a third-party intermediary such as a bank or government.

Cryptocurrencies are appealing because they provide financial freedom: anyone can create their digital wallet and start using their own money without having to deal with an existing system. One of the biggest benefits is that there are no fees associated with using cryptocurrencies; instead, users pay transaction fees when sending money.

There are many cryptocurrencies in the crypto world, but not all of them are promising enough to be in portfolios. On the other hand, Rocketize (JATO), Fantom (FTM), and Dash (DASH) are three tokens that have great features for their holders and deserve mass adoption.

Rocketize (JATO) The New Open Source Project

Preparing for its presale, Rocketize is a new open-source community-focused project with the vision to serve as a platform for Decentralized Finance (DeFi) and Decentralized Autonomous Organization (DAO). The Rocketize platform will allow minting NFTs, creating DApps, and executing smart contracts.

Its native token is Rocketize (JATO). JATO stands for Jet-Assisted Take-Off. Rocketize (JATO) will be built on the Binance Smart Chain (BSC) Blockchain. It will be used as an exchange cryptocurrency on the Rocketize platform and between Rocketize and other platforms. Rocketize (JATO) will serve as rewards for users on the platform when they mint NFTs or create Decentralized Applications (DApps).

Fantom (FTM) The Open Source DeFi Protocol

Fantom is an open-source Decentralized Finance (DeFi) protocol and platform that allows users to create their Decentralized Applications (DApps). The Fantom (FTM) token is the native token used on the Fantom platform. It is an ERC-20 token built on top of the Ethereum blockchain, and it aims to provide faster processing times and greater security for smart contracts.

The Fantom team has created a unique algorithm that allows the Fantom (FTM) token to be used as a utility token on the Fantom blockchain, which means users can trade it for other cryptocurrencies or use it to pay for services on the blockchain. The Fantom (FTM) token’s value is derived from its utility as a means of payment and fee collection.

The Fantom platform aims to provide a secure, scalable, and decentralized storage solution for all types of digital assets backed by an immutable ledger.

Dash (DASH) The Open Source Blockchain

Dash is an open-source blockchain that serves as a fast, secure, and cheap payment, governance, and decentralized payment system. Dash was initially forked from Litecoin and launched in 2014. It was created to provide users with faster transactions and increased privacy through its “secure” network.

As an open-source project, Dash’s developers have made it their mission to improve upon the original Bitcoin protocol. They have also focused on making Dash’s blockchain more scalable than Bitcoin’s by implementing Master nodes — these nodes provide network security and allow miners to receive rewards for solving complex math problems on the network.

Dash’s utility token is called Dash (DASH), which stands for Digital Cash. It is known as “Digital Cash” because it was created from the original codebase of Litecoin, which was itself inspired by Bitcoin. Users can exchange Dash (DASH) tokens for other cryptocurrencies or fiat currencies at any time without any fees being charged by the company behind Dash.

Whether or not a cryptocurrency is going to be worth holding in portfolios depends on its ability to serve as a reliable currency — one that users can spend and trade with confidence while having fun with the additional features on its platform. Rocketize (JATO) might be new, but it has been predicted to own the spotlight of crypto gaming. 

Rocketize Token (JATO) 

Presale: http://rocket.rocketize.io/

Website: http://rocketize.io/

Telegram: https://t.me/RocketizeTokenOfficial

The Sandbox, ApeCoin And Moshnake, Promote Next-Level NFT Hype

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The hype around NFTs is already through-the-roof given their high-end prices and the interest of celebrities. NFT cryptocurrencies like Moshnake (MSH), ApeCoin (APE), and The Sandbox (SAND) have also contributed immensely to this growing trend. As such, they could push these digital assets to next-level hype.

In turn, NFTs and NFT holders drive the value of these cryptocurrencies through trading activities.

Meet Moshnake: The Latest Crypto Throwing It Back

Moshnake (MSH) is a rebranded form of the classic snake game. Thanks to blockchain technology, this game is back as a play-to-earn model on the Binance Smart Chain.

Another interesting feature of this game is its Moshnake NFTs. Players can buy and own the different Moshnake (MSH) NFTs on the platform—such as Mamba, Viper, Krait, and Cobra. These snake NFTs are then used to feed on eggs, treasures, and other NFT items in the in-game arena to acquire different attributes like speed and increased length.

Players can also interact with friends and battle with their NFT snakes in a team effort.

Two native tokens—the Moshnake token (MSH) and Venom token (VEN)—power the gaming ecosystem and are needed to play the Moshnake game. The VEN token is the in-game token used for trading the NFT snakes and rewards in the marketplace, while the MSH token serves as the governance token.

Interested buyers can buy MSH tokens in the ongoing presale using ETH or USDC. There will also be airdrops of MSH tokens to help drive more purchases of these NFTs.

ApeCoin Aims To Empower Community

ApeCoin (APE) serves as an ERC-20 token within the APE ecosystem. It also serves to empower its decentralized community, which is a major feature of Web3.

ApeCoin (APE) is the community-led token supporting the APE foundation’s culture in the growing Metaverse. The foundation is a decentralized protocol layer for the APE token. Furthermore, the ApeCoin DAO comprises ApeCoin (APE) holders.

ApeCoin (APE) has several functions in the open-protocol ApeCoin DAO. These functions include governance, utility, exclusive access to special features of the ecosystem, and rewards for developers of games and other projects on the ecosystem.

ApeCoin (APE) became famous thanks to Yuga Labs, the creators behind the Bored Ape Yacht Club (BAYC) NFTs. Yoga Labs rewarded the APE foundation with an NFT for each APE token and its intellectual properties. The popularity of the Bored Ape NFTs propelled ApeCoin (APE) into the metaverse and NFT marketplaces.

The global NFT marketplace, OpenSea, recently announced its acceptance of the ApeCoin (APE) as a currency for payment, further increasing the circulating volume of the cryptocurrency.

The Sandbox Set The Standard For Gaming PLatforms

The metaverse-based gaming platform, The Sandbox (SAND), is another community-driven platform. On it, creators can build and trade their voxel games and digital assets on the blockchain.

The Sandbox (SAND) combines the features of DAO and NFTs to create a progressive gaming community. Players can create and own their NFTs and trade them on The Sandbox (SAND) NFT marketplace.

The metaverse platform also has an ERC-721 LAND NFT that users can make their creations on and fill with ASSETs. All these can be monetized using the platform’s native token, SAND.

The SAND token is the native utility token in The Sandbox ecosystem. It is an ERC-20 token on the Ethereum blockchain for transactions and interactions. It also serves as the governance token that drives The Sandbox DAO and allows holders to share their views and opinions about the platform’s development.

The Sandbox (SAND) has made a name for itself, attracting other NFT brands, such as CryptoKitties, Atari, and Helix.

A Final Word

NFT cryptocurrencies, such as Moshnake (MSH), ApeCoin (APE), and The Sandbox (SAND), continue to promote the interest surrounding NFTs with their exciting and interactive features.

You can join the Moshnake (MSH) token presale by visiting these links.

Website: https://moshnake.io

Telegram: https://t.me/MoshnakeOfficial

Twitter: https://twitter.com/moshnakeToken