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Naira Collapse: Tinubu’s Aide Tells Central Bank, EFCC to Ban Crypto Exchange Platforms In Nigeria

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Mr Bayo Onanuga
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Onanuga, gave the advice in a statement he shared on his X (formerly Twitter) handle on Wednesday. He also suggested that Crypto channels should be banned in the country, otherwise, “this bleeding of our currency will continue unabated”.

 

The Special Adviser on Information & Strategy to President Bola Tinubu, Mr Bayo Onanuga has called on the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to move against platforms trying to manipulate the naira through crypto exchange platforms.

Onanuga, gave the advice in a statement he shared on his X (formerly Twitter) handle on Wednesday. He also suggested that Crypto channels should be banned in the country, otherwise, “this bleeding of our currency will continue unabated”.

 

Titled: “The Naira-Dollar manipulators,” the presidential aide explained how he chanced upon an X post Tuesday night made by one Brother Bernard, who according to him, rallied against what he called the order of the EFCC, NSA (National Security Adviser) on Finance to set a cap on traders selling USD tokens for naira equivalent.

According to the presidential aide, the said Bernard disclosed that token sellers had migrated to Telegram and were selling naira at N1850 and above.

 

Onanuga said, “He did not stop there, he lashed out at the Nigerian authorities over the efforts to arrest the slide of the Naira. He wrote: ‘If this is how they plan to save the naira, I’m sorry but it’s going to fail woefully. Binance was only a medium. If you block Binance, people will find new ways. This whole policy is absolutely ridiculous. Naira is going to zero’.

 

“Naira going to Zero? Is the owner of this account a Nigerian patriot? I checked Bernard’s profile. He says he is “BUIDLing something for migrants” and he is the “Chief Commander of Japa”. Bernard also posted a web link www. http://exposingagbado.com.

 

“My curiosity has paid off. Bernard is one of those implacable supporters of President Bola Ahmed Tinubu’s opponents in the last election, still having an axe to grind; otherwise, why will any patriotic Nigerian wish that “Naira is going to Zero”.

 

“On Tuesday, Bernard shared Naira-Dollar rates on some unidentified platforms, possibly Telegram, where Naira is being traded at N1900-N1950 to a US dollar.

 

“He also enjoined forex traders or token holders to move their funds to ‘kucoin or bybit or your own cold wallet.’”

 

Onanuga regretted that Bernard reported on Wednesday that Binance had removed Tuesday’s cap and had now put another cap on the naira-dollar exchange. It is now N1892, he said, with a trading range of N1392 and N1892.

 

The presidential aide said, “He was not happy about the new cap and attacked Binance: ‘Binance continues their games with Nigerians. Caps at 1892 when clearly the exchange rate is almost 2000/$ on other platforms. Trade elsewhere (NFA)’.

 

“He retweeted a post by ‘Olumide capital’, who said Binance ‘distances itself from the forex debacle in Nigeria. Olumide reported that Binance said its platform is “market-driven and not intended to be a proxy for currency pricing in Nigeria.’”

 

Calling on the authorities to go after currency manipulators, the presidential aide explained that Binance, “which is blatantly setting exchange rate for Nigeria, hijacking CBN role, is a cryptocurrency trading platform, which has suffered access limitations from multiple jurisdictions, in the US, Singapore, Canada and the UK”.

 

Citing Data Wallet, Onanuga said that Binance is prohibited in the United Kingdom by the Financial Conduct Authority from conducting any regulated activities.

 

He continued, “In Japan, the Financial Services Agency (FSA) banned Binance for operating without the necessary regulatory approval.

 

“Ontario, Canada, has also suspended Binance services following its inability to meet the province’s securities regulation criteria. The Monetary Authority of Singapore also banned Singaporean investors from accessing Binance’s services.”

 

He added Binance, “which is currently facing regulatory showdown in many countries, and causing disruptions in the currency market, should not be allowed to dictate the value of the Naira, not on its crypto exchange platform.

 

“Other crypto platforms such as Kucoin, Bybit should be banned from operating in our cyberspace.”

 

“FX platform Aboki should be re-banned,” he suggested. He advised that the “EFCC and the CBN should move against these platforms trying to manipulate our national currency to Ground Zero”.

 

“Crypto should be banned in our country or else this bleeding of our currency will continue unabated,” he added.

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Detailed comparison between the 2014 Mercedes-AMG G63 and the 2022 Mercedes-AMG G63:

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Detailed comparison between the 2014 Mercedes-AMG G63 and the 2022 Mercedes-AMG G63:
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1. 2014 Mercedes-AMG G63

-Engine: 5.5L twin-turbocharged V8

-Power: 536 hp @ 5,500 rpm

-Torque: 760 Nm (560 lb-ft) @ 2,000-5,000 rpm

-Gearbox: 7-speed automatic

-Drivetrain: All-Wheel Drive (AWD)

-Weight: Approximately 2,550 kg (5,622 lbs)

Performance:

-0-100 km/h (0-62 mph): 5.4 seconds

-Top Speed: Limited to 210 km/h (130 mph)

-Ex-Showroom Price: Starting around $150,700 USD

Other Features: Live axle suspension, premium interior with fewer modern tech amenities compared to newer models.

2. 2022 Mercedes-AMG G63

-Engine: 4.0L twin-turbocharged V8

-Power: 577 hp @ 6,000 rpm

-Torque: 850 Nm (627 lb-ft) @ 2,500-3,500 rpm

-Gearbox: 9-speed automatic

-Drivetrain: All-Wheel Drive (AWD) with advanced 4×4 capabilities

-Weight: Approximately 2,560 kg (5,644 lbs)

Performance:

-0-100 km/h (0-62 mph): 4.5 seconds

-Top Speed: 240 km/h (149 mph) with the optional AMG Driver’s Package

-Ex-Showroom Price: Starting around $179,000 USD

Other Features: Modern tech, including MBUX infotainment, updated suspension for improved ride quality, and luxurious interior refinements Differences:

1. Engine and Performance: The 2022 model offers more power and quicker acceleration due to its updated engine and gearbox.

2. Technology: The 2022 G63 benefits from the MBUX system, better connectivity options, and driver-assistance features, lacking in the 2014 version.

3. Suspension and Comfort: The newer G63 has independent front suspension for a smoother ride, compared to the rigid live axle setup of the 2014 model.

4. Price: The 2022 model is significantly more expensive due to its advancements and luxury improvements.

Both models retain the iconic boxy design and off-road prowess, but the 2022 version represents a modernized and more luxurious iteration of the classic G-Class.

 

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Australia nears social media ban for children after heated debate

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FILE PHOTO: A 3D printed Facebook's new rebrand logo Meta is seen in front of displayed Google logo in this illustration taken on November 2, 2021. REUTERS/Dado Ruvic/Illustration/File Photo © Thomson Reuters
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Australia nears social media ban for children after heated debate

By Renju Jose and Byron Kaye

SYDNEY (Reuters) -Australia moved closer on Wednesday to banning social media for children under 16 after the parliament’s lower house passed a bill even as Alphabet’s Google and Facebook-owner Meta pressed the government to delay the legislation.

Marking some of the toughest social media controls in the world, Australia’s House of Representatives passed the bill 102 votes to 13 after Prime Minister Anthony Albanese’s centre-left Labor government secured bipartisan support for the ban.

The Senate is expected to debate the bill later on Wednesday, with the government keen to ensure it is passed by the end of the parliamentary year on Thursday.

Albanese, trying to lift his approval ratings ahead of an election expected in May, has argued that excessive use of social media poses risks to the physical and mental health of children and is looking for support from parents.

The planned law would force social media platforms to take reasonable steps to ensure age-verification protections are in place. Companies could be fined up to A$49.5 million ($32 million) for systemic breaches.

Australia plans to trial an age-verification system that may include biometrics or government identification to enforce the ban.

A Senate committee backed the bill this week, but also inserted a condition that social media platforms should not force users to submit personal data such as passport and other digital identification to prove their age.

The committee added that the government must “meaningfully engage” with youth when framing the law.

“Young people, and in particular diverse cohorts, must be at the centre of the conversation as an age restriction is implemented to ensure there are constructive pathways for connection,” committee Chair Senator Karen Grogan said.

In submissions to parliament, Google and Meta said the ban should be delayed until the age-verification trial finishes, expected in mid-2025. Bytedance’s TikTok said the bill needed more consultation, while Elon Musk’s X said the proposed law might hurt children’s human rights.

IMPACT ON FAMILIES

The ban was first announced during an emotionally charged parliamentary inquiry into social media, which included testimony from parents of children who had self-harmed due to cyber bullying.

It has fuelled vigorous debate with youth advocates arguing it robs children of a voice and parent groups saying under-16s are too young to navigate the digital world.

Teenagers have said the law could cut them off from their most important social and family connections, arguing a ban is not the solution.

“I understand that using social media a lot is not a good thing and I’m working on it,” said Sydney high-school student Enie Lam, 16. “But a ban is not going to work,” she said.

Albanese’s party, which does not control the Senate, won crucial support from the opposition conservatives for the bill, but has failed to win over the left-leaning Greens and some far-right lawmakers on civil liberties and privacy grounds.

One conservative lower house member broke from their party and voted against the bill on Wednesday, a rare event in Australian politics, and two conservative senators said they also would vote against it, arguing the law should be delayed until the age-verification trial was complete.

Even the Australian Human Rights Commission, an independent statutory authority, opposed the ban saying it violated children’s rights to self-expression and to participate in society.

Still, polling shows public support overwhelmingly in favour of the move. A YouGov survey released this week showed 77% of Australians backed the ban, up from 61% in August.

Australian media, from the publicly owned Australian Broadcasting Corp to Rupert Murdoch’s News Corp, also support the ban. An editorial campaign by News Corp, the country’s biggest newspaper publisher, pushed for the ban under the banner “Let Them Be Kids”.

“Our members feel that this is one of the biggest issues impacting on themselves and their families at the moment,” said Jenny Branch-Allen, president of the Australian Parents Council, an advocacy group.

“Big companies have to start taking responsibility. Let’s try and reduce the incidents we’re hearing involved with social media and young people in Australia.”

($1 = 1.5451 Australian dollars)

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JUSTIN: NERC Orders DisCos To Replace Obsolete Meters At No Cost

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Ekwutosblog has gathered that the Nigerian Electricity Regulatory Commission (NERC) has directed electricity distribution companies (DisCos) to replace obsolete meters for their customers at no cost.

The mandate was outlined in a statement released by the regulatory body’s management on Monday.

The directive came after some electricity companies required customers to replace Unistar brand prepaid meters.

Following the directive, Ikeja Electric Distribution Company (IKEDC) and the Eko Electric Distribution Company (EKEDC) announced that the Unistar prepaid meters which were first deployed over 10 years ago, would no longer be supported from November 14, due to technological upgrades and the token identifier (TID) rollover issue.

NERC emphasised that the cost of meter replacement falls solely on the distribution companies and reiterated that no customer should be subjected to estimated billing.

“The Nigerian Electricity Regulatory Commission is aware that some Distribution Companies (DisCos) have instructed customers to apply and pay for the replacement of faulty and obsolete meters within their franchise areas.

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