Business
Osinbajo disagrees with CBN over cryptocurrency ban
- Urges proper regulation
- CBN welcomes Osinbajo’s counsel
Vice-President Yemi Osinbajo (SAN) has disagreed with the position of the Central Bank of Nigeria over the ban on cryptocurrency, saying the monetary authorities should only provide the required regulatory regime that will address concerns on its use.
The CBN Governor, Mr Godwin Emefiele, had on February 5, 2021 issued a directive asking banks to close all accounts linked with cryptocurrency.
The CBN governor, citing instances of investigated criminal activities that had been linked to cryptocurrencies, stated that the legitimacy of money and the safety of Nigeria’s financial system was central to the mandate of the CBN and declared that “cryptocurrency is not legitimate money” because it was not created or backed by any central bank.
However, Osinbajo, who spoke on Friday at the Bankers Committee Vanguard in Lagos, said no fear should be applied in terms of cryptocurrencies.
The Vice President advised the monetary authorities to provide a “robust regulatory regime” that would address the concerns about cryptocurrencies.
Osinbajo said, “Some of the exciting developments we see call for prudence and care in adopting them, and this has been very well articulated by our regulatory authorities.
“But we must act with knowledge and not with fear. We must ensure that we are in a position to benefit and prevent any of the adverse side effects or any of the possible criminal acts that may arise as the consequence of our adopting or taking any of these options.
“I fully appreciate the strong position of the CBN, SEC, and some of the anti-corruption agencies on the possible abuses of cryptocurrencies and their other well-articulated concerns, but I believe that their position should be the subject of further reflection.
“There’s a role for regulation here, and it is in the place of our monetary authorities and SEC to provide a robust regulatory regime that addresses this serious concerns without necessarily killing the goose that might lay the golden eggs.”
Osinbajo said in the coming years cryptocurrency “will challenge traditional banking, including reserve banking, in ways that we cannot yet imagine.”
CBN welcomes Osinbajo’s counsel
Meanwhile, the CBN has acknowledged the Vice President’s counsel in support of the regulation of digital currencies which has sparked some controversies among Nigerians after an order from the apex bank to commercial banks to restrict cryptocurrencies related transactions.
The CBN said via its official twitter handle, @cenbank, that it had noted Osinbajo’s knowledge-based advice.
The tweet read, “#Osinbajo advises #CBN to put in place a thoughtful & knowledge based regulation, cautioned on the need to ensure that we are in a position to prevent any of the adverse side effects or even possible criminal acts that may arise as a consequence of adopting blockchain technology. “The banking sector plays a crucial role in promoting increased & inclusive growth in Nigeria, VP #Osinbajo commended #CBN for the forward looking support for growth related initiatives, especially under the economic sustainability plan.
“The VP #Osinbajo also commended the DMBs for their patriotic contributions to sustain growth but called for the need to further deepen the provision of capital that would allow businesses to grow over the long term.”
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
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