FG TO REPLACE BVN WITH NIN- Isa Pantami

The Federal Government has Began the process of replacing the Bank Verification Numbers (BVN) with the National Identity Numbers (NIN).

The Minister of Communications and Digital Economy Dr Isa Pantami, who revealed this to newsmen shortly after a tour of telecoms operators and NIN licensees in Abuja, said President Muhammadu Buhari has been briefed on the on-going NIN registrations.

Pantami who said the President was happy with the conducts of the exercise so far, added he had also briefed the National Economic Sustainability Committee headed by Vice President Yemi Osinbajo on the imperative of replacing BVN with NIN.

Pantami argued that while BVN was only for accounts holders with various banks, the National Identity Numbers are for all Nigerians irrespective of their status.

To ascertain the smooth registration of Nigerians, the Minister visited the National Identity Management Commission (NIMC) registration Centre in Gwarinpa, the Zonal Headquarters of MTN, Glo Mobile and Airtel in Maitama as well as a Private operator, OMNL, Nigeria.

Accompanied by the Executive Vice Chairman of NCC, Prof Garba Danbatta; Director-General General of NITDA, Kashifu Inuwa and Chief Executive Officer of NIMC, Engr Aliyu Aziz, the Minister said he was impressed by the strict adherence to COVID-19 protocols at all the registration centres.

Responding to challenges encountered by those with the BVN data trying to upgrade with NIN data, Pantami said:” The challenge is that the BVN records may not be 100 percent the same with NIN but what is most important is that the NIN is the primary identity of each and every citizen, including legal residents.

“BVN is a policy of a bank and has not been established by law, NIN is the only mandatory number and the primary identification of our citizens and every other identification is secondary.

“The NIMC Act 2007 provides that all our citizens must be enrolled and the law gives them 60 days to enroll from the time the law was enacted and a maximum of 180 days and all permanent residents in the country and legal residents that have to stay here for a minimum of 24 months must be enrolled.

“So this is the primary identification of all and all other data bases are supposed to utilize this and not for NIN to utilize the BVN because it is the primary one.

“We discussed with the CBN Governor today on how to ensure that all our citizens with BVN will immediately be provided with the NIN. We are working on that but facilitating the process lies on CBN to make it much easier for our people.”

Asked to clarify government position on the BVN replacement with NIN, Pantami said:” I made a presentation to National Economic Sustainability Committee and I drew the attention of CBN Governor that we need to replace BVN with NIN because the BVN is a bank policy while NIN is a law.

“Because it has been established by law so the strength of the law wherever you go is not the same with a policy of one institution.

“Also, BVN is only applicable to those who have bank accounts but NIN is for every citizen and legal residents in the country. BVN is our secondary database while NIN and the database is the primary one in the country that each and every institution should make reference to NIMC.”

I AM JUST WAITING FOR MENOPAUSE NOW. -YVONNE JEGEDE

Actress Yvonne Jegede has taken to Twitter to share her frustration with period cramps which according to her, is getting unbearable.

The actress who also slammed those that say period cramps stop when a woman gives birth, revealed that all she is waiting for is menopause as the pain she feels has made her body sore.

Yvonne wrote on her Twitter handle;

“Who ever came up with that bs talk, “after a woman gives birth, her period cramp stops”. All I’m waiting for is menopause, this pain is getting unbearable. My entire body is sore. God help me.”

THIS IS WHY WE BANNED CRYPTOCURRENCY

The Central Bank of Nigeria (CBN) has reacted to condemnations trailing the directive to Deposit Money Banks (DMBs) to desist from
transacting in cryptocurrencies.

In a statement on Sunday, Osita Nwanisobi, Acting Director, Corporate Communications, clarified that that the CBN circular of February 5, 2021 did not place any new restrictions on cryptocurrencies.

He recalled that all banks in the country had earlier been forbidden, through CBN’s circular dated January 12, 2017, not to use, hold, trade and/or transact in cryptocurrencies.

Nwanisobi noted that the CBN’s position on cryptocurrencies is not an outlier as many countries, central banks, international financial institutions, and distinguished investors and economists have also warned against its use.

He said China, Canada, Taiwan, Indonesia, Algeria, Egypt, Morocco, Bolivia, Kyrgyzstan, Ecuador, Saudi Arabia, Jordan, Iran, Bangladesh, Nepal and Cambodia have all
placed certain level of restrictions on financial institutions facilitating cryptocurrency transactions.

CBN said in China, cryptocurrencies are completely banned and all exchanges closed as well.

Nwanisobi said even famed investor Warren Buffett has called cryptocurrencies “rat poison squared,” a “mirage,” and a “gambling device.”

“Mr. Buffett believes it is a “gambling device” given that they are mostly valuable because the person buying it does so, not as a means of payment; but in the hope they can sell it for even more than what they paid at some point.

During an online forum hosted by the Davos-based World Economic Forum few weeks ago, Andrew Bailey, the Governor of the Bank of England, highlighted the extreme price volatility of cryptocurrencies as one of the biggest flaws and explained that this flaw makes it impossible for them to be used as a lasting means of payment.

“It is not surprising he would take that position because, Bitcoin, the best-known cryptocurrency, hit a record high of $42,000 per unit on January 8, 2021, and sank as low as $28,800 about two weeks later. This is far greater volatility than is found with normal currencies.”

CBN listed the justifications for CBN’s recent policy reminder.

Nwanisobi said first, in light of the fact that they are issued by unregulated and unlicensed entities, their use in Nigeria goes against the key mandates of the CBN, as enshrined in the CBN Act (2007), as the issuer of legal tender in Nigeria. In effect, the use of cryptocurrencies in Nigeria are a direct contravention of existing law.

He highlighted the critical between a Central Bank issued Digital Currency and cryptocurrencies, adding that as the names imply, while Central Banks can issue Digital Currencies, cryptocurrencies are issued by unknown and unregulated entities.

LAGOS STATE REOPEN THIRD MAINLAND BRIDGE

The Lagos State Government on Sunday noon announced the reopening of Third Mainland Bridge earlier than 7 pm scheduled time.

Recall that the Oworonshoki bound lane of the Third Mainland Bridge was closed totally from vehicular movement on midnight on Saturday, February 6, 2021, till 7 pm on Sunday, February 7, 2021, to remove the last expansion joint on the Oworonshoki bound lane.

In a statement released by Commissioner for Transportation, Dr Frederic Oladeindei, t was explained that the closure was vital to enable the contractor to move their equipment to the Oworonshoki bound lane within the given period without any interruptions that could be caused by vehicular movement on the bridge.

Explaining the closure, he stated that the rehabilitation process was being done assiduously to ensure set deadlines are met

INVESTING IN COWS IS BETTER THAN CRYPTOCURRENCY – ADAMU GARBA

Adamu Garba, a former presidential aspirant, has opined that investing in cows is better any form of cryptocurrency business.

Garba was lending his voice to the latest instruction to Deposit Money Banks (DMBs), other Financial Institutions (OFIs) and Non-Bank Financial Institutions (NBFIs) against having any transactions in crypto or facilitating payments for crypto exchanges.

DAILY POST reports that diverse reactions have continued to trail the directive which was issued by the Central Bank of Nigeria, CBN, on Friday.

Better Investments! Those who might have lost their monies through a shortcut business called Crypto should learn to invest on real assets, like cows, which assured of huge returns on investment.

Cow Ranching business is more lucrative than all cryptocurrencies combined.

Cow Ranching business is more lucrative than all cryptocurrencies combined.

”Crypto traders are supposed to be regularized so that they can be tracked in the event of cheats.”

CowtoCurrency! The real deal!!

DONT BAN CRYPTOCURRENCY – ATIKU TELLS FG

Former Vice-President Atiku Abubakar: makes an appeal for cryptocurrency

Former vice-president Atiku Abubakar has urged the Buhari administration not to shut down cryptocurrency business, as announced by the Central Bank of Nigeria on Friday.

In a statement signed by him on Saturday, Atiku urged government to regulate the sector rather than embarking on an outright shutdown.

“This is definitely the wrong time to introduce policies that will restrict the inflow of capital into Nigeria, and I urge that the policy to prohibit the dealing and transaction of cryptocurrencies be revisited.

“It is possible to regulate the sub sector and prevent any abuse that may be inimical to national security. That may be a better option, than an outright shutdown”, he said.

The statement referenced the declining inflow of foreign capital into Nigeria from $23.9b in 2019 to $9.68b in 2020 and said the economy needs an expansion, rather than a contraction.

Read the full statement:

We Need To Open Up Our Economy, Not Close It

The number one challenge facing Nigeria is youth unemployment. In fact, it is not a challenge, it is an emergency. It affects our economy, and is exacerbating insecurity in the nation.

What Nigeria needs now, perhaps more than ever, are jobs and an opening up of our economy, especially after today’s report by the National Bureau of Statistics indicated that foreign capital inflow into Nigeria is at a four year low, having plummeted from $23.9 billion in 2019, to just $9.68 billion in 2020.

Already, the nation suffered severe economic losses from the border closure, and the effects of the #COVID19 pandemic.

This is definitely the wrong time to introduce policies that will restrict the inflow of capital into Nigeria, and I urge that the policy to prohibit the dealing and transaction of cryptocurrencies be revisited.

It is possible to regulate the sub sector and prevent any abuse that may be inimical to national security. That may be a better option, than an outright shutdown.

There is already immense economic pressure on our youths. It must be the job of the government, therefore, to reduce that pressure, rather than adding to it.

We must create jobs in Nigeria. We must expand the economy. We must remove every impediment towards investments. We owe the Nigerian people that much.