Business
New WhatsApp feature can expose users to hacking – Expert
New WhatsApp feature can expose users to hacking – Expert
The new WhatsApp feature enables users to operate their accounts on four different devices.
An IT expert, Jide Awe, has said the new feature in WhatsApp can make users vulnerable to hacking or phishing attacks by cybercriminals.
The News Agency of Nigeria reports that the new WhatsApp feature enables users to operate their accounts on four different devices.
Awe told NAN in an interview in Lagos on Saturday that having multiple devices linked to a single account gave hackers more opportunities to access personal data or take over the account.
He, however, noted that WhatsApp had implemented several security measures to protect against such threats, including end-to-end encryption and remote device management.
Speaking on its advantages, he said the new feature would increase flexibility and convenience by providing users with more ways to access their WhatsApp accounts.
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“The ability to use up to four different devices simultaneously makes it easier for users to stay connected with their contacts.
“This feature will enable users to manage their devices and log out of them remotely. This can give them greater control over their accounts,” he said.
On users’ opinions, Awe said individual preferences would come into play, noting that it might be convenient for some to use it on different devices while others could stick to using WhatsApp on one device.
He said that Mark Zuckerberg’s aim for adding the new feature could be an attempt to make WhatsApp more user-friendly and convenient with a view to attracting more users to the platform.
Awe said it could also be an attempt to keep up with other competitors like Telegram and Signal, both of which already offered multi-device support.
He added that the impact or success of the new feature would depend on whether users embraced it or if it would have any unforeseen consequences.
New WhatsApp feature can expose users to hacking – Expert
Business
CBN raises commercial banks’ capital base to N500bn
CBN raises commercial banks’ capital base to N500bn
The Central Bank of Nigeria (CBN) has increased the minimum capital requirements for commercial, merchant and non-interest banks.
The CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were fixed at N200 billion and N50 billion, respectively.
This was announced in a statement on Thursday, noting that the increase was due to prevailing macroeconomic challenges and headwinds.
The statement signed by Haruna Mustafa, director, financial policy and regulation department at the CBN.
It said the upward review would enhance the banks’ resilience, solvency and capacity to continue to support the growth of the Nigerian economy.
Also, the CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.
The financial regulator said the capital base for national and regional non-interest banks is N20 billion and N10 billion, respectively.
To meet the minimum capital requirements, the CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.
The CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.
“The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds,” it stated
Business
Tinubu orders creation of single-digit tax system
Tinubu orders creation of single-digit tax system
President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.
Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.
A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”
The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”
Business
Naira gains further against dollar
Naira gains further against dollar
The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.
According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.
On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.
Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.
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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.
CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.
Naira gains further against dollar
(NAN)
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