₦airaland Forum

Besides, there is the option of cryptocurrencies, which Africans already use for cross-border transactions.

I've yet to try this but it would be probably be cheaper than using banks or some other financial services. I'm not interested in the E-Naira to say the least. I'd rather buy Eth or btc.

Lol it would be sad when brick off the backboard. Goodluck getting that ball back.

Lol I remember idiots said the Eco failed to launch because of French subversion. How is it France's fault none of the ECOWAS nations met their own criteria for launching the currency the past 20 years? This project won't materialize especially when the biggest economies in the region can't get their acts together to make it happen.

Implementing the eco needs member countries to meet a few criteria:

1. A single-digit inflation rate at the end of each year.
2. A fiscal deficit of no more than 4 per cent of GDP.
3. Central-bank deficit-financing of no more than 10 per cent of the previous year’s tax revenues.
4. Gross external reserves that can give import cover for a minimum of three months.

In 2003, shortly after the launch of the euro, leaders of the fifteen-member Economic Community of West African States (ECOWAS) proposed that the region also had its single currency – the eco. Seven currencies are currently in use in West Africa, with eight Francophone countries using CFA francs. The other countries own individual currencies, none of which is freely convertible. Among other potential benefits, the proposed eco should reduce barriers to trade across the region and improve lives in general. But since then, ECOWAS has postponed the launch of this currency four times: in 2005, 2010, 2014, and 2020. Now it has set the launch date for 2027. So, for now, West Africa’s eco is still a pipe dream.

Castles in the air?

The idea of a single currency has met several clashing reactions, both from the public and from industry experts. But amidst all of this, the eco’s feasibility is a key concern. Why is that?

Implementing the eco needs member countries to meet a few criteria, most of which are unlikely to happen. They must have:

1. A single-digit inflation rate at the end of each year.

2. A fiscal deficit of no more than 4 per cent of GDP.

3. Central-bank deficit-financing of no more than 10 per cent of the previous year’s tax revenues.

4. Gross external reserves that can give import cover for a minimum of three months.

Most of the 15 countries are unlikely to achieve all of the above criteria in years. Only Cape Verde, Liberia, Ghana, and Togo have met some of them, but not consistently. Notably, the European Union used a similar method to launch the euro. But copying their model for a region with entirely different realities is simply building castles in the air. The EU could set those standards because they were strategically achievable in their climes. But the ECOWAS’ ambition, which it has refused to be flexible with, is technically based on hopes that economies will improve. Besides, discussions around the euro go as far back as the 1960s, but it wasn’t until 1999 that the currency finally launched. And even then, only 11 countries adopted it. Now, that number is 19; despite being in existence for 20 years, not all 27 countries in the EU are yet to fully adopt it. The problem, however, is that West Africa may not have as much luxury of time as the EU did because the world is evolving faster than ever.

Africa’s future of money

It’s been 31 years since the African Union conceived the idea of a single currency for Africa. Some progress—or maybe too little—has been made concerning this, with the setup of the Pan-African Payment and Settlement System (PAPSS), which makes it easy to exchange multiple African currencies. Today, PAPSS is still in the pilot phase in 6 countries. This single currency, along with the AfCFTA, is part of the AU’s plans to transform Africa into a European-style economy one day. But it appears African countries are gradually moving past that ambition.

In October 2021, Nigeria launched its Central Bank Digital Currency (CBDC), the e-Naira, through a partnership with Bitt Inc. It made this move shortly after Ghana partnered with a German firm, Giesecke+Devrient for its e-cedi pilot. Other African countries: Kenya, South Africa, Rwanda and Tanzania are also researching to launch their digital currencies. Creating digital currencies implies that these nations are looking for ways to give their currencies more utility. Nigeria and Ghana claim they want to use these blockchain-based currencies to boost financial inclusion.

Nigeria is crucial to the creation of the eco. Not only because it is the region’s biggest country, but also because it is the only country in West Africa with a banknote printer and mint. So the Nigerian Security Printing and Minting Company Limited is ECOWAS’s most viable option to mint the eco, except it finds an alternative.

Nigeria has expended massive resources into the development of the e-Naira. However, its adoption has been slow. This action casts doubts over the possibility of West Africa ever having a single currency. One reason is that it would be difficult for these nations to abandon their currencies which are now going digital, after so much investment. The other is that if the e-naira and e-cedi succeed, other countries in the region would likely follow suit. 

CBDCs can ease cross-border payments, but only if they are built with interoperability in mind. A paper on cross-border CBDCs, published by the Bank for International Settlements (BIS), in conjunction with the International Monetary Fund (IMF) and World Bank, urged collaboration among countries in designing CBDCs to enable cross-border payments. Outside Africa, Some counties have ongoing collaborations for cross-border CBDCs—Project Jasper–Ubin, between Canada and Singapore in 2019; Project Jura, the recent trial between France and Switzerland; Project Inthanon–LionRock, between Thailand and Hong Kong; Project mCBDC Bridge, between Thailand, Hong Kong, China and the UAE; and Project Aber, between the United Arab Emirates (UAE) and Saudi Arabia. The same can happen in Africa, making a single currency unnecessary. Furthermore, tech companies are already building solutions to make CBDCs work at scale. For instance, Visa developed a new concept called the “Universal Payment Channel” (UPC). With the UPC, people can send stablecoins like the USDC to a Nigerian or Ghanaian, and they get their money in e-Naira and e-cedi, respectively.

Besides, there is the option of cryptocurrencies, which Africans already use for cross-border transactions. Their decentralised nature makes them easily bypass the hassle that comes with transacting across over 40 different currencies and their corresponding diverse financial systems. Although many African governments do not support cryptocurrencies, it is almost impossible to promote CBDCs without spreading awareness about cryptos since CBDCs are essentially government-owned versions of cryptocurrencies.

Does West Africa need a single currency?

The eco’s feasibility is not the only thing causing doubts. Theoretically, it should promote integration. But many economists wonder if the currency is even going to solve any problem at all. Most African nations are more interested in trading outside the continent. Intra-Ecowas trade accounts for just 11 per cent of its members’ total trade. It’s practically that way all over the continent — trade between African countries is the lowest globally. So economically, they don’t have so much to gain.

Moreover, history doesn’t make a strong case for a common currency in Africa. The fourteen countries that use the CFA Franc are split into two monetary zones: the Economic and Monetary Community of Central Africa (CEMAC) and the West African Monetary and Economic Union (UEMOA). CEMAC has been using a single currency for over 70 years now, but intra-regional trade still lags around five per cent. In UEMOA, trade flows a bit more freely at 16 per cent. But that is still poor when you consider that their version of the CFA has been in use since 1945. If a single currency did not boost trade among countries that speak the same language, how will it cut through language barriers?

The AU and ECOWAS need to accept that Africa’s future of money is digital. If they still want the single currency ideas to work, they have to embrace digital methods.

Written by Oluwatosin Ogunjuyigbe

Source: https://venturesafrica.com/does-the-eco-have-a-place-in-the-future-of-money/

Front page: Lalasticlala Mynd44

Boomers everywhere lol just type on laptop then print it later. Any excuse not to work.

“The Kwara State Government unreservedly condemns the flagrant act of discrimination against anyone, especially children, on religious grounds. Such discrimination will not be tolerated in any public-owned institution in the state.

Discrimination is ok in private schools? If this against state law or regulations just tell the admins there to knock it off and get back to work. Lol everything a crisis in this country of drama queens.

Michelle70:
What Wike did to Oyigbo shows that governors have the power

Well he did claim he can't order the military to attack the igbos. I do agree they're have influence over what goes on. It does interest me that stuff like this doesn't spur areas like this to Succeed and the neighboring state. Its much easier that creating new states.

When crime rises as in the case of Kaduna people will defend Governor Rufi saying the police and military answer directly to President Buhari. The governors like shifting responsibility on the president when ever possible saying the FG needs to do XYZ. The title of Chief security officer is merely a title.

Curiously when it comes to imprisonment it's suddenly the governors fault even though police and prisons fall under the federal apparatus. When court orders are disobeyed regarding the release of Mubarak Bala why is the governor at fault? The violation of rights is the fault of the head of these agencies. If the people violating rights aren't punished you have to assume their behavior is supported by the president.

If the governors do have the power to control who gets out prison they shouldn't get a pass when crime spikes. Why do you only have power in one aspect of law enforcement. It seems like a convenient way to take all the credit and none if the responsibility.

Luckysbab:
You mean I can go to Rome to start hauling hate speech at the Roman Catholics?

Yes go do so I support your freedom of speech. The catholic church had probably heard all your complaints before 100 times. Do you need my permission to do anything else? Come to America and rant all you want afterwards.

Raxxye:
1.Who is Mubarak Bala?
2. What did he post on Facebook that warranted his arrest and detention for so long without trial?
3. Is this Buhari regime really suppressive and against press freedom, free speech and expression of the citizens' fundamental human rights?
4. What is blasphemy and what part of the Nigerian Constitution prescribes punishment for blasphemy?

These are the questions on my mind begging for answers.

1. That's explained in the article
2. Screenshot below
3. Obviously he is against all that. He ignored the atheist open letters and refuses to intervene in the case.

bluefilm:
So mubarak still dey sef?

I been dey think say the man don murd since.

Nope too many eyes on him. They're just going to drag the case forever. The state taking ten months to charge him should be grounds for unconditional release. Its just a kidnapping at that point.

osazsky:
i tire o.i wanted to ask him how these 2 senerios are relative..relegion is a cause..wat if we drop relegion and practice peace..

Religious zealots don't believe in free expression so it shouldn't be a surprise. Every knee must bow before their chosen idol or else.

Luckysbab:
The government has the right to curb actions that are liable to cause public disturbance.

If someone comes out to start making posts about how Boko Haram should spread to other regions, he should be left alone, because of "human rights"?!

Free expression a right. You don't have the right to not to be offended argue your point back without behaving like a monkey. Your boko haram example is nonsensical apples and oranges comparisons. The person saying it only goes to jail if its a direct call to arms, saying your religion is fake isn't that.

Man these religious zealots are something else. Everything he did falls under free speech unless everyone should be compelled to believe in their fiction. This case will go to the Supreme Court since neither party can accept defeat. Hopefully Bala wins.

Anyway can a lawyer explain what legal standing does kano state have to prosecute Bala for a crime that occurred in Kaduna? Even if the complaint originated it kano it should be left to Kaduna to prosecute. Nigeria's lawyers aren't worth their salt if they miss this easy goal.

Humanists International welcomes news that Mubarak Bala, President of the Humanist Association of Nigeria, has finally been presented at court. However, the organization maintains that all charges laid against Bala should be dropped immediately and unconditionally.

Today’s court appearance represents the first time Bala has appeared in court in the 644 days in which he has been detained. During the session, Bala denied all charges. A ruling on Bala’s petition for bail is expected in the coming months as the case proceeds to trial.

Mubarak Bala, President of the Humanist Association of Nigeria, was arrested from his home in Kaduna State, northern Nigeria, on 28 April 2020 in connection with a series of Facebook posts which some deemed to be “blasphemous” and likely to cause a public disturbance.

Subsequently transferred into the custody of Kano State, where the initial complaint was filed, Bala was held for more than five months before being granted access to his legal counsel. It was a further 10 months before he was formally charged with 10 counts of causing a public disturbance under Sections 210 and 114 of the Kano State Penal Code, respectively. The circumstances of his detention represent a clear violation of his fundamental rights guaranteed under the Nigerian Constitution and international human rights law.

Andrew Copson, President of Humanists International, commented:

“Today’s court proceedings represent a significant milestone in Bala’s case. While we welcome that there is, at last, progress in his case, we urge the authorities to drop all charges against Mubarak immediately and unconditionally and ensure his safety upon his release.“

Humanists International believes that Mubarak Bala is being targeted for the peaceful exercise of his rights to freedom of expression and religion or belief, and calls for the case against him to be dropped, for Bala to be released immediately and unconditionally, and for the Nigerian authorities to ensure his safety upon his release. To this end, we urge the state and federal authorities to intervene on behalf of Bala to protect his human rights, including by granting him access to medical treatment.

Source: https://humanists.international/2022/02/nigeria-mubarak-bala-appears-in-court-for-first-time-in-644-days/

Front page: Lalasticlala Mynd44

UnusualEmissary:
The same people that are supposed to fight against oppression and injustice?

This has historically been the case all around the world hence why limited government is preferred. Look at Mubarak Bala rotting in jail 2 years in Nigeria over blasphemy / disturbing the peace. They're just now letting him defend himself in court after violating his rights.

LogicBomb8:
Whats the need trying to hide it at the first place.
Thats why its gaing more awareness allow every one to knw their root

Why didn't your state make it mandatory? The federal government never banned history courses.

Dididrumz:
I'm in support of this bill; Younger generations needs to know their roots.

I Hope they do not kill this bill.

If they did kill the bill what's been stopping your state from teaching history?

OGBEREIJEBU:
This man is competent to deliver yet, the media keep painting him with ethnic and religious negative colouration

Yawn murder is up over 20% in his state. You tell me how that shows his competence. Incase your wondering how I got that stat watch the video.

https://www.nairaland.com/6966833/kaduna-state-murders-up-21


https://www.youtube.com/watch?v=WX6GFjwF_QQ

Maxymilliano:
See who is talking

These guys are retards. It takes them years to figure out what anyone would common sense knows. Appeasement only leads to futher demands.

The only thing I find weird is the fact journalists didn't bother qualifying how much crime increased or how dangerous the state really is. I think its a cultural thing with Nigerians. The reporters report El Rufi wants more operation base.

SmartPolician:
Are we going backwards or forward?

These people should be passing bills to make basic programming and computer appreciation compulsory in Nigerian secondary school and primary school respectively. That's where the world is going now and need to follow the trends.

History rarely puts food on the table these days probably because any interested person can read about history as long as they have access to the internet.

Again why is every waiting on people in Abuja to educate their kids? Politics is best handled locally. Lol its weird how everything must come from the center before anyone acts.

Racoon:
Nigerian government fully knows why it is fidgeting about making this HISTORY subject a must in the educational curriculum of this failed nation.

Can you answer why your state never made it mandatory. Lol why does the federal government have to act before you guys deem it important? Don't claim they banned it that lie was debunked. Lol after your supposed enemy starts teaching your kids you'll be surprised they indoctrinated them.

Penguin2:
They will kill the bill.

If History was taught in schools, I’m sure Tinubu urchins wouldn’t have voted for Buhari in 2015 because they would known his history.

I had the opportunity to study History during my Secondary School days because I attended a Catholic private school which didn’t give a fork about Nigeria’s stupidity.

It was where I learned about Usman Danfodio being an itinerant preacher from Futa Jalon; and that before Danfodio’s Jihad, Hausas were ruled by Sarkins which Danfodio replaced with Emirs.

Many more I can’t mention here.

One day, all Emirs in the north will be deposed and northerners will only be ruled by Sarkins who must true Hausas and no Fulani shall ever climb the stool.

If states wanted to teach history they dont need federal intervention to make it happen. Nobody is stopping anyone from paying history teachers. The books aren't banned or unavailable.

Lol I don't get why you weirdos go on you foolish screeds about the fulani being deposed. I've noticed its always one Southern guy usually igbo or yoruba speaking for hausas or some northern person like they're unaware of the history. It's clear you guys dislike the fulani conquest because they were successful at the game.

emsco91:
[b][/b]Over time i have always taught about what life have installed for me. Taking up a course like statistics, what can i do before or after the course to get to my required destination.
To all the graduates and undergraduates i need your advice.

Work for an insurance company, bank or anywhere your quant skills would be useful.

I honestly wonder how crazy the overall numbers are. Kaduna is just one state and the rates of violence are very high. Imagine what you'll see out Katsina, Niger, Zamfara if they bothered to report on this like El Rufi did. Lol I doubt other state governors would do the same especially so close to an election year. Its obvious the president won't be ready to stand by his record regarding crime.

Notice the NBS hasn't released crime stats since 2017. Its pretty safe to say there's a massive crime wave in Nigeria since then. The excuses about time and money are ridiculous considering Kaduna operates with similar time constraints and less money than the Federal government. If leaders want to make claims of safety or effectiveness it should be backed up by reliable data.

The issue is even worse when you consider the published crime stats are always lazily done. The stats only report aggregate crimes instead of doing it on a per capita basis. Aggregate numbers don't factor in population which is why crime stats are supposed to reported on per 100k basis. The last measure the NBS could improve is actually reporting victimization rates by tribe, perpetrator by tribe, and if they're foreigners. Nigeria should strive to have decent crime stats like South Africa who do most of the following suggested improvements. If you have other suggestions post below.

Kaduna crime stats:

Est. 8.9 million population according to Wikipedia.

1192 homicides ~ 13.39 homicides per 100k
The number Homicides increased by 245 which is a 20.55% increase.
3,348 kidnappings ~ 37.62 kidnappings per 100k
891 assaults (injuries) ~ 10.01 assaults per 100k


https://www.youtube.com/watch?v=WX6GFjwF_QQ

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Organs:
You cannot compare him with any other governor. Zulum and Sanwo Olu are coming after him. For example, having accurate data for reporting the number of deaths, cause of death etc so there can be action, accountability and remediation is one of his achievements.

You spoke facts here most governors don't even bother publishing the crime stats because they know it will make them look bad. Most Nigerians are too brain dead to even ask for them to begin with. The federal government stop publishing their crime stats in 2017. It's still weird nobody seems to understand these stats should be published in per 100k stat to make it comparable across populations.

CXLVII:
Are the ones happening in US not civil crimes witching the USA? And from what you stated earlier, it’s means present and past leadership are failures. Cos someone is still gonna get killed tonight.

Ok let's compare murder rates since you want to compare to United States. Kaduna is obviously extremely dangerous with a murder rate 29 people murdered per 100k. America is setting records with 6.9 murders per 100k. The most violent states don't reach around 15 per 100k.

You're right rising murder rates should be used as a bench mark to judge failure. It shows failure in law enforcement and the society.

I find it strange they dont put this per 100k stat. This will make crime rates comparable between states between different population. Kaduna is extremely dangerous it has a 29 person per 100k murder rate.

Lol attacking the symptoms of the problem. The money erodes before it even gets in the landlord's hands and they dont make it difficult to evict bums. Now he wants to say house rent is oppressive like home ownership isn't an option. We know mortgage rates are high for similar reasons. Last most people can't qualify for mortgages since they're not credit worthy. The last thing I suspect is land land use act actually makes establishing mortgages harder than it needs to be.

helinues:
This one na kangaroo court judgement now..

How many state governors have disobeyed court orders? Ayade kept Jango in prison for months even after so many court judgements to release him.

Politicians don't really respect the law

You clearly dont know what kangaroo court Judgement means. If you did you would use the phase correctly. I agree they are tyrants that need their powers stripped. First the laws need to go away. They'll need another excuse to lock away their critics.

helinues:
Challenge which law, Is Emir Sanusi not currently in an exile? Kwankwanso was kept out of Kano for months just because of this same Ganduje.

He doesn't need to run his mouth, all his witch hunting about others would be used against him. Karma is still existing

Sanusi is not on exile and can come and go as he pleases. Exiles are unconstitutional by their very nature. If you're telling me Ganduje illegally kept him out kano with gangster tactics ok. Lol keep the faith if you believe God karma going to work for you.