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Home Blog Page 4916

As Naira Fades, Nigeria Needs A New Type of Leader

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Naira moves to the 11th of all the worst performing currencies in the world (19 of them). Now, we are in the companies of Zimbabwe, Syria, Sudan, Iran, and Venezuela. Even Ukraine is doing better despite the missiles flying around its cities. People, no matter how you pray, talk or sing, can we for once look for competent people to run Nigeria, from local to federal levels, and leave our tribes and religions for once out of the equation? 

One of my finest moments as a young graduate was joining a Lagos bank IT Group in the morning and being instructed to go home – and return in the evening for a night shift. During that night shift, my supervisor (just two years ahead of me in the graduation year) was amazing.  I watched as Uche did things and by 6.30am, he said “Nd, the system is ready for all branches.” That was an accomplishment because if he had tripped, the bank would not open for customers the next day!

As we rotated, from Barth, to Blaise, to Nago, I saw young people holding responsibilities. The Software Automation Unit (SAU) is the heart of the bank; the most classified unit in any bank because you have access to the jewel of the bank.

Those were Nigerians – disciplined, competent and holding enormous responsibilities. As Nigeria continues to fade with the Naira in the miry clay, we need a leader who can motivate, inspire and connect a generation of Nigerians to #believe.

Yes, a person who can engineer Nigeria into rebirth and restoration to offer a prosperous nation that is colorful, fluidic, vibrant and open for change. Yes, a person of immense intelligence, competence, pragmatism, and unimpeachable. A person of integrity, broad knowledge, enormous vision and solid experience; one who can stimulate more vibrancy in the private sector and move the public sector out of its stasis. We need a leader!

Comment on Feed

Comment 1: Sir, I always see all our politicians as same people , who promise heaven and earth, speaks all the vocabularies in the world and once elected forgets the Task ahead and began to play a Blame game instead of focusing on improving the livelihood of the citizenry and campaign promises . May God help us

My Response: “Sir, I always see all our politicians as same people” You may be wrong. Under Obasanjo, there were jobs. Banks used big halls to hire. Under OBJ, many relocated from US back to Nigeria. Under OBJ, Nigeria was not on denial; he fought insecurity finishing bad guys. Under Jonathan, Nigeria recorded the highest per capital income in record. Yes, Nigeria was on ascension. Check this plot, the curve changed in 2015 after rising for years. The politicians are not the same!

Comment 2: “a person who can engineer Nigeria into rebith and restoration…Ndubuisi Ekekwe no one man can do that. It will be a collective efforts and determination.

My Response: Tell that to South Korea. Tell that to Rwanda. Even Nigeria was on ascension. Under Obasanjo, many relocated back to Nigeria. You underestimate the power of that word “leader”. Everyone has to contribute but someone has to LEAD. That is what it is all about.

Comment 3: “Woe unto a nation whose king is a child”
I was discussing with someone on the need for good leadership. The person told me that Nigerians need to change because the leader can’t do it alone. While I agree that Nigerians need to change, the change starts from the top. Good body cannot have a rotten head. A nation is a reflection of its leader (President)

Nigerians don’t hold leaders accountable and we mostly resort to blaming fellow victims. We have seen them as problem children and we should just leave them alone. Unfortunately, leaving them alone is causing destruction. Nigeria needs a leader with a vision and the capacity to effect change.
Nigeria shall rise again!

 

Naira Ranks 11th in the List of 19 Worst Performing Currencies in the World for 2022

Naira Ranks 11th in the List of 19 Worst Performing Currencies in the World for 2022

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

The President Buhari administration has been described as incompetent, as the nation’s currency, the Naira, is currently a mess, among several other problems.

According to Hanke’s Currency watchlist, compiled by Steve Hanke and John Hopkins University, it revealed the Naira ranked as the 11th worst-performing currency in the list of 19 worst performing currencies in the world and the fourth worst in Africa.

According to the data, the Naira had lost 48.87% of its value against the US dollar as of September 2, 2022, compared to its value in January 2020.

Steve H. Hanke a professor of Applied Economics expressed his displeasure about how the Nigerian government is handling the Naira.

He said;

“In this week’s Hanke’s #CurrencyWatchlist, Nigeria takes the 11th place. The naira has depreciated against the USD by 48.87% since Jan 2020. With Sleepy Buhari at the helm, the Nigerian naira is tanking.”

The exchange rate between the naira and the US dollar has plummeted from N565/$1 to N705/$1, representing a N140/$ loss year to date in the black market.

Amid double-digit inflation, Nigeria’s foreign reserves are dwindling as the government races to shore up a swooning currency.

Despite the numerous attempts by the Central Bank Of Nigeria CBN, to make the naira stable, the currency has continued to decline.

To defend the Naira, the Apex Bank introduced a slew of regulations, from barring the sale of dollars to BDCs to the RT200 scheme, which is designed to provide an N65 rebate on export revenues.

Nonetheless, its intervention comes at a cost in terms of Nigerian foreign reserves, which have not been growing at the expected rate despite high oil prices.

However, the CBN has maintained artificial stability in the official forex window by selling foreign exchange from its reserves.

The official exchange trades at around N430/$, expanding the gap between the official market and black market Consequently, Nigeria’s external reserves shrank by $1.496 billion year to date.

On a year-to-date basis, the reserve has reportedly lost $1.37 billion from $40.52 billion in December 2021 to $39.16 billion in June 2022. In the month of June, the external reserve gained $671.63 million, following a $1.1 billion decline in the previous month.

The drop in reserves is even more concerning given the recent spike in crude oil prices. International organizations have continually advised the CBN to abolish the official window.

Recall that the Vice President of Nigeria held a meeting with the World Bank Group President, David Malpass who advised Nigeria on the exchange rate unification.

President Malpass emphasized to the VP that a unified exchange rate will significantly improve the business-enabling environment in Nigeria, attract foreign direct investment, and reduce inflation.

He also discussed the importance of increasing domestic revenues through broadening Nigeria’s tax base and increasing the efficiency of tax administration.

What Countries Listed In The Worst Performing Currencies Should Expect

Financial experts believe that countries with worst performing currencies should expect the following;

  1. Reduction in foreign direct investment.

  2. Massive capital flight

  3. Increase inflation

  4. Reduced economic growth

  5. Reduced GDP (gross domestic product)

  6. Increase graduate unemployment

  7. Reduction in government’s expenditure on infrastructure projects

  8. Unstable prices of commodities make it difficult for any meaningful planning

  9. Reduction in trade volume

  10. Increase hardship in countries coupled with increasing crime rate etc.

 

Who is my neighbor: the law of tort at a glance!

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To a layman, his neighbor is someone who lives close to him, as simple as that. This coincidentally is not just a layman’s definition but also the dictionary definition of the word neighbor, but no, the word neighbor has a whole new meaning in law. 

This question, who is my neighbor was first raised by an English jurist; Lord Atkinson in the case Donoghue v. Stevenson UKHL 100, SC (HL) 31, AC 562, All ER Rep 1; in the year 1932, and the answer to this question propagated the as new principle of law known as “the neighborhood principle” and also expanded the principle of duty of care under the law of tort. 

A duty of care, therefore, is a legal obligation that is imposed on an individual, requiring adherence to a standard of reasonable care while performing any acts that could foreseeably harm others i.e. his neighbors. 

In effect, you owe a duty of care to your neighbors in law and you must apply every caution and exercise every reasonable care to ensure that your neighbor does not get injured from your actions or inactions. 

According to Lord Atkinson, our neighbors are persons who are so closely and directly affected by our acts or inactions that we ought reasonably ought to have them in contemplation as being so affected when we are directing our mind to the acts or omissions which are called in question.

By this legal principle of the law of tort, you are under strict liability and the requirement not to carry out any act which can cause harm to others. You are under strict liability to contemplate and avert your mind towards the harm you act or failure to act would reasonably cause another person and you are expected to do everything to avert that harm because you owe that next person a duty of care as your neighbor. 

In simpler terms, your neighbor-in-law can be anybody who could suffer an injury from your actions (things you do/ did) or your inactions (things you failed to do). 

For you to establish that a person is your neighbor you must first establish that his acts or omission could be reasonably foreseen to cause an injury to you. 

The key ingredient in establishing a neighbor in law is that it must be reasonably foreseen that the actions or inactions of that fellow will likely affect you by causing a direct injury to you.

According to this principle of law, manufacturers, producers, and makers of consumable items are your neighbors and they must exercise reasonable care in manufacturing any item that is to be released to the market for consumers to purchase and any injury suffered by any consumer they will be held liable to breach of duty of care. 

Meta Handed $402m Fine for Exposing the Data of Teenage Instagram Users

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Meta has once again been caught in the web of a regulatory authority in Ireland. The social media behemoth, which has over the years been at the center of antitrust probes, was handed €405 million (about $402 million) fine by Ireland’s Data Protection Commission.

The huge fine follows an investigation into the company’s handling of teenagers’ data on Instagram.

The Verge reports that the decision and fine were finalized last Friday, according to its conversation by DPC spokesperson Caolmhe McGuire, and that “full details of the decision will publish next week.”

According to the report, the DPC’s deadline for making a final decision on this matter was the end of this week. The investigation started almost two years ago, and focused on two ways in which the company allegedly breached GDPR rules.

The first was Instagram allowing young users, ages 13-17, to set up business accounts on the platform, which made those users’ contact information publicly available. (Users sometimes switch to business accounts because doing so comes with access to more engagement analytics.) Instagram also allegedly made the accounts of some young users public by default.

This is the third and largest fine the DPC has imposed on Meta, easily eclipsing the 225 million euros (about $267 million at the time) the company faced after the DPC found that WhatsApp didn’t properly inform EU citizens about how it collected and used their data, particularly regarding how it shared that data back with Meta. WhatsApp was ordered to change its privacy policy, and said it planned to appeal.

There was also a much smaller fine of 17 million euros (about $18.6 million) for record-keeping issues around security breaches. The DPC also has dozens of other investigations underway against Big Tech companies, including several more involving Meta’s data practices.

Meta said in a statement to Politico that it updated the public-by-default setting more than a year ago, and that “anyone under 18 automatically has their account set to private when they join Instagram, so only people they know can see what they post, and adults can’t message teens who don’t follow them.” The company told the Associated Press that “we disagree with how this fine was calculated and intend to appeal it.”

The way Meta — and Instagram in particular — handle the online experience if its youngest users has been under a huge amount of scrutiny in the last couple of years, thanks in part to Frances Haugen’s testimony about Instagram’s effect on mental health. Instagram has also simultaneously tried to build more products for those young users, which has been met with huge backlash.

Instagram head Adam Mosseri has argued in favor of this work, though: “I have to believe parents would prefer the option for their children to use an age-appropriate version of Instagram — that gives them oversight — than the alternative,” he said last year. He promised to work with regulators to make that happen, and Meta said it also cooperated with the DPC’s recent investigation.

Big Eyes Coin is Redefining — and Providing Solutions To The Sandbox and Fantom

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For every species to survive, evolution is an inevitable process. Human society’s monetary system has been shaped by evolution. From the trading and barter system to the use of coins and cowries to fiat economics, the most recent and current system, the erratic change in how humans conduct transactions can be termed a wonder. However, a new form has emerged, and it appears to represent the future of currency exchange, which is the Cryptocurrency or digital currency system created in recent years (2009).

Cryptocurrencies are a new form of financial exchange. The primary motivation for developing cryptocurrencies is the need for fast, cheap financial transactions. Moreover, cryptocurrencies were created to introduce a level of parity that traditional currencies could not provide. Common examples include The Sandbox (SAND), Fantom (FTM), and Big Eyes Coin (BIG). Big Eyes Coin (BIG) has left a massive notch in the crypto market’s great wall, even though it is still in the works. Big Eyes Coin (BIG) has been designed to bring about better transactions even among digital currencies.

It’s Not Just The Kids That Meet In The Sandbox (SAND)

Pixowl released The Sandbox in 2011 to create a mobile gaming platform that could compete with Minecraft. Since its release, The Sandbox has become a global phenomenon, with more than forty million downloads. In 2018, The Sandbox’s co-founders Arthur Madrid and Sebastien Borget decided to broaden the initiative’s scope by investigating the possibility of developing a 3D metaverse on the blockchain. This initiative aimed to give users a means of taking legal title to their work through Non-Fungible Tokens (NFTs) and rewarding their participation in the ecosystem. Along with Axie Infinity and Decentraland, the new Sandbox project saw explosive growth after its release in 2020.

The Sandbox’s native token, SAND, is named for the virtual playground it represents. The supply of Sandbox tokens, denoted by the symbol “SAND,” is capped at 3 billion. The Sandbox (SAND) is a utility token that may be used to conduct any action or interaction within The Sandbox ecosystem. To participate in the game, create an avatar, purchase land, or exchange assets on the Sandbox Marketplace, one must have The Sandbox (SAND) token. Through The Sandbox platform’s Decentralized Autonomous Organization (DAO), token holders can suggest and vote on improvements to the system.

The Sandbox’s native cryptocurrency can be won or purchased on The Sandbox’s various games and contests or cryptocurrency exchanges like Binance. Tokens like SAND, LAND, and ASSETS are used across The Sandbox’s ecosystem to facilitate player interactions.

What is Fantom (FTM)? And How Does It Work..

Ahn Byung Ik, a computer scientist from South Korea, founded Fantom in 2018. Before launching Fantom, Ahn was president of the Korea Foodtech Association and the founder of the popular Yelp-like website SikSin. When 2019 rolled around, Ahn decided to leave Fantom. The Fantom Foundation, a company based in the Cayman Islands, has been in charge of the Fantom project since February 2019. There are a total of twenty-eight engineers, scientists, researchers, designers, and entrepreneurs making up the Fantom Foundation.

Fantom (FTM) is the native cryptocurrency of a smart contract blockchain network by the same name that rivals Avalanche, Solana, and incumbent market leader Ethereum. It is popularly known for its user-friendly low transaction cost and impressively high speed. Fantom, also known by its ticker FTM, launched in 2019, but the token didn’t gain much traction until 2021.

Fantom is a blockchain platform for smart contracts that aims to be more efficient and less expensive than platforms like Ethereum. For its operations, Fantom borrows a directed acyclic graph (DAG) from Hedera Hashgraph rather than Ethereum’s blockchain. Directed acyclic graphs (DAGs) are graph representations of blockchain hashes, which record and display transaction histories. Lachesis, Fantom’s proof-of-stake consensus method, is decentralized, unlike Ethereum’s PoS. This implies it doesn’t have to wait for batches of incoming transactions before it can start processing them but rather may do so immediately.

Until the Ethereum blockchain was backed up, Fantom (FTM) had been humming at roughly $0.20 for about two years. This prompted a surge in interest in similar intelligent contract platforms, such as Fantom (FTM). In October 2021, it peaked at $3.18, and by spring 2022, it had fallen to below $1. Although not as precipitously as Fantom, the tokens of other “Ethereum killers” such as Solana and Avalanche also declined.

The Extraordinary Cat – Big Eyes Coin (BIG)

Big Eyes is a full-fledged community token designed to move capital into the Decentralized finance (Defi) ecosystem and safeguard a vital component of the global ecology. Big Eyes transactions are performed using the Big Eyes token (BIG).

Big Eyes Coin (BIG) aims for a self-sustaining model while giving abundantly to the rapidly expanding Decentralized Finance (Defi) system. Big Eyes (BIG) token holders and users can employ NFTs integrated into the system’s design, which is governed by the Ethereum blockchain, to gain access to events incredibly beneficial to them. As a result of this layout, the platform’s performance in the market will be much improved, attracting a large user base.

As a means of improving the network and ensuring that users have easier access to events and competitions, Big Eyes is working to develop a blockchain ecosystem that will experience hyper-growth through NFTs. With the help of BIG tokens, users of Big Eyes can take part in a wide range of Non Fungible Tokens (NFTs) activities. Changes in the seasons can bring about these phenomena.

Because the Big Eyes community cares about its members and future members, 90% of all Big Eyes Coins (BIG) are made freely available to the public. The buying and selling of tokens on Big Eyes are performed without incurring any taxes. Big Eyes, the friendly cat, is concerned about the environment and donates 5% of the tokens to a good cause. The proceeds from selling these marine sanctuary-benefiting wallets go directly to those institutions. Increased profit for their clients or members and environmental protection are two of Big Eyes’ primary concerns.

Your Thoughts Matter To Big Eyes Coin (BIG)

Big Eyes is a meme coin that, in contrast to the canine mascot used by most other meme coins, features a cat mascot to depict a quirky but lovable character. Big Eyes hopes to show how meaningful friendships are to them. Blockchain technology and the decentralization of money, as stated by Big Eyes, will not progress in a vacuum or secret. The only way this may occur is if people talk to each other and share information. Big Eyes is the one who thinks these concepts need to be spoken freely to go forward. If you want to get somewhere quickly, go it alone; if you want to get somewhere far, go with a group.

The Team Behind Big Eyes Coin (BIG)

Unlike other crypto coins, the Big Eye coin is managed by a dedicated staff who sees that the community’s demands are met. Among these are Hype Cat (also known as HypePurr), who monitors the site to ensure that ale cats work hard for their pay. Tech Cat is responsible for the seamless operation of the platform because it has spent its entire life in the matrix. Op Cat (also known as TenPaws and Catsuit) is a hard worker who gets things done. Top Cat (PawZilla) is a hard worker and a busy bee. The team’s final member is Law Cat, who has more crypto knowledge than anyone else on the site.

Big Eyes Coin (BIG) Roadmap

The Big Eyes Coin (BIG) implementation approach was created to improve the project’s financial viability. At each level, the goals and methods vary widely. Under the “crouch stage” banner, we are introducing the presale website, running the presale, and making a media spectacle. In the second “jump” stage, we will launch the token on Uniswap (UNI), establish the retail store, give the first charitable gift, acquire 20,000 holders, give out NFT samples, and execute the token swap lifespan. Distribution of NFTs, a second generous donation, 50,000 token holders, larger-scale media stunts, etc., will all occur in the third and final phase, dubbed the “run stage.” The catwalk stage is the fourth and final phase. There will be community events and a donation of $1,000,000 to local organizations to assist forge closer links in the area.

What You Should Do to Get the Big Eyes Coin (BIG)

To acquire Big Eyes tokens (BIG), you may do one of the following:

Phase one: To get started, get wallet software, such as the trust wallet app or MetaMask, on your computer.

Phase two: Use your wallet browser to visit the site and purchase BigEyes. Complete the online form and submit it. Choose a token from your wallet that you’ve acquired and spend it.

Phase three: As soon as the presale closes, your Big Eyes tokens (BIG) will be added to your wallet.

Cryptocurrencies are the way of the future when making financial transactions and spending money. In the same way that cryptocurrencies are a lot of money, Big Eyes Coin (BIG) is the future of crypto.

Big Eyes Coin (BIG)

Website: https://bigeyes.space/

Telegram: https://t.me/BIGEYESOFFICIAL

Twitter: https://twitter.com/BigEyesCoin