The Full Image: What they didn’t inform you
The information and up to date media could be a nice supply of data on international occasions, politics, climate and sports activities. However the mainstream information can usually be bias, pushing some happenings greater than others, specializing in some matters closely and neglecting others.
Right here at MoneyMagpie, we consider 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 among the prime tales that you’ll 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 prices.
The controversial banker – whose try and drive Nigeria to go “cashless” earlier this yr brought on widespread financial paralysis – was faraway from his publish by the nation’s new president, Bola Tinubu, on June ninth. He was subsequently arrested hours in a while 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 exchange them with the newly designed notes as promised. The scarcity of money triggered an financial crunch that noticed companies unable to pay their workers, folks unable to purchase meals, and the financial system grind to a halt as a result of implementation of each day limits on money withdrawals.
In March, Nigeria’s Supreme Courtroom pressured the CBN to pause the cash-swap programme till the top 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 forex would “assist deepen our drive to entrench a cashless financial 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 way of free giveaways.
The Worldwide Financial Fund (IMF) – which performed a key position in Nigeria’s CBDC improvement 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 truly getting used. CBDCs are seen with suspicion by many within the nation and around the globe, 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 determine whether or not the proposed “Britcoin” CBDC must be “programmable”, that means it could possibly be programmed to routinely expire if not utilized by a sure date or used to manage 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’d determine 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.”