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Naira Scarcity: Embrace eNaira, Internet Banking As Alternatives To Cash — CBN To Nigerians

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The Central Bank of Nigeria (CBN) has asked Nigerians to embrace eNaira and internet banking as alternatives to cash transactions.

Speaking at the recently concluded 44th Kaduna International Trade Fair, Osita Nwanisobi, director of corporate communications, CBN, said the Nigerian payment system infrastructure could handle the surge in transaction volumes across all payment channels.

The CBN director spoke against the backdrop of the struggle faced by citizens to get naira notes from banking halls and automated teller machines (ATMs) following the implementation of the naira redesign policy.

Nwasinobi was represented at the event by Mohammed Abbah, director, capacity development department of CBN.

On the naira redesign policy, he said the initiative was not aimed at any individual as being insinuated in the public domain.

“The CBN Governor, Mr. Godwin Emefiele, has always said that the policy is not targeted at anyone or any group of persons, rather, it is derived from the bank’s in-house analysis to strengthen our macroeconomic fundamentals and better our socio-economic conditions,” Nwanisobi said.

“The principal aim of the bank, with the currency redesign initiative, is to make our monetary policy decisions more efficacious.

“Nigerians will observe that there has been a downward trend in inflation, and the exchange rates have been relatively stable.

“Furthermore, we aim to increase financial inclusion in the country by reducing the number of the unbanked population.

“Thirdly, our aim is to support the efforts of our security agencies in combating banditry and ransom-taking in Nigeria through this programme.”

The CBN director said the apex bank was aware of the challenges some citizens have had to face in the past few weeks in efforts to get money from their banks.

He said that there have been reports of occasional transaction failures on alternative payment channels.

“However, we wish to assure you that the Nigerian payment system infrastructure is robust enough to handle the surging transaction volumes across all channels,” Nwanisobi said.

“We, therefore, urge Nigerians to embrace alternative payment channels, such as e-Naira and internet banking, as we embrace the cashless policy.”

Nwanisobi said the apex bank, in line with its developmental function as stipulated in the CBN Act, 2007 (as amended), has been at the vanguard of promoting quality export through its produce, add value and export (PAVE) concept.

He said PAVE was similar to the export-led industrialisation policy of south-east Asia, which elevated the economic fortunes of the Asian Tigers: Hong Kong, Singapore, South Korea, and Taiwan.

Through PAVE, he said the CBN sought to create a proper linkage between agriculture and the manufacturing sectors of the Nigerian economy while also providing a cushion against the volatility in crude oil production and export.

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US Agency To Probe Tesla’s ‘Full Self-Driving’ System After Pedestrian’s Death

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The US government is set to launch an investigation into Tesla’s “full self-driving” system following reports of four crashes in low-visibility conditions and the death of a pedestrian.

According to international media, the US National Highway Traffic Safety Administration (NHTSA) made the announcement on Thursday, citing incidents where multiple Tesla vehicles encountered poor visibility environments, including sun glare, fog, and airborne dust.

In addition to the pedestrian’s death, another crash resulted in an injury, the agency stated.

Investigators will examine the capability of “full self-driving” to “detect and respond appropriately to reduced roadway visibility conditions, and if so, the contributing circumstances for these crashes.”

The NHTSA said the probe will cover approximately 2.4 million Tesla vehicles from the 2016 to 2024 model years.

The agency also plans to determine whether any other similar crashes involving “full self-driving” have occurred under low visibility conditions.

The NHTSA is also seeking information from Tesla regarding any updates to the system that may have influenced its performance in these environments.

“In particular, his review will assess the timing, purpose and capabilities of any such updates, as well as Tesla’s assessment of their safety impact,” the agency said.

Tesla has already recalled “full self-driving” twice following investigations by the NHTSA, which in July gathered information from law enforcement and the company after a motorcyclist was struck and killed by a Tesla using the system near Seattle.

Reports from the Associated Press indicated the recalls were due to the system being programmed to run stop signs at low speeds and other violations of traffic laws.

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Students Set Kebbi College Provost’s Residence Ablaze Over Alleged Extortion

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Students at the College of Health Sciences and Technology in Jega, Kebbi State, have “set the residence of the Provost, Alhaji Haruna Saidu-Sauwa, on fire” and “vandalised his vehicle.”

The protest began due to allegations that the college management “extorted N23m from the students” for “index registration for 250 graduating students.”

According to a source, the controversy started with a newly introduced Public Health programme initially affiliated with the Reproductive Health and the Public Health Association of Nigeria.

The college then merged the programme with the Department of Environmental Health, leading to a demand for an additional “N65,000 from each student for index registration,” on top of the “N30,000 already paid.”

In response to the allegations of extortion, the students resorted to violent actions, including “stoning vehicles and setting the provost’s residence on fire.”

Several staff members fled before security personnel arrived.

The provost, Saidu-Sauwa, described the allegations as “fictitious, baseless and mischievous,” denying any involvement in extorting students.

He stated that the college uses a “Single Treasury Account” where all funds are deposited, and “no one has access to the account, including me.”

He further claimed that the protest was fueled by an anonymous source attempting to discredit the college, urging students and staff to “exercise restraint” while the cause of the unrest is fully investigated.

Following the intervention of security agencies, normalcy has returned to the college.

The Kebbi State Police Command indicated that more details will be provided after a report from the Divisional Police Officer in Jega is available.

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Army Seeks Nigerians’ Support In War Against Terrorism, Says “We Can’t Do It Alone”

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The Nigerian army has urged the public to provide support in the fight against terrorism. Christopher Musa, the Chief of Defence Staff, noted that Nigeria is facing “asymmetric warfare” with non-state actors operating in various parts of the country.

In a video message on Friday, Musa emphasized that while the army is dedicated to restoring peace, success requires a “whole-of-society approach.”

He mentioned that Nigeria has a significant history of peacekeeping efforts both in Africa and internationally. Musa outlined the country’s current security challenges, including “Boko Haram and ISWAP in the northeast,” “banditry in the northwest,” “pipeline vandalism and sea piracy in the south-south,” and IPOB’s push for “secession” in the southeast.

Despite these ongoing issues, the armed forces are fully committed to ensuring peace across the nation. Musa also highlighted efforts to enhance “troop welfare” and training, aimed at creating a sense of normalcy in markets, schools, and the economy, especially in affected regions.

He reassured Nigerians that the military is a professional force focused on fulfilling its mission to restore “peace and security.” Musa urged the public to continue supporting the “government, the armed forces, and other security agencies” in this effort.

He concluded by stating, “We cannot do it alone… Together, we will succeed.”

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