The office of the National Security Adviser (NSA) has expressed its fear with the deployment of 5th Generation (5G) technology in the country.
Bala Fakandu, director of communications in NSA who appeared before the senate committee on communications on Thursday February 25, said they are concerned about the deliberate vulnerabilities and backdoors within the 5G network equipment, which according to him might expose Nigeria to “eavesdropping, tracking, cyber-attacks, military and industrial espionage and other malicious activities by foreign actors.”
Fakandu also asked the ministry of communications and digital economy to carry them along in the formulation of the policy that would guide the use of 5G in the country.
“We are concerned about the deliberate vulnerabilities and backdoors within the 5G network equipment.
“That is one of the key concerns we have and this will make the infrastructure highly susceptible to eavesdropping, tracking, cyber-attacks, military and industrial espionage and other malicious activities by foreign actors.
“We understand these are things that will be put in place particularly in the policy the minister has talked about.
“I need to emphasise it so that the stakeholders in the telecommunications industry will understand where we are coming from because the national security concerns is the concern of the office of the national security adviser and of the president as well.”
Forex: Financial expert urges CBN to exercise caution on BDCs ban
By Gistflash News
July 28, 2021
A Financial Expert, Mr Okechukwu Unegbu, has urged the Central Bank of Nigeria (CBN) to be cautious of its recent “blanket’’ ban placed on Bureau de Change (BDC) operators from foreign exchange (forex) trading.
Unegbu, a past President of the Chattered Institute of Bankers of Nigeria (CIBN), made the call in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja.
He said that the ban would create some challenges in the market as commercial banks might not be able to meet the forex demands of importers.
According to Unegbu, commercial banks themselves are not perfect, as some of them also flout forex regulations.
“This punitive measure by the CBN can negatively affect the forex trading market.
“Most businessmen, when they cannot access forex from commercial banks, rush to the BDCs.
“Banks are not perfect, they also bend the rule sometimes, but that of the BDCs became so obvious due to their large numbers.
“The Naira has been so bastardised and it is good to see that the CBN is acting to remedy the situation,’’ he said.
Unegbu said that athough some of the BDCs were involved in unwholesome practice there were still some BDCs that operated above board.
He said that the move by the apex bank was only a step toward resolving the abuse in the forex market and to reduce pressure on the Naira.
“There had been a lot of misgivings about forex in the country but this blanket ban by the CBN is just a step towards the solution.
“Not all the BDCs are bad, but as it is now CBN has banned both the good and he bad.
“But it is a warning to the Association of Bureaux De Change Operators of Nigeria (ABCON).
“ABCON should find a way to make amends and reign in on some of the operators that abuse the system,’’ he said.
The News Agency of Nigeria (NAN) reports that the CBN announced immediate discontinuation of forex to the BDCs.
CBN Governor, Mr Godwin Emefiele, who made the announcement during the banks 280th Monetary Policy Committee (MPC) meeting, said that the BDC operators were involved in rent-seeking behaviour money laundering activities.
Emefiele added that BDCs were to serve the retail end users who needed 5,000 dollars or less, but had defeated their purpose of existence to provide forex to retail user.
He also said that BDCs had instead become wholesale and illegal dealers.
Africa to save $5bn annually through payment, settlement platform- AfCFTA Sec-Gen
By Gistflash News
July 9, 2021
Africa Continental Free Trade Area (AfCFTA) said that the launch of the Pan-African Payments and Settlements System (PAPSS) would save the continent an estimated five billion dollars annually.
Mr Wamkele Mene, AfCFTA Secretary General, who revealed this at the 2nd edition of the AfCFTA secretariat quarterly press briefing on Friday, said this would be from the accruals from conversions to dollars.
He said that PAPSS, created in collaboration with the African Export-Import Bank (Afriexim bank), would address the currency conversion challenges for participating countries.
PAPSS is a centralised payment and settlement system created to serve the purpose of low cost and risk controlled payment clearing and settlement system under intra-African trade.
He said that six countries had been set up for the pilot scheme, some of which include; Nigeria, Ghana and Sierra Leone.
Mene projected that by the end of 2021, the secretariat would be in a position to reveal the platform availability for all countries to switch.
“There is an objective that one day, Africa would be a monetary union.
“Converting the about 42 currencies in Africa with its attendant cost of over five billion dollars yearly is a whole lot and so we want to reduce and eliminate this for the purpose of trading.
“Local banks would be able to switch to the platform as we are in consultation with the central banks and by the end of the year, we would be in a position to say the platform is available for all African countries that want to switch to it.
“Afriexim bank has invested over one billion dollars and it is a strong signal that the AfCFTA would work.
“If you run a Small and Medium Enterprise (SME) and you have to use a foreign platform for transaction, it is constraining and costly.
“With this system of payments, we would be able to enhance the effectiveness and competitiveness of SME as it addresses the constraints and costs associated with trade,” he said.
Mene also noted that the Rules of Origin mechanism of trade was at 86 per cent completion, even though the secretariat was gearing for 90 per cent completion before application.
Mene also stated that sensitisation and advocacy campaigns on the intricacies of the AfCFTA were a shared responsibility between participating states and the AfCFTA secretariat.
He revealed that an Africa business forum for the whole continent would be hosted later in the year to raise additional awareness.
This, Mene, said would also serve as a complementary step to what the various participating countries’ governments were already doing nationally on sensitisation.
“It is very important that the private sector is aware that there are export opportunities that this market creates and how they can maximally benefit from it.
“In all my visits to various participating countries, I have met with the private sector as a way to inform and incorporate them into what the AfCFTA is about,” he said.
Over 750,000 persons embrace family planning in Taraba – TCI
By Gistflash News
July 8, 2021
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