Business
Crypto assets may displace local currencies in developing countries — IMF

The International Monetary Fund has said some emerging markets and developing economies face immediate and serious risks of currency substitution by crypto assets.
The IMF disclosed this in a report titled, ‘Global Crypto Regulation Should be Comprehensive, Consistent, and Coordinated’ released on Thursday.
In the report, the IMF said its mandate is to safeguard the stability of the international monetary and financial system.
The Washington DC-based fund said, “Some emerging markets and developing economies face more immediate and acute risks of currency substitution through crypto assets, the so-called cryptoisation.
“Capital flow management measures will need to be fine-tuned in the face of cryptoisation. This is because applying established regulatory tools to manage capital flows may be more challenging when value is transmitted through new instruments, new channels and new service providers that are not regulated entities.”
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According to the IMF, crypto assets will soon pose systemic financial stability in some countries as policy makers struggle to the monitor risks.
It added that crypto assets were drastically changing the financial system it was trying to protect.
The IMF said, “Crypto assets and associated products and services have grown rapidly in recent years. Furthermore, inter linkages with the regulated financial system are rising.
“Policymakers struggle to monitor risks from this evolving sector, in which many activities are unregulated. In fact, we think these financial stability risks could soon become systemic in some countries.”
“While the nearly $2.5tn market capitalisation indicates significant economic value of the underlying technological innovations such as the blockchain, it might also reflect froth in an environment of stretched valuations.”
According to the international fund body, identifying, monitoring, and management of crypto-related risks continues to defy regulators and firms.
It added that in developing economies for instance, cryptoisation was threatening to replace domestic currency, and circumvent exchange restrictions and capital account management measures.
The IMF said, “Such risks underscore why we now need comprehensive international standards that more fully address risks to the financial system from crypto assets, their associated ecosystem, and their related transactions, while allowing for an enabling environment for useful crypto asset products and applications.”
The IMF added that crypto’s cross-sector and cross-border remit limits the effectiveness of national approaches. The body said, “Countries are taking very different strategies, and existing laws and regulations may not allow for national approaches that comprehensively cover all elements of these assets.
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“Importantly, many crypto service providers operate across borders, making the task for supervision and enforcement more difficult. Uncoordinated regulatory measures may facilitate potentially destabilising capital flows.”
According to the IMF, there is a need for a global regulatory framework that provides a level playing ground along the activity and risk spectrum.
It said crypto-asset service providers that deliver critical functions should be licensed or authorised.
The IMF said, “These would include storage, transfer, settlement, and custody of reserves and assets, among others, similar to existing rules for financial service providers.
“Licensing and authorisation criteria should be clearly articulated, the responsible authorities clearly designated, and coordination mechanisms among them well defined. Requirements should be tailored to the main use cases of crypto assets and stablecoins.”
The IMF added there was an urgent need for cross-border collaboration and cooperation to address technological, legal, regulatory, and supervisory challenges.
“Crypto assets are potentially changing the international monetary and financial system in profound ways,” it added.
Punch
Railway
Lagos Govt to redesign Oshodi motor park for rail integration

Lagos Govt to redesign Oshodi motor park for rail integration
The Lagos State Government has announced plans to redesign the Oshodi Transport Interchange (OTI) to integrate the facility with the Red Line and Blue Line rail systems, advancing its Rail Mass Transit project.
This initiative aims to deliver seamless connectivity between the two key rail networks and enhance commuters’ experience in Lagos.
The disclosure was conveyed via a statement shared on the official X (formerly Twitter) account of the Lagos State Ministry of Transportation on Saturday, highlighting the need to optimize the design and operations of the OTI to boost efficiency and align with global standards.
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To kickstart the process, the Honourable Commissioner for Transportation, Seun Osiyemi, held a meeting with stakeholders to assess the current state of the interchange and outline strategies for its improvement.
“The Ministry of Transportation sought to address the ongoing developments and challenges affecting the Oshodi Transport Interchange (OTI) in preparedness for the integration of the Rail Mass transit system; Red Line rail project connecting the Blue Line.
“The Ministry recognized that a review of the OTI’s design and operations is essential for its optimization which led to the Honourable Commissioner for Transportation, Oluwaseun Osiyemi meeting with relevant Stakeholders to discuss the current state of the OTI and identify viable solutions that would enhance its operational efficiency in alignment with global standards and Standard Operating Procedures,” the statement read in part.
Lagos Govt to redesign Oshodi motor park for rail integration
Auto
Nigeria’s firm, Weststar Associates, shines in Dubai, wins Daimler Truck EliteClass award

Nigeria’s firm, Weststar Associates, shines in Dubai, wins Daimler Truck EliteClass award
Weststar Associates Limited, Authorised General Distributor of Daimler Truck in Nigeria, has brought honour home all the way from United Arab Emirates specifically at the EliteClass 2024 Season Awards.
Daimler Truck Middle East Africa the Weststar team with the Silver Award in the Elite CSP (Customer Service and Parts) Performance category.
This is contained in a statement issued in Lagos, which added that the EliteClass 2024 Awards ceremony brought together 40 Daimler Truck Business Partners for a night of recognition and celebration.
Held at the One & Only Royal Mirage in Dubai, the prestigious black-tie event honoured top-performing general distributors that have demonstrated exceptional performance, dedication, and commitment to excellence in 2024.
The EliteClass 2024 Awards C
ceremony was the culmination of a year-long EliteClass programme for the Middle East and Africa measuring 24 categories across the entire business spectrum for Mercedes-Benz Trucks, Daimler Buses, and Fuso Trucks & Bus.
The awards highlighted the dedication and resilience of partners who have achieved outstanding performance and a remarkable commitment to excellence and contributed significantly to Daimler Truck’s success in the MEA regions.
President & CEO of Daimler Truck Middle East Africa, Mr. Michael Dietz, emphasized the importance of collaboration and performance-driven success during his opening address. “EliteClass 2024 is more than just an awards ceremony—it is a testament to the hard work, commitment, and shared vision of our partners.
“Their achievements continue to drive our brand forward, setting new benchmarks in customer experience and operational excellence across the region,” he said.
Weststar’s General Manager, Sales, Mr. Christopher Irumudomon, was present at the EliteClass 2024 Season Awards ceremony to accept the Silver Award in the Elite CSP (Customer Service and Parts) Performance category.
While presenting this award, the Daimler Trucks MEA leadership made the following statement: “Congratulations on your achievement in the EliteClass Central Africa 2024 Season. We are pleased to recognize your individual category achievement.”
The EliteClass 2024 Awards reaffirms Daimler Truck’s commitment to excellence, continuous growth, and the recognition of partners who drive success in an evolving industry landscape.
According to the statement, Weststar Associates Limited continues to fly the flag of the “brand with the star” high in Nigeria.
It said the company had remained the go-to home for all Mercedes-Benz needs in this region.
“With a dealership network that expands to the major regions of the country, along with highly trained and experienced sales and after-sales staff. Nigerians can rest assured that they will always have ‘the best or nothing’ at their disposal,” it stated.
Railway
NRC to revive Lagos 2pm MTTS train as Opeifa tours districts

NRC to revive Lagos 2pm MTTS train as Opeifa tours districts
The Nigerian Railwaiy Corporation (NRC) will soon revive its Lagos 2pm mass transit train service (MTTS) in line with the demands of passengers.
Managing Director of the NRC, Dr Kayode Opeifa, disclosed in Lagos, assuring Nigerians of the readiness of the corporation to serve them better.
He spoke at the Iddo Train Station, while addressing train passengers commuting daily from Ijoko and other border communities in Ogun State to Iddo and Idumota axis of the Lagos Island.
A statement by the Deputy Director of Public Relations at the NRC, Mahmood Yakubu, quoted the MD as saying, “NRC management being aware of the centrality of the MTT Kajola to Iddo rail line to the continued prosperity of the Iddo, Idumota and some other big markets in Lagos will not only continue to sustain the line, but work to add addition service after careful commercial market viability and sustainability studies.”
Opeifa was at Iddo Station to assess the available space in preparation for upcoming developmental and revitalization initiatives.
According to him, the transformation of the Iddo Terminal is central to the corporation’s goal to significantly improve the terminal’s infrastructure, optimize its capacity and elevate the passenger experience
He also said the management would urgently embark on the rehabilitation of the coaches to improve the ambience of the interior of the trains and the Iddo stations for better customer experience and patronage.
Opeifa said he would not hesitate to terminate the contract of any contractor not willing or ready to add value to the corporation’s service.
The managing director, who spent some time going round the Iddo Station, also directed the installation of solar panels around the station to better improve the lightening condition, even as he sent the signal that a comprehensive review of all land leases around the station is underway.
Opeifa was nostalgic about the several interesting monuments and railway relics.
He called on corporate organisations and other philanthropists to support the corporation in the area of provision of conveniences for train passengers as part of their corporate social responsibility.
The Railway District Manager (RDM), Engr Augustine Arisa, and District Superintendent, Mrs Chidinma Mba, also informed the MD that the prosperity of the Idumota market is also related to the operations of the MTT line as any day the train does not run, the market feels it.
The NRC MD had earlier commenced his maiden tour of the NRC districts across the country, with a tour to the Running Shed of the corporation at Ebute Metta, which he learnt was a hub to other districts.
He expressed delight at the industry of ironmen (women engineers and technicians) working in the corporation who are competing with their male counterparts in ensuring that all the nation’s rolling assets are in serviceable conditions.
The tour took him to the store, where Opeifa directed that the management must commence the painting of several legacy buildings of the corporation across the country.
He added that the corporation was determined to improve its image as a frontline mobility service provider and the hub for logistics services in the country.
Opeifa who observed that there are no scraps in the railway, reiterated earlier calls on Nigerians to beware of anyone vandalizing the rail materials across the country, adding that security agencies especially the Nigeria Security and Civil Defence Corps (NSCDC) had been directed to prosecute anyone caught vandalizing any rail assets.
He said the corporation would put back to shape as many narrow gauge locomotives still serviceable and would deploy them across the country to serve passenger traffic anywhere the corporation had existing train lines just as the Federal Government would aggressively continue to invest and expand the national standard gauge corridor.
The tour also took the managing director to the Battery Room, as well as the laboratory, an inspection of all the mechanical fluids which was a crucial facility responsible for analyzing the quality and integrity of mechanical fluids used in NRC rail operations.
He assured the laboratory that the management under his watch would continue to support their growth and development as he himself trained and once worked as an analytical chemist.
The tour also took Opeifa to Agege Station where he had a closed door meeting with officials from the Lagos Metropolitan Area Transport Authority (LAMATA), led by the Director Rail Services Engr Olasunkanmi Okusaga, on how to firm up security challenges between the two stations Babatunde Raji Fashola Station and the Lagos State Train Station at Agege Station.
Opeifa who was led round by the Agege Station Manager, Mrs Ese Asowata, went round to check the station’s conveniences, the VIP Lounge, the control room, the ticketing lounge and administrative sections among others.
The managing director took time to address the concerns of some train passengers, one of them, Olatunde Apata, who complained of what could be done for any passenger who missed his train. Apata, who was heading to the Prof. Wole Soyinka Station, in Abeokuta, Ogun State, had missed his train because he went to pray.
Addressing all challenges Opeifa directed that under no circumstances should the ticket not work to relief passengers with disability access the train.
He equally said efforts were being made to see how the issue of those missing their train would be addressed even as he disclosed that the NRC and LAMATA were working at how to ensure passengers could co-switch and access the metro train to continue their journey from the stations.
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