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CBN, Rice Farmers Move To Distribute 27,000 Metric Tonnes Of Rice Paddies To Cut Down Price of Rice

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The Central Bank of Nigeria (CBN) and the Rice farmers Association of Nigeria (RIFAN) have concluded plans to distribute 27,000 metric tonnes of rice paddies directly to millers nationwide to reduce the price of rice. This they say will take effect from Thursday, June 24, 2021. The Acting Director, Corporate Communications Department, CBN, Osita Nwanisobi, disclosed this said  that Kaduna, State, has been selected as the key location for the paddy allocation exercise which will be done simultaneously in the states that recorded the highest quality of rice harvests during the last farming season. He said the new strategy was in line with the Bank’s mandate of ensuring price stability and its focus of being a people-centered central bank.https://googleads.g.doubleclick.net/pagead/ads?client=ca-pub-6130728735897471&output=html&h=250&slotname=5827412544&adk=3352900080&adf=1532303360&pi=t.ma~as.5827412544&w=300&fwrn=7&lmt=1624395237&psa=1&format=300x250&url=https%3A%2F%2Fwww.herald.ng%2Fcbn-rice-farmers-move-to-bring-down-price-of-rice%2F%3Futm_source%3DOne%2520Signal%26utm_medium%3DPush%26utm_campaign%3DOne%2520Push&flash=0&wgl=1&uach=WyJBbmRyb2lkIiwiOSIsIiIsIlNNLUc5NzVGIiwiOTEuMC40NDcyLjEwMSIsW10sbnVsbCxudWxsLG51bGxd&dt=1624395237173&bpp=3&bdt=927&idt=532&shv=r20210617&cbv=%2Fr20190131&ptt=9&saldr=aa&abxe=1&cookie=ID%3D464992f5423ffc5d-22b9cf7b46a60006%3AT%3D1602745557%3ART%3D1602745557%3AS%3DALNI_Mby26v5SKUQsbrABUbvG5u6o2j9bw&prev_fmts=auto%2C0x0%2C412x343&nras=1&correlator=1286087332994&frm=20&pv=1&ga_vid=606862120.1593641676&ga_sid=1624395237&ga_hid=608829673&ga_fc=0&u_tz=60&u_his=1&u_java=0&u_h=869&u_w=412&u_ah=869&u_aw=412&u_cd=24&u_nplug=0&u_nmime=0&adx=77&ady=1892&biw=412&bih=723&scr_x=0&scr_y=0&eid=42530671%2C31060049&oid=3&pvsid=4428691261856116&pem=466&eae=0&fc=896&brdim=0%2C0%2C0%2C0%2C412%2C0%2C412%2C723%2C412%2C723&vis=1&rsz=%7C%7CleEbr%7C&abl=CS&pfx=0&fu=0&bc=31&ifi=3&uci=a!3&btvi=2&fsb=1&xpc=FJpVDqPeF5&p=https%3A//www.herald.ng&dtd=560 Nwanisobi also expressed optimism that

BREAkING: Banque De France Successfully Completes CBDC Experiment With Switzerland-Based Crypto Bank, SEBA

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The central bank of France, Banque de France, has made some progress with regards to the development of a European Central Bank Digital Currency (CBDC). On Monday, the bank officially announced the successful completion of a CBDC experiment with major Switzerland-based cryptocurrency bank, SEBA. What was the experiment about? The experiment consisted of using the CBDC to simulate the settlement of listed securities using TARGET2-Securities (T2S), a European securities settlement engine, in a test environment, through the existing conditional delivery of securities functionality [T2S Conditional Securities Delivery (CoSD)]. From a technological point of view, the Banque de France simulated the issuance of CBDC tokens on a public blockchain, while preserving the control and confidentiality of transactions, based on the development and deployment

Panic As Bitcoin Falls, China Intensifies Crackdown On Crypto Mining

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Bitcoin falls to a two-week low on Monday over reports that China has intensified its crackdown on cryptocurrency mining. The world’s largest digital currency fell as low as $31,760 Monday morning, dropping below $32,000 for the first time since June 8, according to data from Coin Metrics. It was trading around $32,580 after 11:30 a.m. ET, down 5.9% on the day. Smaller rivals like ether and XRP also tumbled, down 7% and 8.5% respectively. Many bitcoin mines in Sichuan were shut down on Sunday after authorities in the southwestern Chinese province ordered a halt to crypto mining, according to a report from the Communist Party-backed newspaper Global Times. More than 90% of China’s bitcoin mining capacity is estimated to be shut down, the paper

Finally, Former Bank PHB Boss, Francis Atuche Lands Six Year Term In Jail Over N25.7bn fraud

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Justice Lateef Okunnu of a Lagos High Court sitting in the Ikeja area has sentenced Francis Atuche, a former Managing Director of the defunct Bank PHB to over six years in prison for stealing the sum of N25.7bn belonging to the bank while he served as helmsman of the bank. Channels TV reports that in a judgment that lasted over 10 hours on Wednesday June 16, Justice Okunnu convicted Atuche alongside a former Chief Financial Officer of the bank, Ugo Anyanwu on 21 of the 27-count amended charge of conspiracy to commit a felony and stealing brought against them by the Economic and Financial Crimes Commission (EFCC). The presiding judge found the two guilty on grounds that the EFCC had successfully proved its case

Nigerian Government Borrowed N1.3tn To Subsidise Power Consumers – World Bank Says, Govt Will Cough Up Additional N3.08tn Through 2023

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The Federal Government og Nigeria borrowed $4.2 billion (app. N1.3 trillion) in the last four years to ensure power generation companies and gas suppliers received enough payment to continue to generate electricity, a World Bank report has said. According to the report, this is a result of revenue shortfall occasioned by Nigerians paying less than the cost of electricity produced. The report titled, ‘Resilience through Reforms’ was published on Tuesday, June 15. The World Bank stated that the Federal Government would have to cough up an additional N3.08tn through 2023, if current performance levels and low tariffs do not change. “To ensure that Gencos and gas suppliers receive enough payments to continue generating electricity, since 2017 the FGN has borrowed a total of N1.3tn ($4.2bn). “In 2019

Shocking: EFCC Boss, Abdulrasheed Bawa, Recounts How A Minister Connived With A Bank MD To Launder $37m

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The chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, says an investigation by the commission has revealed how a female Minister connived with a bank MD to launder $37 million using the real estate sector which according to him is one of the biggest ways through which money is laundered in Nigeria. Speaking during an interview with Channels TV, Bawa said about 90 to 100 percent of resources are being laundered through the sector. Not disclosing the name of the accused Minister, Bawa said “One of the problems we have in the country is the real estate. 90 to 100 percent of the resources are being laundered through the real estate. Of course, they are being regulated but they are

BREAKING: Nigeria’s Inflation Rate Drops Further To 17.93% In May 2021

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Nigeria’s inflation rate dropped further for the second consecutive month to stand at 17.93% in May 2021 from 18.12% recorded in April 2021. This is contained in the Consumer Price Index report, recently released by the National Bureau of Statistics (NBS). According to the report, the consumer price index, (CPI) which measures the inflation rate increased by 17.93% (year-on-year) in May 2021. This is 0.19% points lower than the rate recorded in April 2021 (18.12%). Food inflation, a closely watched index dropped from 22.72% recorded in April 2021 to 22.28% in May 2021, indicating the second consecutive decline in the food index. The ”All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.15% in May 2021,

PDP Governors Raise Alarm Over ‘Frivolous Borrowings’ Says, N36 Trillion Debt Is Grossly Unsustainable

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Peoples Democratic Party (PDP) governors on Monday hinged the country’s worsening debt profile on frivolous borrowings by the Federal Government. They said the N36 trillion debt is grossly unsustainable given the nation’s earning and Gross Domestic Product (GDP). They added that the debt situation could plunge the country into bankruptcy. The opposition governors alleged that over 80 per cent of appropriation is spent on debt servicing which is “economically damaging”, adding that the gains of debt exit and cancellation during the Obasanjo administration had been destroyed. The PDP Governors’ Forum made this claim in a communiqué at their meeting in Uyo, the Akwa Ibom State capital. It faulted the operational systems and methods of the Central Bank of Nigeria (CBN) and other revenue-generating agencies, which

BREAKING: Nigerian Economy In Sever Bleeding, ‘Loses N24.72bn’ In 10 Days Due To Twitter Ban

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Nigeria has lost N24.72bn in 10 days due to the Twitter ban imposed by the Federal government. The Federal government on June 5 placed an indefinite suspension of the operations of the microblogging app in Nigeria after the site took down a tweet posted on the President's handle. The Federal government last week said the microblogging site has since reached out for discussions and that the Federal government will now give operating licence to such sites if they want to operate in Nigeria. According to NetBlocks Cost of Shutdown Tool, an international Internet monitor, Nigeria loses N102.9m ($250,600) every hour to the ban. The digital rights advocacy platform estimates the economic impact of an internet disruption, mobile data blackout or app restriction using indicators

Igbo Men On Danger Alart As CBN Tell Nigerians To Spray Naira Notes And Go To Jail

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Worried by the rate at which Nigerians 'mutilate, deface, squeeze and even spray and sell' the naira notes during memorable occasions such as weddings and funerals, the Central Bank of Nigeria CBN has again warned that anyone caught doing such act will be arrested and sent to jail. An Assistant Director at the Currency Operations Department, Aladeen Badajo said this during the commencement of the CBN two-day sensitisation fair held in Abeokuta, Ogun state today June 10. He pointed out that the apex bank threatened that “abuse of the currency attracts a penalty of not less than six months or a fine of not less than N50,000 or both.” . “Abuse of the currency attracts a penalty of not less than six months or

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