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  Challenges and Limitations: eNaira Struggles to Fulfill Expectations in Boosting Remittances and Informal Economy The eNaira, Nigeria's Central Bank Digital Currency (CBDC) and the Africa's first, has not met expectations in terms of boosting remittances and improving the informal economy, despite significant investments by the Central Bank of Nigeria to promote awareness of digital currency. According to a new report by the International Monetary Fund (IMF), less than one percent of banking customers in Nigeria have downloaded the eNaira wallet, even two years after its launch. Among those who downloaded the wallet, less than 2 percent have used it for any transactions. Surprisingly, the total number of eNaira transactions stands at 802,000, which is lower than the number of downloaded wallets at 919,000. The eNaira was introduced with three primary objectives, as outlined by the CBN. The first was to increase financial inclusion, which led to the expansion of the eNaira wal...

It's Nigeria's currency, and it's been in use since 1973. You probably know that the Naira is divided into 100 kobo, but here are five more interesting things about it: 1. The Naira is named after a bird. 2. It's been in use since 1973. 3. It's been pegged to the US dollar since 1986. 4. The paper bills come in denominations of 5, 10, 20, 50, 100, 200, 500 and 1000 naira. 5. The Central Bank of Nigeria (CBN) is the only issuer of banknotes in Nigeria. The Naira Is the Official Currency of Nigeria. The Naira is the official currency of Nigeria. It is subdivided into 100 kobo. The name was derived from the Yoruba word "naira", which means "cowries". Cowries were shells that were used as a form of currency in West Africa before European colonization. The introduction of coins and banknotes replaced cowries as the main form of currency. However, the name "naira" was retained for the new currency. The Naira Is Subdivided Into 100 Kobo. When ...

  Nigeria, officially the Federal Republic of Nigeria , nicknamed Naija (9ja) ; is a country in West Africa. It is the largest country in Africa in terms of population, and it is no news that Nigeria is the giant of Africa owing to its population and large economy. Nigeria is a regional power in Africa, a middle power in international affairs, and an emerging global power. Nigeria's economy is the largest in Africa, the 25th-largest in the world by nominal GDP, and 25th-largest by PPP. This African kingpin is considered to be an emerging market by the World Bank. However, the country ranks low on the Human Development Index and remains one of the most corrupt nations in the world. Nigeria is a founding member of the African Union and a member of many international organizations, including the United Nations, the Commonwealth of Nations, NAM, the Economic Community of West African States (ECOWAS), and OPEC. It is a member of the informal MINT group of countries and is o...

  What’s About It? The Read-along Virtual Book is a review platform launched by the Lagos State Office of Sustainable Development Goals and Investment (SDG&I). It features e-books for registered participants, also provides internet data for participants, social interaction with mentors and professionals as well as gifts and internship programs for outstanding students acknowledged on the platform.   Why Was It Launched   According to the Lagos State Office of Sustainable Development Goals and Investment (SDG&I), the virtual book review platform is designed specifically for students in Lagos State to further promote literacy in the state.   It was also made known that the initiative is a noteworthy move towards enhancing the learning ability of students across the metropolis by encouraging a healthy reading culture.   According to the Executive Director of Pyramid Educational Advancement Foundation, Mr. Adedapo Adegboyega Conde, the program is significant...

  Leading Artificial Intelligence (AI) hub, Data Science Nigeria (DSN), has launched the country’s first AI Startup Incubation and Research Centre.   The launch of this new AI startup incubation hub made it clear that the organization is set to promote its vision to build a world-class AI, knowledge research, and innovation ecosystem that would deliver high-impact transformational research.   Following the launch was a bespoke AI Startup Summit which was themed Building Nigeria’s Artificial Intelligence Unicorns, under the topic titled How to build scalable startups leveraging AI and exponential technologies.   At the event, It was emphasized that the fact still remains that artificial intelligence is a big game-changer, and is going to change how unicorns of the future will emerge.   This follows research by PwC, a global consulting firm, which noted that AI can contribute as much as $15.7 trillion to the global economy by 2030.   According to ...

    Paralex Logistics Limited, an information, and communication technology (ICT) managed Logistics Company, has launched its mobile app platform to offer cutting-edge services to clients.   This is coming after the launch of the web version. The mobile app will leverage ICT to link individuals, corporate organizations, and institutions to lawyers that would provide them with legal services that meet their needs.   This is in a bid to cover the organization as a paralegal and a logistics services platform to businesses and individuals across the country and beyond for optimal satisfaction and gains.   It was stated that the mobile app on the go would render a broad range of services across Nigeria and beyond.   The app is set to offer end-users access to legal services from accredited lawyers and law firms, communication services, a trusted link to regulatory services, public sector contacts, and other institutional and private entities.   A...