• Friday, September 29, 2023
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Five things to know to start your Wednesday


2023: BVAS, solution to election rigging – PDP

Senator Walid Jibrin, the Chairman of the Atiku/Ombugadu Campaign Council in Nasarawa State, says the Bimodal Voter Accreditation System (BVAS) is a solution to election rigging in 2023.

Jibrin, who is a former chairman of the BOT PDP, stated this during the party’s campaign in Akwanga Local Government Area of the state.

He said that BVAS would curtail electoral fraud in the general elections, which would make the electorate’s votes count.

The chairman therefore urged the electorate to vote for Atiku Abubakar as Nigeria’s president, Dr. David Ombugadu as governor of Nasarawa State, and all other PDP candidates in 2023.

He said that Atiku would rescue Nigeria from its numerous challenges.

“A vote for Atiku/Okowa will rescue Nigeria from its present challenges, and a vote for Ombugadu/Ohinoyi will bring speedy development across the state.

“A vote for all of our PDP candidates will enable all of us to enjoy the much-needed dividends of democracy,” he said. This is according to the News Agency of Nigeria.

Read also: New notes scarcity persists despite CBN order

CBN sensitises marketers, guarantees availability of new notes

Koyor Baribokola, the Branch Controller of the Central Bank of Nigeria (CBN), Lagos State, assured marketers and traders that the apex bank has made the redesigned naira notes (1000, 500, and 200) available for them via Automated Teller Machines (ATMs).

Baribokola gave the assurance when the apex bank took its sensitization tour of the new naira notes to Balogun Market, Lagos, on Tuesday.

He said the apex bank initially had a challenge because people were not depositing the old notes, but the situation had changed.

“We have a lot of deposits now, which gives us confidence to put more new notes into circulation and the economy.

“We are making them available to you, and you will have them if you haven’t had them before. Please have the assurance that you are going to have them.

“We pushed out a lot last week, and today we are continuing with it, part of the meeting was what delayed my coming out here.

“We set a date for the deadline for the complete changeover, which is Jan. 31, and for now, that stands. We have not extended or changed the time.

“So, between now and the Jan. 31, all the old 1,000, 500 and 200 notes you have in your possession, bring it to the bank and then take new ones,” Baribokola said.

AfDB names 25 finalists for $140,000 AgriPitch competition

The African Development Bank (AfDB) has named 25 youth-led agriculture sector companies from 14 African countries that have successfully moved to the finalist round of its 2022 AgriPitch Competition.

According to a statement made available on its website on Tuesday, the bank said that the twenty-five finalists will be awarded $140,000 in grants and business skills training.

There are 17 women-owned or led small and medium-sized businesses among the 25 finalists. 13 are from Francophone countries, while the other 12 are from Anglophone countries.

The bank is in partnership with “implementing lead Private Equity Support and partner organizations, Eldohub and the Private Finance Advisory Network.”

The competition targets African youth aged between 18 and 35 working in the agricultural value chain.

Large buildup of US stock causes decline in oil price

WTI crude futures fell below $75 per barrel on Wednesday following the release of data from the American Petroleum Institute, which showed that the US stock of crude oil inventories rose by a huge 14.9 million barrels last week, an outcome that defied expectations for a 2.4-million-barrel drop.

This increase would possibly be the biggest since February 2021.

Investors also worry about further monetary tightening by global central banks as the fear of recession seems to hurt the demand for crude oil.

Meanwhile, the opening of the border and the resumption of manufacturing in China have continued to improve the demand outlook for oil, playing a key role in pushing the price upward.

Coinbase to cut 950 jobs and shut down several projects

Coinbase, one of the biggest cryptocurrency exchange platforms in the world, is set to cut around 950 jobs, or 20 percent of its staff, as it looks to shore up its operational efficiency amid a wider economic downturn.

According to Fintech Futures, this move was announced by Brian Armstrong, the CEO and co-founder of Coinbase. Armstrong said in 2022 that “the crypto market trended downwards along with the broader macroeconomy.”

As a result, the firm is cutting its operational expense by around 25 percent quarter over quarter, Armstrong says, which includes letting go of around 950 people.

As part of the headcount reduction, Coinbase will also be shutting down several projects that “have a lower probability of success.”