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Shoprite begins process to leave Nigeria.

Shoprite a South African retail store has announced its plan to exit Nigeria after 15 years amid the global Pandemic.

After the reports made last year it described its business with Nigeria as a discontinued operation.

In the Nigerian sector of the business there had been a decline of sales by -6.3% for the year ending June 2020. Due to the recession in 2016, consumer spending power as well as foreign exchange were greatly affected.

As of 2019, because of the xenophobic attacks in South Africa towards Nigerians, Shoprite stores in Lagos were attacked.

Shoprite’s closure in Nigeria arises as a result of the coronavirus pandemic, which has affected economy globally.

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Business

President Buhari Launches Rice Pyramids In Abuja

Nigeria’s President Muhammadu Buhari has launched The FCT mega rice pyramid in Abuja. Touted by government officials as the largest of its type in the world, the rice pyramid is located at the Abuja Chamber of Commerce and Industries (ACCI) along the Airport Road.

An initiative under the RIFAN/CBN anchor borrowers’ programme, one million rice paddy stacked in 15 separate pyramids were planted and harvested from states across the country. The President said the project is in line with the economic plan of his administration. According to him, the rice pyramid will boost the economy, create jobs and reduce reliance on imported food and industrial raw materials.

Chairman, Pyramid Sub Committee of RIFAN, Mr Shehu Muazu, commended all the stakeholders involved in the mega project, adding that the success of the rice pyramid shows that local production was feasible.

Also Read: CBN’s Proposed E-Naira: Here Is Everything You Need To Know

He said:

“RIFAN in collaboration with the Rice Millers Association of Nigeria will process the rice and sell at a discounted price. This will lead to drastic reduction in price once it starts rolling into the market.”

“Our collaboration with the millers association rests on the agreement that they will sell at a discounted price to Nigerians”

Dignitaries at the event include Godwin Emefiele, governor of Central Bank of Nigeria (CBN); Aminu Goronyo, President Rice Farmer Association of Nigeria (RIFAN); Kayode Fayemi, Ekiti governor and his Kebbi counterpart, Atiku Bagudu.

Others were David Umahi, Ebonyi governor; Ben Ayade, Cross River governor; Badaru Abubakar, Jigawa governor; Boss Mustapha, secretary to the federal government; Ibrahim Gambari, chief of staff; and Aliko Dangote, a business tycoon.

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CBN Reveal Guidelines For Launching e-Naira Digital Currency Wallet

e-Naira

As Nigeria awaits the roll-out of the proposed Central Bank Digital Currency (CBDC) on the 1st of October, 2021, the Central Bank of Nigeria (CBN) has also released a set of guidelines that will ensure a coordinated roll-out of the state-backed digital currency (e-Naira). The guidelines are meant to show Nigerians how the e-Naira will regulate, designed, and issued.

Part of the guidelines shows that the e-naira digital currency will be accessible to both bank account and non-account holders. It will have a set limit on the value of transactions customers can carry out with it. Perhaps most importantly is the fact that the e-naira will have a legal tender and non-interest-bearing asset status.

The apex bank has moved quickly to create a wallet that will house the digital currency. Ultimately, the commercial banks and licensed operators will be responsible for creating wallets for the e-naira but the CBN is untaking this task at this stage in a bid to meet up the set date for the roll-out – which is October  1st, 2021. This wallet will “serve as a means to transact value, pending when banks and other innovators can provide their own wallets,” and will come in three tiers.

The first tier (Tier 1) will cater to Nigerians who do not have an existing bank account. This group will also have access to the digital currency but will have to tender their names, addresses, phone numbers, gender, place & date of birth, and a passport photograph. It also comes with a transaction limit of ₦50,000 daily and a cumulative balance of ₦300,000 fixed .

Read Also: e-Naira: CBN Ignores Local Fintechs, Partners With Foreign Firm For CBDC Rollout

The second tier (Tier 2) are for those who have an existing bank accounts. The minimum requirement for this level is a Bank Verification Number (BVN) and it comes with a transaction limit of ₦200,000 daily and a cumulative balance of ₦500,000. The last tier (Tier 3) also allows the BVN as its minimum requirement and has a daily transacting limit of up to ₦1,000,000 daily with the cumulative balance set at ₦5,000,000.

The launch of Nigeria’s CBDC will take palce in five phases. The first part of the e-naira rollout will be handled by the CBN. This will involve the issuing, distribution, redemption, as well as the destruction of the currency. The second phase will see commercial banks and other licensed financial institutions able to request currency or issue stablecoins. According to the guidelines, they will also “manage digital currency across branches, KYC, identify and AML compliance capability.”

The third phase will see the government “process digital payments sent to and received from citizens and businesses.” At the fourth stage are merchants who are expected to provide “low-cost payment and business management software, POS, remote payment solutions, online capabilities, transaction analysis and reconciliation.” The last stage, which is also known as the Retail Consumer Suite, will focus on the digital currency’s architecture.

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CBN’s Proposed E-Naira: Here Is Everything You Need To Know

E-Naira

It has been in the works since it was announced by Nigeria’s apex bank the Central Bank of Nigeria (CBN) that the country is set to launch its own digital currency which will be dubbed “e-Naira”.

This news does not come as a surprise at all. In today’s world, countries that have an eye on the future are already adopting regular cryptocurrencies like Bitcoin as their legal tender. And those who can are launching theirs.

But how would the e-Naira work? Who can use it? How accessible will it be? Here is all you should know about Nigeria’s proposed first digital currency.

What is e-Naira?

This is the soon-to-be-launched digital currency by Nigeria’s apex bank – the Central Bank of Nigeria (CBN). When launched, it will not replace the physical naira presently used in the country. But as the name suggests, it will be a digital representation of the physical naira.

How will it work?

As mentioned earlier, the e-Naira will be a digital form of the physical naira and while the latter is saved in banks, the former will be held in e-wallets.

e-naira

Licensed commercial banks in Nigeria will be responsible for creating e-wallets for customers where their e-naira will be held. The banks will also be responsible for the processing of payments through digital currency.

What is an e-Naira wallet?

What a bank account is for the physical naira is what an e-wallet will be for the e-Naira. The process of creating an e-wallet is still the same process as creating a regular bank account for physical cash.

It is important to note that an e-Naira wallet is different from a regular bank account if one person has both, they cannot be linked with each other.

Read Also: Making Sense of The CBN Ban On Cryptocurrency In Nigeria

Is the e-Naira another form of cryptocurrency?

The e-Naira is not a cryptocurrency. It is a digital currency and it affects the value of the naira positively, unlike cryptocurrencies.  The value of the e-Naira is the same as the physical naira as they as both issued by the CBN.

It is not an investment vehicle like cryptocurrencies but a legal tender that would help Nigerians carry out transactions without needing physical money.

When will it be launched?

As announced by the apex bank, CBN, the first phase of the e-Naira rollout will begin on the 1st of October 2021. More details on the digital currency will be circulated and how Nigerians can access it will still be communicated by the CBN.

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