The Full Image: What they didn’t inform you
The information and modern media could be a nice supply of knowledge on world occasions, politics, climate and sports activities. However the mainstream information can usually be bias, pushing some happenings greater than others, specializing in some subjects closely and neglecting others.
Right here at MoneyMagpie, we imagine within the significance of sharing the newest that many mainstream shops could have did not, or intentionally selected to not, cowl.
Each week, we’ll be rounding up a few of the prime tales that you could have missed.
Governor of the Central Financial institution of Nigeria arrested
The governor of the Central Financial institution of Nigeria (CBN), Godwin Emefiele, has been arrested by the nation’s secret police, on undisclosed expenses.
The controversial banker – whose try and drive Nigeria to go “cashless” earlier this yr triggered widespread financial paralysis – was faraway from his submit by the nation’s new president, Bola Tinubu, on June ninth. He was subsequently arrested hours afterward what was described as “some investigative causes”.
Between January and February, the Central Financial institution of Nigeria withdrew all high-denomination Naira banknotes from circulation and failed to switch them with the newly designed notes as promised. The scarcity of money triggered an financial crunch that noticed companies unable to pay their workers, individuals unable to purchase meals, and the economic system grind to a halt as a result of implementation of day by day limits on money withdrawals.
In March, Nigeria’s Supreme Courtroom pressured the CBN to pause the cash-swap programme till the tip of the yr.
Emefiele had confronted requires his arrest following the debacle. Banks had been additionally vandalised or burned to the bottom by offended residents determined to entry their financial savings.
Asserting the money swap final October, the CBN mentioned the redesign of the foreign money would “assist deepen our drive to entrench a cashless economic system” and added that the scarcity of banknotes would drive Nigerians into adopting the eNaira – the Central Financial institution Digital Forex (CBDC) that the federal government had beforehand did not encourage residents into adopting by free giveaways.
The Worldwide Financial Fund (IMF) – which performed a key function in Nigeria’s CBDC growth and roll-out – described the Nigerian public’s adoption of the eNaira as “disappointingly low,” with fewer than two per cent of the downloaded eNaira wallets really getting used. CBDCs are seen with suspicion by many within the nation and world wide, for his or her potential for attainable authorities overreach.
The Financial institution of England (BofE) has known as for the adoption of CBDCs within the UK. In 2021, the BofE requested ministers to resolve whether or not the proposed “Britcoin” CBDC ought to be “programmable”, which means it may very well be programmed to routinely expire if not utilized by a sure date or used to regulate what services or products persons are allowed to purchase.
In March this yr, the BofE’s Katie Fortune rowed again on this attainable “programmable” suggestion, including: “What we are able to’t have with public cash is a few sense that I would resolve you aren’t allowed to spend that on what you need to spend it on, as a result of the federal government doesn’t approve of what you’re doing.”