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N-Power: We have cleared all outstanding payments – FG

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The Federal Government says it has cleared all the outstanding payments of Batches A and B beneficiaries of N-Power programme.

The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Farouq, told journalists on Sunday in Abuja that  one million beneficiaries would be taken in two streams of 500,000 participants each.

 Farouq also said her ministry in partnership with the Office of the Accountant-General of the Federation had successfully cleared all outstanding payments.

“We have sorted out all the backlogs of N-Power payments with the Office of the Accountant-General of the Federation and we have moved on to the next batch.

“N-Power is the job creation and economic component of the NSIP for young unemployed Nigerians. It has provided temporary income-generating opportunities for 500,000 unemployed youths of Batches A and B N-Power beneficiaries.

“Currently the ministry is about concluding the enrollment of 1,000,000 Batch C applicants in two streams of 500,000 in the first instance and another 500,000 later.”

Farouq further stated that under the National Social Register, a total number of 6,969,230 households and 29,766,599 persons had been captured.

She said about 4,000,000 households and 20,000,000 persons were to be added to the social register, as one million households and 5.6 million persons had been captured under the Conditional Cash Transfer.

“There is a plan to add another batch of 1,000,000 households and 5,600,000 persons to the CCT,” she added.

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CBN warns banks over foreign exchange malpractices

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The Central Bank of Nigeria, CBN, has insisted that the FX operating license of any bank or banks that are found guilty of ongoing investigations in foreign exchange malpractices would be suspended for at least a year.

The circular signed today by the Director Trade and Exchange Department, CBN,  Ozoemena Nnaji stated: “In line with the continuing close surveillance of our financial markets in general and the FX market in particular, the CBN wishes to remind all banks that it is their responsibility to not only Know their Customers (KYC requirements) but also Know their customers’ business (KYCB requirements).

“Given these responsibilities and in view of recent occurrences in the market, the CBN would like to remind banks to desist from all and any forms of FX malpractices.

“We wish to reiterate that the FX operating license of any bank or banks that are found culpable with ongoing investigations would be suspended for at least one year. Please note and ensure compliance.”

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Naira hits historic low of 543 against dollar

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The naira has continued to depreciate on the parallel market, selling for N543 to the dollar on Thursday.

The bureau de change operators in Abuja bought dollar at N540, then it was sold for N543.

The British Pound was also sold for £1/N740.

This comes 44 days after the Central Bank of Nigeria barred sale of Forex to all bureau de change operators across the country.

On June 27, 2021, the CBN ended the sales of Forex to BDCs saying the parallel market had become a conduit for illicit Forex flows and graft.

The CBN said it would also no longer process applications for BDC licences in the country.

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Zugacoin hits $87,000 against Bitcoin $41,000

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Zugacoin, a cryptocurrency  founded by Professor Archbishop Sam Zuga AKA Jehovah’s Field Marshall is now trading at the value of 87,000 dollars against Bitcoin 41,000 dollars.
Africans are advised to take advantage of Zugacoin for their financial freedom especially as it is also on binance network SZCB and has been listed on 10 different Exchange including VinDAX and Pancakeswap.
Zugacoin which is barely a year old is currently on 3 different Blockchains, Ethereum, Binance and Samzuga Blockchain.
This is also coming after the first Blockchain Main Net in Africa was successfully launched by the philanthropic cleric.
Samzugacoin Blockchain Mainnetwork And Zugacoin (Zugascan) Explorer, is the first Blockchain Network created from Africa by an African and for Africa tech space.
Archbishop Sam Zuga, who was recently honored as the first Professor of Digital Economy in the world, is focused at providing ways to help every willing average Nigerian to fight poverty and earn a better living.
According to the cleric, the poverty in Nigeria and Africa is artificial and God has given him the ability to alleviate the citizens out of its shackles.
If possible, eradicate it.
Explaining further how he intends to see his mission and vision accomplished, Sam Zuga stated that with ZUGACOIN every willing Nigerian and African should be able to begin their journey into financial freedom.
He also said he would teach Nigerians how to grow money through digital economy principles.

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