The Central Bank of Nigeria (CBN) has revoked its cybersecurity levy order, three days before its implementation. On May 6, 2024, the CBN issued a circular directing all commercial banks and payment service providers to implement a compulsory withdrawal of 0.05% cybersecurity levy on all electronic transactions. This was in accordance with the Cybercrime Prevention and Prohibition Amendment Act of 2024. The Apex bank however withdrew this directive in a circular that was released on Sunday night, dated May 17,2024. Signed by its Director of Payment Systems Management, Chibuzor Efobi, and Director of Financial Policy and Regulation Department, Haruna Mustafa,…
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Long-term financial planning goes beyond mere budgeting; it’s a strategic roadmap that helps companies like MTN Nigeria prepare for unforeseen challenges and capitalize on opportunities. By establishing a solid financial foundation, the company can enhance its ability to weather economic uncertainties and maintain financial health over the long run. A crucial aspect of long-term financial planning is the integration of contingency plans. MTN Nigeria should identify potential risks and formulate strategies to address them. Whether it’s currency volatility, regulatory changes, or unforeseen market shifts, having well-defined contingency plans enables the company to respond swiftly and effectively, minimizing the impact on…
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Two senior executives at Binance, the world’s largest exchange have been detained in Nigeria, per a Financial Times report. Citing people familiar with the matter, the report says the executives flew to Nigeria following the country’s decision to ban several cryptocurrency trading websites last week. However, they have been detained by the office of Nigeria’s national security adviser and their passports have been seized. Additionally, we can confirm that the Binance peer-to-peer (P2P) marketplace has been deactivated in Nigeria. Also, the NGN trading pair on the world’s largest exchange has been disabled. Recall that yesterday, we reported that the Central…
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iPhone X 10 (iPhone 10) Specifications and Price in Nigeria iPhone X Apple launched the iPhone X (iPhone 10) to celebrate its 10th anniversary. The phone isn’t pronounced as “iPhone X” actually but “iPhone Ten“. It’s a special edition from the top mobile phone brand to complement the release of iPhone 8 and 8 Plus. The iPhone 10 is made from surgical-grade stainless steel, with glass on the rear panel. It’s water and dust resistant, and available in space grey and silver. It features full Bezel-less display and elegant design. You can checkout the top premium features of iPhone X here. Now talking about the iPhone 10…
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Itel Power Pro P41 Specifications and Price in Nigeria Itel Mobile is known for making pocket friendly smartphones that any person can afford hence the specs are most times not up to date with the trends and what people are looking for at the moment. This time around, the company launched the iTel Power Pro P41, a cheap 4G LTE phone running on Android 7.0 Nougat out of the box and big 5000mAh battery that will last you for very long hours. But we need to checkout for other specs of this phone for more information. Itel Power Pro P41 Now, talking about phone specifications, to complement its…
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Every telecommunication network in Nigeria has become a norm to remind its customers about linking their National Identification Number (NIN) to their phone number to avoid disconnection by the network provider. This has made people rush to do this due diligence to avoid being disconnected. But as new mobile users join the communication landscape in Nigeria, you may need to know how to link NIN to a GLO line. Nigeria is home to over 210 million people, with a substantial mobile communication coverage shared amongst the significant telecommunication networks in the country. These are GLO, MTN, Airtel, and 9mobile. There…
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The House of Representatives is planning to enact laws that would regulate use of Artificial Intelligence (AI) in the Nigeria. Speaker, Tajudeen Abbas disclosed on Monday. that this move was to guide against abuse such as identity theft. Abbas, who made the disclosure at the 7th Convocation Ceremony organised by the National Institute For Legislative And Democratic Studies in collaboration with the University of Benin, held in Abuja, stressed the need for Nigeria to have a regulatory framework in place for emerging technologies. According to him, although new technologies such as AI and robotics have immense benefits, there is a…
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Lagos and Kano have been listed as the top two states from which the highest number of beneficiaries will be selected in the ongoing applications for the Federal Government’s 3 Million Technical Talent (3MTT) program. According to the implementation plan released by the Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, in phase one of the program targeting 30,000 trainees, 2,040 will be selected from Lagos. Kano State is the second largest beneficiary with 1,628 trainees to be selected in the first phase of the program. While the Ministry did not state the criteria for allocating the numbers,…
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Nigeria has been admitted as a member of the Global Privacy Assembly (GPA) in recognition of its efforts in data privacy and protection. The key consideration for the membership was the enactment of a data protection law, that is the Nigeria Data Protection Act (NDPA), which was signed into law by President Bola Tinubu in June this year. Similarly, the establishment of the Nigeria Data Protection Commission (NDPC) under the Act as the independent data protection authority for Nigeria is a key index in assessing the adequacy of data protection in a country. The decision on Nigeria’s accreditation was announced…
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Nigeria has a history of online censorship and according to Freedom House, the country’s digital surveillance apparatus has repeatedly has been used to locate and arrest journalists. Of course, there are plenty of other reasons to use a Virtual Private Network (VPN) in Nigeria: you might just want to stay safe on public wi-fi networks or access streaming platforms from back home. That’s where we come in. We’ve used our years of experience to identify the best VPN providers for people in Nigeria. This way, you can save time on research and get back to doing the things you love…
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Nigeria’s financial regulator, thе SEC, banned thе wrong Binance lаѕt week. Hоw wаѕ thе entity registered withоut аnу connection with thе global crypto company? Lаѕt week, Nigeria’s Securities аnd Exchange Commission (SEC) directed Binance Nigeria Limited (BNL) tо immediately stop soliciting Nigerian investors in аnу fоrm whatsoever. Aссоrding tо itѕ circular, thе financial regulator ѕаid thе entity “is nеithеr registered nоr regulated bу thе Commission аnd itѕ operations in Nigeria аrе thеrеfоrе illegal”. At thе time, news reports mistook thе company fоr a subsidiary оf Binance, thе world’s largest cryptocurrency exchange. Alrеаdу embroiled in regulatory challenges in thе United States,…
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Alat, Nigeria’s firѕt digital bank, hаѕ leveraged thе country’s recently unified exchange rate tо reverse a policy оn Naira cards thаt limited international spending. On Friday, Alat, thе first-of-its-kind digital bank in Nigeria, announced tо itѕ customers thаt thеу соuld nоw uѕе thеir naira cards tо spend uр tо $500 monthly оn international transactions. Thiѕ nеw development соmеѕ еxасtlу a month аftеr thе Central Bank (CBN) floated thе Naira. Bеfоrе thе float, thе CBN maintained аn artificial scarcity оf foreign currency bу limiting 43 items frоm accessing FX. Aѕ a result оf thе scarcity, banks рlасеd a $20 limit оn…
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Nigerian startup, Korfaw Industries, hаѕ announced launching аn emergency арр called NauNau SOS. Thе startup made thе announcement in a press release signed bу CEO Kaosarat Fawehinmi, аѕ ѕееn bу Ripples Nigeria оn Wednesday, Mау 24, 2023. Ripples Nigeria gathered thаt thе Startup аllоwѕ users tо send аn SOS tо fivе pre-selected contacts аlоng with a 15-second video, GPS location аnd custom message during аn emergency. NauNau SOS Aрр iѕ аvаilаblе in Nigeria аnd Ghana оn Google PlayStore, аnd аlѕо аvаilаblе in оthеr countries including thе United States (US) аnd Canada. “In Nigeria, gеtting reliable hеlр during аn emergency iѕ…
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The European Union on Tuesday released a list of 19 companies that will be placed under stricter regulatory control through its Digital Service Act (DSA). The companies, including Facebook, Twitter, and 17 others, are classified as very large online platforms (VLOPs) or very large online search engines (VLOSEs) and will now be placed under closer monitoring by EU regulators. Other companies on the list include Alibaba’s AliExpress, Amazon Marketplace, Apple AppStore, Booking.com, Google Play, Google Maps, Google Shopping, Instagram, LinkedIn, Pinterest, Snapchat, TikTok, Wikipedia, YouTube, Zalando, Bing, and Google Search. These platforms now have four months to comply with the…
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The Nigerian telecommunications sector has become an area of priority to the government of Nigeria as it is a key driver of digital economic growth. The sector accounted for 15% of Nigeria’s real GDP in the second quarter of 2022. For the full year of 2021, the sector accounted for 12.6% of the economy Just like every other sector, the telecom sector is also regulated. It Is primarily regulated by the Nigerian Communications Act (NCA) 2003. According to the NCC, telecoms is one of the sectors whose performance lifted the country out of recession in the fourth quarter of 2020…