China Invented Paper Money, Now It’s World’s 1st Country With Digital Currency

-AP China, which is regarded as one of the largest economies in the world has announced that it will be launching its own digital form of currency for its citizens.china digital yuan currency Reported first by Wall Street Journal, this novel digital currency called ‘digital yuan’ will be controlled entirely by the nation’s central bank. However, it showcases stark differences from Bitcoins and other forms of cryptocurrencies. Unlike Bitcoins, it will lack the anonymity and non-traceable nature. Instead, it’ll offer a transparent perspective of the economy to the nation. According…

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Man Violently Stops FG’s Road Project At Itu In Akwa Ibom State

BY VICTOR BUORO, Except the Federal Government moves decisively to remove and evacuate one Bernard Okon Ekpenyong, who aggressively planted fetish “native charms and injunction” on Julius Berger equipment on ongoing works at Itu-Odukpani-Calabar Road, the completion date may be badly affected… The contractor handling the Itu-Odukpani road, Julius Berger Nigeria Plc, has been violently obstructed and stopped from continuing with the project by one Bernard Ekpenyong at Nkim Itam in Itu Local Government Area of Akwa Ibom state. This was confirmed by the Federal Controller of Works in Uyo,…

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Astronomical jump in onion prices unexplainable — FCT residents

The residents, who spoke with the News Agency of Nigeria (NAN) on Saturday in Abuja, said that the prices of onions had gone beyond the reach of average Nigerian. Abdullahi Ahmed, an onion seller in the popular Karu market, said that the prices of onions in the market were unexplainable and difficult to access, therefore necessitating hike in prices. “The amount I bought a bag of onions is now N55,000 and it was lesser than that before, a bowl of onions which used to be N200 is now N400 and…

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PDP knocks FG over new petrol pump price

The Peoples Democratic Party (PDP) has kicked against the increase in the pump price of fuel as it urged President Muhammadu Buhari to reverse the increase from N159 to N170 per liter.The party in a statement issued by its National Publicity Secretary, Mr Kola Ologbondiyan, on Friday in Abuja, described the new price regime as unbearable to Nigerians.Ologbondiyan said it was also unacceptable given the prevailing economic crunch already confronting Nigerians.According to him, the increase in the pump price would worsen the already “suffocating economic” situation in the country adding…

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NDDC: New N6.2bn palliatives fraud by IMC Unearthed

Fresh indications have emerged that more trouble faces the Pondei-led IMC of NDDC over the distribution of palliatives during the lock-down following the outbreak of the COVID-19 pandemic. In a 12- paragraph petition dated August 3, 2020, separately   addressed to the President of the Senate, Senator Ahmad Lawan and Speaker, House of Representatives, Femi Gbajabiamila, Soboma Jackrich explained that the N6.2billion palliatives scam was different from   N1.5billion relief funds shared to over 4,000 staff of the commission and high command of the Nigeria Police Force by IMC in April this…

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World Bank indicts CCECC for fraud, blacklists 5 other Chinese companies in Nigeria for corruption

Some Chinese companies in Nigeria have been blacklisted by the World Bank for fraud and corruption. The companies include China Railway Construction (International) NigeriaCompany Limited, China Railway 18th Bureau Nigeria Engineering Company Limited, CCECC Nigeria Lekki (FTA) Company Limited, CCECC Nigeria Railway Company Limited, CRCC Petroleum & Gas Company Limited, and CCECC Nigeria Company Limited. All the companies are very active in Nigeria, with ongoing or completed contracts for the construction of railways, highways, housing estates, airport terminals, municipal engineering, water resource, and hydro-power engineering projects for federal and state…

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Without Quick Stimulus, Nigerian Economy Will Fall into Recession -Finance Minister

Nigeria, Africa’s most populous country, may fall into recession this year if an economic stimulus plan isn’t put in place to check the effects of the coronavirus pandemic, Finance Minister Zainab Ahmed said. The country of more than 200 million people could see its economy shrink by as much as 3.4%, Ahmed said Tuesday on Arise TV. Nigeria needs radical action to avoid an economic contraction, said Ahmed, who added that the country’s multilateral creditors were considering suspending debt repayments to help.

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ATROCIOUS JUDICIAL CONSPIRACY: How Abuja Judge Allegedly Forged International Treaty to Give Zenith Bank Judgement in N23.2bn Trade Deal Gone Sour

A judge of the High Court of the Federal Capital Territory (FCT), Justice Angela Otaluka has been accused of allegedly perverting justice in favour of one of Nigeria’s biggest banks, Zenith Bank against an indigenous company, Owigs and Obigs in a deal worth about N23.2 billion. Aggrieved, Owigs and Obigs approached the High Court of the Federal Capital Territory for adjudication and to ask for damages for the huge losses it suffered, believing that the judiciary was the last hope of the common man. Their hope for speedy and judicious…

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Coronavirus has cost global stock markets $16 trillion in less than a month

Asian stocks fell sharply on Friday, continuing a global market decline tied to the novel coronavirus. Global stock market losses climbed past $16 trillion since a high on February 19 on fears that the outbreak could lead to a worldwide recession, according to S&P Dow Jones indices.   The biggest dive in Asian markets on Friday was in Japan. That country’s Nikkei average was down as much as 9.5%, echoing a brutal 10% collapse in U.S. markets on Thursday, which was the largest single day decline since 1987’s Black Monday.  China stocks were…

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Naira devaluation likely soon as oil prices plunge

(Bloomberg) — The Nigerian central bank will be unable to maintain the naira’s value for much longer as a slump in oil prices drains foreign reserves, according to a Bloomberg survey of investors and analysts. Seven of 16 respondents expect the currency to be devalued in the third quarter, while four forecast a downward adjustment as early as the second quarter. Another three foresee a devaluation in the fourth quarter and two next year. Oil prices collapsed this week after the world’s biggest exporters failed to agree on how to…

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