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eNaira: FG targets $29bn from blockchain, digital currency

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Digital currency and its underlying technology, blockchain, can increase Nigeria’s Gross Domestic Product by $29 billion in the next 10 years, President Muhammadu Buhari has said.

He stated this in Abuja on Monday at the unveiling of eNaira, stressing that Nigeria’s digital currency would help move people and businesses from the informal into the formal sector and increase the tax base of the country.

He said eNaira would cater for businesses and households seeking faster and cheaper means of payment instead of “private currencies” that have gained popularity and acceptance across the world, including Nigeria.

The President said, “In recent times, Your Excellencies, the use of physical cash in conducting business and making payments has been on the decline. This trend has been exacerbated by the onset of the COVID-19 pandemic and the resurgence of a new Digital Economy.

“Alongside these developments, businesses, households, and other economic agents have sought new means of making payments in the new circumstances.

“The absence of a swift and effective solution to these requirements, as well as fears that Central Banks’ actions sometimes lead to hyperinflation created the space for non-government entities to establish new forms of ‘private currencies’ that seemed to have gained popularity and acceptance across the world, including here in Nigeria.

“In response to these developments, an overwhelming majority of Central Banks across the world have started to consider issuing digital currencies in order to cater for businesses and households seeking faster, safer, easier and cheaper means of payments.”

Buhari added that the benefits of digital currencies cut across different sectors of and concerns of the economy.

He said, “Let me note that aside from the global trend to create Digital Currencies, we believe that there are Nigeria-specific benefits that cut across different sectors of and concerns of the economy.

“Alongside digital innovations, Central Bank Digital Currency (CBDC) can foster economic growth through better economic activities. Indeed, some estimates indicate that the adoption of CBDC and its underlying technology, called blockchain, can increase Nigeria’s GDP by US$29 billion over the next 10 years.

“CBDCs can also help increase remittances, foster cross border trade, improve financial inclusion, make Monetary Policy more effective, and enable the government to send direct payments to citizens eligible for specific welfare programmes.

“It is on this basis that I am delighted to officially launch the Central Bank of Nigeria Digital Currency, called the eNaira, and in so doing, we have become the first country in Africa and one of the first in the world to introduce a Digital Currency to her citizens.”

governor of the CBN, Godwin Emefiele, said the eNaira would make a significant positive difference to Nigeria and Nigerians.

The apex bank rolled out two applications for the digital currency on Monday — eNaira speed wallet and eNaira merchant wallet.

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AutoTrends: Customs to reintroduce suspended e-valuation of vehicles Friday

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The Nigeria Customs Service (NCS) says it will reintroduce the suspended electronic valuation of vehicles on Friday.

The NCS said this in a letter dated May 17, 2022, and signed by Ajibola Odusany, NCS’ deputy controller, administration, on behalf of Yusuf Malanta, area controller in charge of the Apapa Command of the service.

Also known as vehicle inspection number (VIN), the policy has generated controversy since its introduction this year.

Clearing agents associations had protested against the e-valuation policy and grounded activities at the ports.

The freight forwarders said the e-valuation system sharply increased duty paid on imported vehicles.

This had forced the NCS to suspend the implementation of the VIN policy, following the intervention of the House of Representatives.

In bringing back the policy, the NCS said there would be a sensitisation programme for stakeholders in the clearance chain in preparation for the redeployment.

“In line with the planned nationwide deployment of the VIN Valuation on Friday, 20 May 2022, and the need to continually enhance the platform for optimal performance and service delivery, the sensitisation which is scheduled to take place on Thursday, May 19, 2022, at 11:00 am is to hold at the Apapa Command conference hall. The Deputy Controller Administration, A Y. Odusanya, on behalf of the Customs Area Controller requested that clearing agents should send their representatives to attend, saying the session would benefit everyone and further clarify any question,” the letter stated.

Acting President of Nigerian Licensed Customs Agents (ANLCA), Kayode Farinto, confirmed the development,

saying the association would speak after the training.

“We’re going for the training. So, we can’t say anything until we’re through with the training,” he said.

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AutoTrends: Stop driving your old crossovers, Mercedes warns, recalls ML, others

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Mercedes-Benz has asked owners of certain older crossovers to stop driving due a to corroded brake booster that could cause the brakes to fail.

The automaker said the request and corresponding recall applied to 292,287 ML-, GL-, and R-Class crossovers and SUVs from the 2006-2012 model years.

Recalls are common, but urging customers to stop driving is not,  according to thecarconnection.com.

In the affected vehicles, water exposure in the brake booster housing can cause a joint to corrode, leading to a leak in the brake system.

Brake force may also be reduced, forcing drivers to press harder on the brake pedal to decelerate and come to a stop. In rare cases, Mercedes said, it may be impossible to stop if there has been severe corrosion.

The risk of a crash or injury would increase, although Mercedes said it was aware of no known crashes or injuries related to the issue.

According to the premium brand automaker, the emergency brake pedal is not affected, and could be used in case of a regular brake pedal failure. Mercedes will provide complimentary towing of the affected vehicles to service centers.

Dealers are expected to inspect the brake booster housing and replace parts as required. If the part cannot be fixed immediately, Mercedes said it will help “coordinate an individual solution for the customer, including alternate mobility.”

 

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AutoTrends: Hyundai Sonata models face fuel leak risk

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A potential fuel hose leak in 2013 and 2014 models of Hyundai Sonata has again led to the immediate recall of the vehicles globally.

The NHTSA disclosed this, noting that the factory fault could increase the risk of a fire.

The 2013-2014 Sonata and 2013-2014 Kia Optima had previously been recalled for a fuel hose that can crack prematurely and leak fuel.

The tape and zip-tie remedy for those earlier recalls did not stick.

With the new recall, the fuel line will be replaced at no cost to owners, Hyundai states.

Without the proper fix, the leaking fuel could come in contact with a spark or ignition source that could cause a fire in the engine compartment, thecarconnection.com notes.

The recall encompasses 215,171 Sonatas. Owners may smell fuel on vehicles equipped with either the 2.0-litre turbo-4 or 2.4-litre inline-4 engines. Hyundai reported 138 incidents in the past two years of the defect, but the automaker said there were no known crashes, fires, or injuries.

Hybrid versions of both sedans from those model years were recalled for a separate fire risk.

Hyundai and sister brand Kia have issued a series of recalls for increased fire risk for a variety of reasons, ranging from a faulty electrical socket (2011-2012 vehicles) to a short circuit in the braking system (2006-2011 Elantras).

Owners will be notified by mail as early as July 5, and will be instructed to take their affected Sonata into a dealer to have the fuel feed line replaced at no charge, regardless of warranty status.

Hyundai owners who paid for fuel line repairs to address the leak will be reimbursed.

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