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CBN’s digital currency to begin before 2022

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3 years ago

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The Director, Information Technology Department, Central Bank of Nigeria (CBN), Mrs Rakiyat Mohammed, stated at the banker’s committee meeting yesterday, that the apex bank will be launching a Central Bank Digital Currency (CBDC) before the end of 2021.

She stated, “As I said, before the end of the year, the Central Bank will be making special announcement and possibly launching a pilot scheme in order to be able to provide this kind of currency to its populace.”

The director made mention of the fact that about 80% of central banks in the world are looking into the possibility of issuing a central bank digital currency and Nigeria cannot be left behind. She also mentioned that the CBN had been exploring technology and had made tremendous progress for 2 years, so far.

The director explained what the CBDC would look like, stating that there were currently two forms of money in the country. She stated, “We have currency in two forms in Nigeria as of now, there are the notes and there are the coins. So the Central Bank currency is to be the third form of money which means just as we have electronic money, digital money is not new in Nigeria. Just as we are about the third or fifth in the whole world as far as advancement in the use of digital money is concerned. So this is going to compliment the coins and cash that we have. The Central Bank digital currency will just be as good as you having cash in your pocket and even as you have the cash in your pocket, you are going to have the cash on your phone.”

The director mentioned that the apex bank was looking at different use cases such as remittances. On the topic, she said, “We all know how money has to travel for someone to send money from Nigeria to abroad and it is huge money in Africa. We also know that a recent report by EfiNA was that our target was to achieve 80% financial inclusion. We are about 60 per cent and at the rate at which we are going, we are not going to meet this target. Central Bank digital currency will accelerate our ability to meet this target.”

What this means

The CBN looking into creating a digital currency will help promote the cashless policy of the apex bank, although the high illiteracy level of the nation could pose a hindrance to the mass adoption of CBDC in the country. The apex bank should also be ready to undergo awareness programs to ensure that the CBDC can function for all classes of Nigerians.

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Lifestyle

Photographer alleges he was forced to watch Megan Thee Stallion have sex and was unfairly fired

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1 week ago

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April 25, 2024

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LOS ANGELES (AP) — A photographer who worked for Megan Thee Stallion said in a lawsuit filed Tuesday that he was forced to watch her have sex, was unfairly fired soon after and was abused as her employee.

In the suit filed in Los Angeles Superior Court, Emilio Garcia said that after a night out in 2022 in Ibiza, Spain, he was in an SUV with the hip-hop star when she began having sex with another woman right next to him. He was unable to get out of the moving car, and would have been in the middle of nowhere in a foreign country even if he was able. Garcia was “embarrassed, mortified and offended throughout the whole ordeal,” according to the lawsuit.

Alex Spiro, Megan’s lawyer, said she would fight the lawsuit in court.

“This is an employment claim for money — with no sexual harassment claim filed and with salacious accusations to attempt to embarrass her,” Spiro said.

The next day Megan told Garcia never to discuss what he saw and berated and fat-shamed him, the lawsuit said. The complaint also said Garcia, who had already considered quitting because he was overworked and underpaid in a hostile work environment aggravated by Megan’s possessiveness and abusiveness, was misclassified as an independent contractor but treated as an exclusive employee.

Garcia raised those issues in the conversation with Megan, and was fired the following day after four years of working for her, the suit said. He has since filed a job discrimination complaint with the California Civil Rights Department.

The lawsuit, first reported by NBC News, names as defendants Megan, whose legal name is Megan Pete; her companies Megan Thee Stallion Entertainment and Hot Girl Touring; and her label, Roc Nation. A defense response has yet to be filed. There was no immediate response to an email seeking comment from a representative of Roc Nation.

Garcia is seeking financial damages to be determined at trial, alleging he has suffered severely both emotionally and physically because of his treatment on the job, the firing and having to witness the scene in the SUV.

Megan, 29, was previously involved in major legal drama — and underwent a torrent of online abuse — as the victim of a shooting by rapper Tory Lanez, who a jury found fired at her feet on a street in the Hollywood Hills in 2020. She testified at the trial where jurors convicted Lanez of three felonies and a judge sentenced him to 10 years in prison.

Already a major rising artist at the time of the shooting, Megan has since become one of hip-hop’s biggest stars. She won a Grammy for best new artist in 2021, and she had No. 1 singles with “Savage,” featuring Beyoncé, and as a guest on Cardi B’s “WAP.”

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Body of O.J. Simpson to be cremated this week; brain will not be studied for CTE

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2 weeks ago

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April 16, 2024

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April 15 (UPI) — The body of O.J. Simpson, who died last week at the age of 76, is to be cremated, a lawyer representing the ex-football superstar’s estate said, adding his brain will not be donated for research.

Malcolm LaVergne, Simpson’s longtime attorney and executor, told the New York Post that his client’s body is to be cremated Tuesday in Las Vegas.

He said Simpson’s family also gave a “hard no” to scientists seeking to examine the former running back’s brain for chronic traumatic encephalopathy, which is better known as CTE.

CTE is a rare and little understood brain disorder that is likely caused by repeated blows to the head. According to the Mayo Clinic, CTE results in the death of nerve cells in the brain and the only way to definitively diagnose it is with an autopsy of the organ after death.

Memory and thinking problems, confusion, personality changes and erratic behavior, including aggression, depression and suicidal ideation, are among CTE’s symptoms, the Alzheimer’s Association said.

The disease has been found in those who play contact sports, including football and hockey.

LaVergne confirmed to NBC News on Sunday that at least one person has called seeking Simpson’s brain.

“His entire body, including his brain, will be cremated,” he said.

Simpson died Wednesday following a battle with cancer.

Known by the nickname “The Juice,” Simpson was a NFL superstar during the 1970s, which made him a household name that propelled him into film and television during the next decade.

But his stardom would come crashing down in the mid-1990s when he was accused of killing his ex-wife Nicole Brown Simpson and her friend Ron Goldman.

His high-profile trial lasted months, but ended with his acquittal.

In 2008, he was found guilty on a dozen charges, including kidnapping and armed robbery, and was paroled in 2017 after serving nine years of his 33-year sentence.

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Africa

Donors raise more than 2 billion euros for Sudan aid a year into war

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2 weeks ago

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April 16, 2024

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PARIS/CAIRO, April 15 (Reuters) – Donors pledged more than 2 billion euros ($2.13 billion) for war-torn Sudan at a conference in Paris on Monday, French President Emmanuel Macron said, on the first anniversary of what aid workers describe as a neglected but devastating conflict.
Efforts to help millions of people driven to the verge of famine by the war have been held up by continued fighting between the army and the paramilitary Rapid Support Forces (RSF), restrictions imposed by the warring sides, and demands on donors from other global crises including in Gaza and Ukraine.
Conflict in Sudan is threatening to expand, with fighting heating up in and around al-Fashir, a besieged aid hub and the last city in the western Darfur region not taken over by the RSF. Hundreds of thousands of displaced people have sought refuge in the area.
“The world is busy with other countries,” Bashir Awad, a resident of Omdurman, part of the wider capital and a key battleground, told Reuters last week. “We had to help ourselves, share food with each other, and depend on God.”
In Paris, the EU pledged 350 million euros, while France and Germany, the co-sponsors, committed 110 million euros and 244 million euros respectively. The United States pledged $147 million and Britain $110 million.
Speaking at the end of the conference, which included Sudanese civilian actors, Macron emphasized the need to coordinate overlapping and so far unsuccessful international efforts to resolve the conflict and to stop foreign support for the warring parties.
“Unfortunately the amount that we mobilised today is still probably less than was mobilised by several powers since the start of the war to help one or the other side kill each other,” he said.
As regional powers compete for influence in Sudan, U.N. experts say allegations that the United Arab Emirates helped arm the RSF are credible, while sources say the army has received weapons from Iran. Both sides have rejected the reports.
The war, which broke out between the Sudanese army and the RSF as they vied for power ahead of a planned transition, has crippled infrastructure, displaced more than 8.5 million people, and cut many off from food supplies and basic services.
“We can manage together to avoid a terrible famine catastrophe, but only if we get active together now,” German Foreign Minister Annalena Baerbock said, adding that, in the worst-case scenario, 1 million people could die of hunger this year.
The United Nations is seeking $2.7 billion this year for aid inside Sudan, where 25 million people need assistance, an appeal that was just 6% funded before the Paris meeting. It is seeking another $1.4 billion for assistance in neighbouring countries that have housed hundreds of thousands of refugees.
The international aid effort faces obstacles to gaining access on the ground.
The army has said it would not allow aid into the wide swathes of the country controlled by its foes from the RSF. Aid agencies have accused the RSF of looting aid. Both sides have denied holding up relief.
“I hope the money raised today is translated into aid that reaches people in need,” said Abdullah Al Rabeeah, head of Saudi Arabia’s KSRelief.
On Friday, Sudan’s army-aligned foreign ministry protested that it had not been invited to the conference. “We must remind the organisers that the international guardianship system has been abolished for decades,” it said in a statement.

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