Independent Day: FG To Kick-Start Life-Changing Economic Programmes
As the Nation marks its 61st Independent year come October 2021, the FG will officially kick-start some key component structures to support the Nigerian economy
If these programmes are well implemented, experts say, it will go a long way in managing the Nigerian populace, thus; relieving the hardship in the country
Nigerians Will Download E-naira Wallets From October 1
The Central Bank of Nigeria has come up with an operational module to give the Naira a stable value, CBN officially released guidelines to kick-start the e-naira cryptotvplus wallet
The free-fall of the naira will be reduced, “the e-naira which is set to be launched on October 1, 2021, is a legal tender equal to the value of the naira and thus must be accepted as a form of payment by all merchants and business outlets.”
“Today, anywhere you present naira to pay, compulsorily it must be accepted because that is our fiat currency.
“The same way naira is accepted that you can’t reject it, is the same way e-naira must be accepted. Anywhere in this country where e-naira is presented, it must be accepted.
“The CBN Director emphasized that the e-naira comes with many benefits and would save the cost of printing more notes.
“Today the cost of producing the naira and coins is very high. It costs money to print naira in this country. Now, the minting of e-naira is electronic so it reduces cost,”-Statement by Director of Currency Operation (CBN)
The e-naira will be a legal tender that will be generally accepted in the country as a means of exchange
The E-naira platform will be supported by five key stages
Retail Consumer Suite;
- Features user-centred designs for a great user experience.
- The architecture will be expandable to enable innovation; features advanced privacy and security.
- The proposed transaction cost for the e-Naira wallet was also outlined by the Nigerian Central Bank.
- The digital currency infrastructure does not charge for user-to-merchant transactions and P2P wallet transactions.
- It shall be the responsibility of Nigerian banks to promote and market the centrally issued digital currency as a cash alternative to existing and potential customers in support of the Nigerian apex bank’s goal for financial inclusion.
Monetary Authority Suite;
The CBN will supervise the monetary authority, which encompasses:
- Redeem And
- Destroy The Currency.
- Store Data On A Cloud Server,
- Monitor And
- Analyse Currency Transactions.
Financial Institution Suite;
The registered financial institution will:
- Be able to request currency or issue stablecoins,
- Manage digital currency across branches, KYC,
- Identify and AML compliance capability.
Merchants will provide
- low-cost payment
- Business management software,
- Remote payment solutions,
- online capabilities
- Ransaction analysis and
The wallet will play a role of cryptotvplus, it will “serve as a means to transact value, pending when banks and other innovators can provide their own wallets.”, and will by no means, complete with financial Institutions
This will come into effect 1st October, 2021-the nation’s independent day celebration. The Speed Wallet will have three levels:
The Frist Level Wallet
- This is designated for Nigerians without bank accounts.
- A passport photograph, name, place & date of birth, gender, address and phone number.
The Second level wallet
- Users on the other hand must “own an account with an existing bank.”
- Users at this level “can only send and receive $400 [N200,000] daily with a cumulative balance daily of $1,000. [N500,000.]”
- The minimum requirement for this level is a Bank Verification Number (BVN).
The Third Level Wallet
- Its allows transacting daily to the tune of $2,000 with a cumulative balance daily of $10,000.
- Having a BVN is the minimum requirement.
Nigeria Jubilee Fellows Programme: 20,000 Graduates Yearly
In a drive to celebrate the nations 60th anniversary, the Federal Government will officially kick-start the Nigeria Jubilee Fellows Programme, to lift millions of young minds from strick poverty
The Nigeria Jubilee Fellows is a programme meant to provide 20,000 jobs to fresh Nigerian graduates annually
With the aim of lifting 100million Nigerians out of poverty, the Nigeria Jubilee Fellows programme will be creating 20,000 new jobs for fresh graduate annually
President Muhammadu Buhari will officially explain the structure of the programme and shed light on it come First October 2021
Though registration for the programme has started, the presidency will highlight its ability and the scope it promises to cover
“The programme, will create opportunities for mentors already engaged in various industries with relevant experience and built capacity over the years to provide mentorship and support for young Nigerians.
“Beyond the skills and work experience, we will be building a new culture of mentorship and guidance that can chart a new course for skills development and work experience in our country.
“We believe that as this programme creates new opportunities for 20,000 recent graduates annually, the beneficiaries will use the opportunities presented to them and maximize their 12 months of engagement.”
“The jubilee programme will provide a pathway for young Nigerians to gain work experience in top tier organizations, gaining relevant skills and building the right networks for the future in various sectors including information and communications technology, financial services, trade, manufacturing, agriculture, and agro-processing.
“Other sectors include mining, telecommunications, creative industries and technology, education, health, research and development, and public sector institutions. We believe that building the right skills and experiences across these sectors are important to sustain the economic growth we are experiencing.’’