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

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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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The wheels of an aircraft continue to spin and move immediately after takeoff.

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The wheels of an aircraft continue to spin and move immediately after takeoff.
Depending on the diameter of the tires, they may continue to spin between 1,500 and 2,000 rpm.
The captain must stop this rotation before the tires settle into the box, a task that is accomplished by different systems depending on the level.

Here is a brief explanation of how the wheels of an aircraft stop spinning

Most modern aircraft have automatic braking technology and devices to stop the wheels from spinning after takeoff, eliminating the need for pilots to use the brakes, as the automatic braking system works immediately after takeoff.
Passengers can feel the resulting vibration if they are sitting in the front and hear some intermittent noise immediately after takeoff.

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Telcos push 100% tarrif hike, await NCC approval

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Nigerian telecommunications companies said they proposed a 100 per cent tariff hike to the regulator, the NCC, across voice, data and digital and are awaiting approval.

The proposal, which has been submitted, aims to address rising operational costs, including inflation and increased service delivery expenses.

The disclosure was made by the Chief Executive Officer, MTN Nigeria, Karl Toriola, during an interview on Arise TV on Thursday.

However, the CEO said that it remains uncertain whether the Nigerian Communications Commission will approve the proposal.

According to Toriola, the proposed tariff hike is necessary for the sustainability of the industry, which has been facing significant financial pressures due to rising operational costs.

“We’ve put forward requests of approximately 100 per cent tariff increases to regulators. I doubt they’re going to approve that quantum of increases because they are very, very sensitive to the current economic situation in the country,” Toriola said.

Despite the challenges, Toriola expressed optimism that regulators would make the right decision, taking into account the realities of the sector.

The CEO emphasised that the focus is on ensuring the long-term sustainability of the industry, rather than short-term profitability.

“I believe we’re all on the same side, the policymakers, the regulators, our Chairman of ALTON, Gbenga Adebayo, and the industry. We’re united because we share concerns about a few fundamental issues. First, human rights, are critical to driving any economy. Without a sustainable industry, the broader economy and the well-being of the people will be negatively impacted.”

 

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Top secret lab is developing the UK’s first quantum clock

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A top secret lab is developing a super-precise ‘quantum clock’ that could revolutionize British intelligence.

This super-accurate timekeeping device, to be rolled out by 2029, will allow more precise navigation and surveillance on Royal Navy ships and RAF planes.

It will also ‘enhance the accuracy of advanced weapons’ like guided missiles and give British computer boffins the edge over online adversaries like cyber criminals.

The clock’s precision will be so refined that it will lose less than one second over billions of years, allowing scientists to measure time at an unprecedented scale.

It is the first device of its kind to be built in the UK and will be deployable on military operations in the next five years, according to Defence Science and Technology Laboratory (DSTL).

‘This first trial of advanced atomic clock represents a significant achievement in the UK’s quantum technology capabilities,’ said DSTL chief executive Paul Hollinshead.

‘The data gathered will not only shape future defence effort but is also a signal to industry and academia that we are serious about exploring quantum technologies for secure and resilient operational advantage.’

Quantum clocks use quantum mechanics – the physics of matter and energy at the atomic and subatomic scale – to keep time with unprecedented accuracy by measuring energy fluctuations within atoms.

Developed at the top-secret Defence Science and Technology Laboratory, (Dstl) the quantum clock will improve British intelligence and surveillance by decreasing the reliance on GPS technology, which can be disrupted and blocked by adversaries

 

To be rolled out by 2029, the quantum clock will allow more precise navigation and surveillance on Royal Navy ships and RAF planes. Pictured, Royal Navy Duke class Type 23 anti-submarine frigate HMS Portland

 

Quantum clocks are even more accurate that the ‘atomic clocks’, of which there are approximately 400 already in operation around the world.

The UK already has an atomic clock at the National Physical Laboratory in London, but this quantum clock will be the country’s first.

Nick France, CTO of Sectigo, told MailOnline: ‘A quantum clock is a type of atomic clock – essentially a super-accurate timekeeping device.

‘Atomic clocks work by measuring the resonant frequency of atoms, whereas quantum clocks measure very small energy changes (‘quantum fluctuations’) in these atoms, leading to increased accuracy even over super-accurate atomic clocks.

‘Atomic clocks currently are incredibly accurate anyway, but a quantum clock has accuracy levels where only a single second is lost in billions of years of operation.’

The British quantum clock will be ‘the first device of its kind to be built in the UK’, said the UK government in a statement, but it will not be a world first.

Back in 2010, the University of Colorado at Boulder developed a quantum clock with the US National Institute of Standards and Technology.

However, key barriers to deploying quantum clocks are their size – current models come in a van or in a car trailer and are about 1,500 litres in volume.

Atomic clocks use certain resonance frequencies of atoms to keep time with extreme accuracy. Pictured, atomic clock at the University of Colorado Boulder in the US

 

Back in 2010, the University of Colorado at Boulder developed a quantum clock with the US National Institute of Standards and Technology (pictured)

 

Pictured, NIST-F1, source of the official time of the USA

 

Potential of quantum clocks

  • Enable more precise and independent navigation systems, reducing reliance on GPS satellites, which are vulnerable to jamming or destruction in conflict scenarios.
  • Secure communications systems, such as encrypted military networks, which depend on highly synchronised timekeeping.
  • Enhance the accuracy of advanced weapon systems, like guided missiles, which rely on accurate timing to calculate trajectories and coordinate attacks.
  • Allow Armed Forces to gain an edge over adversaries in timing-critical operations, especially in areas like cyber warfare, where milliseconds can make a difference.

Source: DSTL

Just like most quantum equipment, quantum also have sensitivity to environmental factors such as heat and air molecules, limiting their transport between different places.

‘Quantum clocks are not small like watches or alarm clocks,’ France added.

‘These are devices that in current implementations can be large, even room-sized devices.

‘However, improvements in technology will decrease the size of these devices making them more portable.’

Apart from just ultra-precise timekeeping, quantum clocks could transform global navigation systems by helping satellite communications and aircraft navigation.

According to DSTL, their quantum clock will enable more precise and independent navigation systems, reducing reliance on GPS satellites, which are vulnerable to jamming or destruction in conflict scenarios.

It will improve communications systems, such as encrypted military networks, which depend on highly synchronised timekeeping, as well as boosting the accuracy of advanced weapon systems like guided missiles, which rely on accurate timing to calculate trajectories and coordinate attacks.

What’s more, British Armed Forces will get an edge over adversaries in ‘timing-critical operations’, such as cyber warfare, where milliseconds can make a difference.

Coordinated Universal Time (UTC) is defined by sophisticated, ultra-precise ‘atomic clocks’ around the world, which tick precisely and continuously. Experts are pictured here with the NIST-F2 atomic clock in the US

 

Cyber warfare refers to the actions by a nation-state or international organization to attack and attempt to damage another nation’s computers or information networks.

France told MailOnline: ‘Super-accurate timekeeping is important to governments and militaries to enable accurate navigation (using GPS or similar technologies) of planes and ships, but also guidance of weapons systems such as missiles.

‘Equally important to the military as well as civilians is secure communications.

‘Much of the secure communications for governments and the military relies on accurate time sources to function.

‘But equally these accurate clocks are useful for more civilian applications and general internet security, even securing your personal data as it’s transmitted around the internet.’

Companies and governments around the world are keen to cash in on the huge potential benefits that the spooky effects of quantum technology could bring.

Google last month unveiled a new quantum computing chip it said could do in minutes what it would take leading supercomputers 10 septillion years to complete.

Eventually, such a chip could power a ‘commercial’ quantum computer that could be purchased by members of the public and used in labs, offices and even homes.

These ultra-powerful machines, which use the spooky effects of quantum physics, could do everything from speed up AI, solve climate changeand discover lifesaving drugs.

WHAT IS THE ATOMIC CLOCK?

Atomic clocks have a timekeeping mechanism that use the interaction of electromagnetic radiation with the excited states of certain atoms.

The devices are the most accurate system we have for measuring time, with consistent standards applied.

They are the primary standards for international time distribution services, and uses to control wave frequency for TV, GPS and other services.

The principle is founded in atomic physics, measuring the electromagnetic signal that electrons in atoms emit when they change energy levels.

Modern versions cool atoms to near absolute zero by slowing the atoms down with lasers. With temperature of atoms driving their accuracy.

Every few years a ‘leap second’ is added to atomic clocks, by effectively stopping them for a second, to keep them in line with Earth’s rotation speed.

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