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Former Presidential Aide Attributes Naira’s Decline To Crypto Exchange Platforms

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Former Presidential Aide Attributes Naira’s Decline To Crypto Exchange Platforms....KINDLY READ THE FULL STORY HERE▶

A former aide to President Buhari, Bashir Ahmad, has pointed fingers at cryptocurrency exchange platforms for the consistent depreciation of the Nigerian currency in the foreign exchange market.

Expressing concern over the dwindling value of the naira against the dollar, Ahmad emphasized the heavy reliance of many Nigerians on crypto platforms, which lack the authority to regulate currencies in the country………..CONTINUE READING

In a post on his official X account, Ahmad urged immediate action to address the situation, noting that these platforms often dictate exchange rates, subsequently influencing rates in the Bureau De Change market.

“To be honest, the crypto exchange platforms are causing more harm than good to our system. Many people are relying on these platforms that have no business being our forex regulator to get their exchange rates. When the rate goes up on these platforms, it automatically goes up in the Bureau De Change. It should be fixed!” Ahmad wrote.

Reports indicate that on Tuesday, February 20, 2024, traders were buying a dollar for N1800 and selling it at N1825, reflecting the ongoing devaluation of the naira.

The persistent devaluation has resulted in hardships for Nigerians, as prices of commodities continue to soar.

Earlier, Hans Essaadi, the Chief Executive Officer of Nigerian Breweries Plc, remarked that due to the current economic challenges in Nigeria, citizens are finding it increasingly difficult to afford beer.

According to Bloomberg, Nigerian Breweries incurred a foreign exchange loss of N153 billion attributed to the devaluation of the naira for the year ending December 2023.

In response to rising input costs, Nigerian Breweries adjusted the prices of its products upwards in August 2023.

Among the popular alcoholic beverages produced by Nigerian Breweries are Star Lager, Gulder, Legend Extra Stout, Heineken, Goldberg, Life, and Star Radler.

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HORROR IN BEIJING! Passenger Plane Slams Into China Zun Skyscraper, Casualties Feared!.

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On Friday, a small aircraft seemingly collided with Beijing’s tallest building, the 528-metre CITIC Tower. Witnesses observed debris from the plane at the building’s base, and journalists reported seeing a hole in the windows on one of the tower’s upper levels.....KINDLY READ THE FULL STORY HERE▶

Key developments and reactions surrounding the event include:

  • Emergency Response: The incident sparked widespread panic, prompting a swift deployment of police, ambulances, and firefighters to the area.

  • Scene Evidence: Video footage showed fire crews extinguishing small flames near the building, along with what appeared to be fragments of a small aircraft on the ground. Other videos on social media reportedly captured debris falling from the skyscraper, though these could not be immediately verified.

  • Safety Measures: Occupants were instructed to evacuate the tower via the stairs rather than using elevators. Meanwhile, police officers restricted public access, including preventing people from taking photographs.

  • Public and Online Reaction: While some bystanders expressed confusion and shock, a student noted that online content regarding the crash was being deleted rapidly.

  • Security Context: The incident is notable given China’s strict airspace regulations in Beijing, which include bans on drone sales and requirements for flight permissions in the capital.

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DEATH AND DESTRUCTION! Imo State Rocked By Deadly Explosion—Two Confirmed Dead!.

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Two suspected scrap metal scavengers have died following an explosion on Thursday night along Old Nekede Road in Owerri West, Imo State. The Imo State Police Command, through spokesperson DSP Henry Okoye, confirmed that the blast occurred around 9:15 p.m. within a large drainage channel opposite the Lakeside Hotel.....KINDLY READ THE FULL STORY HERE▶

  • Victims: The deceased were identified as 32-year-old Hyginus Akalonu from Imo State and 22-year-old Victor Egwu from Ebonyi State.

  • Emergency Response: Following the explosion, police and Explosive Ordnance Disposal (EOD) units secured the area and swept the site to ensure public safety.

  • Hospitalization: Both men sustained severe burns and were transported to the Federal University of Technology Teaching Hospital, Owerri, where they were later pronounced dead.

  • Ongoing Investigation: The EOD unit has launched a thorough investigation to determine what caused the explosion.

  • Public Safety: Commissioner of Police Audu Garba Bosso has assured residents that the area is secure, while urging the public to remain vigilant and report any suspicious items or activities to the police.

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TINUBU’S MASTERSTROKE: New NIMC Act 2026 Weaponizes Identity Data To CRUSH Boko Haram And ISWAP Commanders!.

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President Bola Ahmed Tinubu on Friday signed the 2026 National Identity Management Commission Act, creating a new legal framework to strengthen Nigeria’s digital identity system, improve national security, and facilitate access to government services.....KINDLY READ THE FULL STORY HERE▶

  • Security Breakthrough: Minister of Interior Dr. Olubunmi Tunji-Ojo revealed that the integrated identity management system recently assisted in the arrest of seven suspected Boko Haram and ISWAP commanders at Katsina Airport, highlighting the law’s impact on national security.

  • System Integration: The new legislation aims to consolidate fragmented databases—such as those for passports and driver’s licenses—into the National Identity Number (NIN) system, creating a unified identity management framework.

  • Enhanced Border Control: The integration of the NIMC database with immigration records and Interpol’s networks has already significantly boosted border security capabilities.

  • Government Commitment: The event, attended by Senate President Godswill Akpabio and other top officials, underscored the government’s commitment to using legislative action to address security and developmental challenges.

  • Modernized Framework: NIMC Director-General Dr. Abisoye Coker-Odusote called the Act a major step forward, modernizing the country’s nearly two-decade-old identity management framework and establishing the NIN as the central platform for identity verification.

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