The Central Bank of Nigeria (CBN) has revealed it will launch the pilot scheme of its digital currency on October 1st, 2021. The resolution was made during a private webinar on Thursday in which CBN and its stakeholders outlined a digital currency initiative. Central Bank Governor, Godwin Emefiele had earlier announced that the bank will be working on a central digital currency during the 306th Banker’s Committee meeting. At the end of the meeting CBN Director, IT Department, Mrs. Rakiya Mohammed, revealed that the bank had been conducting research in regards to central bank digital currencies since 2017 and may conduct a proof of concept before the end of this year. According to Mrs. Mohammed the project is named ‘GIANT’ and will use the Hyperledger Fabric blockchain. The Hyperledger Fabric is an open-source project that acts as a foundation for developing blockchain-based products, solutions, and applications using plug-and-play components that are aimed for use within private enterprises.
Vice President Yemi Osinbajo during the formal launch and sensitisation workshop on the National Leather and Leather Products Policy Implementation Plan in Abuja noted that Nigeria, being one of the highest producers of leather and finished leather products in Africa can achieve a projected revenue of $1 billion by 2025, which could help further develop the nation's economy by providing employment and improving FOREX earnings.
Africa FinTech company, Chipper Cash has been reported to be the leading and Africa's most valuable FinTech company after SVB Capital, an investment arm of U.S. high-tech commercial bank, Silicon Valley Bank invested in the company and this has helped the startup raise $100 million in a Series C round.
The Nigerian Communications Commission (NCC) has exceeded its N36 billion projected revenue from spectrum license fees for 2021. This was disclosed on Sunday by the commission’s Executive Vice Chairman Prof Umar Garba Danbatta who said that it has recorded over N150 billion from this revenue source within the five months of the year. The figure represents over 400 percent increase in revenue budget performance in respect of spectrum fees generated by the Commission between January 1 and May 31, 2021, and the money made from spectrum sales reflects a significant contribution to the revenue drive of the Federal Government, Danbatta said in a statement.
The House of Representatives expressed its disapproval of the transfer of electricity debts from old to new residential or commercial customers. This was contained in a motion titled: "Need to Investigate Transferred Debts Incurred by Old Electricity Customers to New Users by Distribution Companies in Nigeria."
A Federal High Court in Abuja has on Tuesday convicted and sentenced former Chairman of the House of Representatives ad-hoc committee on fuel subsidy, Farouk Lawan to seven years imprisonment. The presiding judge, Justice Angela Otaluka found the former lawmaker guilty of soliciting the sum of $3 million and collecting $500,000 bribe from the Chairman of Zenon Petroleum and Gas Ltd, Chief Femi Otedola in a bid to remove the company’s name from the list of oil companies allegedly involved in fuel subsidy fraud in 2012.
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has said it may embark on a nationwide industrial action over the attack on members of the Nigerian Labour Congress (NLC) protesting in Kaduna State. This was made known by the National President of NUPENG, Williams Akporeha, saying all NUPENG members should be on alert as services may be shut “at very short notice if situation arises”.
The People's Bank of China has urged institutions to promptly cut payment channels for cryptocurrency trading, urging them to crack down harder on cryptocurrency trading, also advises other financial institutions not to provide other crypto-related financial services. The People's Bank of China's meeting with institutions including Agricultural Bank of China (AgBank), China Construction Bank (CCB), Industrial and Commercial Bank of China (ICBC), Postal Savings Bank of China and Alipay came after China's State Council vowed to crack down on bitcoin trading and mining.
The Nigerian Meteorological Agency (NiMet) has issued an adverse weather alert to airline operators and passengers warning that significant flight delays and cancellations may be experienced in the days ahead. NiMet also said flight turbulence could increase as a result of increasing thunderstorms, microbursts, heavy rains among other adverse weather conditions. The Director-General of NiMet, Prof Mansur Bako Matazu made this disclosure on Friday during a press briefing in Abuja on recent weather events.
The G7 Countries comprised of wealthy nations including (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States” have promised £276 million ($389 million) assistant for millions of people affected by the Boko Haram insurgency in North-Eastern Nigeria. According to a statement by the UK High Commission in Nigeria, Catriona Laing, Britain is leading the coordinated effort by the G7 nations to provide humanitarian assistance this year to the region which is most impacted by the insurgency.