X-raying CBN's Plan On e-Naira

by Fred Nwaozor

It’s not anymore news that plans are underway by the Central Bank of Nigeria (CBN) to fully implement the use of the country’s digital currency, the e-Naira. The apex bank recently postponed the planned unveiling of the e-Naira. It could be recalled that it was earlier scheduled to be officially launched on 1st October 2021 to mark the country’s 61st Independence Anniversary. However, in his words, the CBN’s Governor, Mr. Godwin Emefiele disclosed that the proposed e-Naira launch wasn’t going to be a one-off thing, but a ‘journey’ or process that would commence on the said date and continues till further notice. This implies that the process has already begun. Many Nigerians are still ostensibly very much confused or ignorant over the essence of the digital currency or what the technique is all about, hence are apparently itching to be well intimated on the tech-driven policy. A quite percentage of the citizenry might thus far be familiar with the term ‘Crptocurrency’, though may be yet to know its origin, usage, operations and value, or what have you. The Cryptocurrency is a digital form of currency that deals with collection of binary data designed to work as a medium of exchange, whereby individual coin ownership records are stored in a ledger electronically. Its prefix ‘crpto’ makes it seem like something that’s shrouded in secrecy.

Cryto-currency was invented, or came into existence, in 2008 via an entity known as Satoshi Nakamoto in which the identity of the individual owner(s) was unknown. Consequently, it came into use in 2009 when its implementation was released as open-source software. It’s an electronic file stored in a digital wallet App, either on a smartphone or computer. The Bitcoin, which is a type of Cryptocurrency and popularly used worldwide, can be sent from user-to-user on the peer-to-peer Bitcoin network without the need for intermediaries or middlemen. Bitcoin, a decentralized digital currency, is created as a reward for a process known as ‘mining’. Bitcoin mining is the act of creating new Bitcoins by solving a computational puzzle by Bitcoin miners. It is decentralized, in the sense that, all over the global community, it isn’t traded, controlled or operated by the aid of a central bank (CB) or single administrator. It suffices to say that the Bitcoin doesn’t have an official regulator. To get the picture clearer on the essence and use of the Crypto-currency, the Bitcoin particularly, people can send Bitcoins or part of one to your digital wallet if you have any and vice-versa. You can as well send Bitcoin to any other individuals. It’s noteworthy that anyone can purchase Bitcoins using ‘real money’, meaning literally the physical cash of any recognized currency. You can also sell things and ask the buyer(s) to pay you with Bitcoins or any digital currency of your choice.

To start using Bitcoin, all you need to do is to create a Bitcoin wallet, get your first Bitcoin, secure your Bitcoins, then send and receive Bitcoins. For the fact that the Cryptocurrency is not being regulated by any authority leaves much to worry for its teeming users. This is the reason it could be described as a ‘Ponzi scheme’. Little wonder the CBN, in February 2021, out-rightly barred all commercial banks and other financial institutions domiciled in Nigeria from dealing, or facilitating transactions, in Crypto-currencies, and subsequently announced its intention to introduce the country’s digital currency, the e-Naira. It’s worthy of note that the awaited implementation of the e-Naira reportedly makes Nigeria one of the first countries on the African continent, and indeed the globe, to adopt the digitization of its currency. The e-Naira, which shall bear exactly the value of the physical Naira and not attract any interest upon transactions or when stored, is quite different from the Bitcoin because it shall be regulated, unlike in the case of the Cryptocurrency whereby corrupt individuals or criminals can store billions of a certain currency without being spotted or noticed. It’s worth noting that each Bitcoin has its equivalent rate (value) in any currency in the world, hence one can store any currency in form of the Bitcoin. The value of the e-Naira doesn’t change regardless of the circumstance. It shall remain same with respect to the physical Naira. It only changes whenever the ‘real Naira’ appreciates or depreciates in value, as the case might be. It’s therefore needless to assert that the e-Naira is a CB-issued digital currency that provides a unique form of money denominated in Naira. According to the CBN, the e-Naira – which shall be issued and regulated by the Mother bank – can be linked to one’s bank account or Pay-As-You-Go with a prepay option. It shall be stored in a wallet known as the ‘e-Naira wallet’ just as we can safe-keep the physical currency notes in our pocket wallets. The e-Naira wallet is a digital storage device to hold the electronic Naira note.

Prospective users are required to download the e-Naira App via the Google Play Store or Apple App Store. Once it is downloaded, they can on-board themselves, fund their e-Naira wallet using their bank accounts or with cash at a registered agent. The e-Naira shall serve as a medium of exchange over transactions as well as store of value to safe-keep one’s funds. It’s reported that customers, or account owners, can be able to move money from their bank account to their e-Naira wallet with ease. The Mother bank promises that the e-Naira would provide a fast, cheap, reliable and available payment channel as well as support digital economy, improve economic activities and ease cross-border trade. It equally pledges to accelerate financial inclusion and enable cheaper and faster remittance inflows. However, my optimum concern and worry at the moment is the needed tools, such as security and awareness, for successful implementation of the lofty monetary policy. As technology expands by the day, tech criminals extend their tentacles towards unleashing their venom on the unsuspecting users of the new device, hence the compelling need to accompany the digital enhancement with stringent securities and sensitization. The CBN has stated that the e-Naira App would feature and reflect brand values centred on ease of use and efficiency while bearing in mind security. We were also notified that the e-Naira wallet shall comprise an embedded ‘security token system’, which would make the owner’s information unreadable to fraudsters, because tokens are randomly generated every time one makes a payment. This is where adequate and thorough orientation needs to come in. The CBN has already chosen Bitt Inc. – the world’s notable Barbados-based FinTech firm – as its technical partner in developing the e-Naira. Also, we’ve been reliably told that the various banks have commenced the integration of the e-Naira feature into their respective Apps. These corporate entities must henceforth holistically assist the apex bank in breaking down the needed information and facts to a layman’s understanding, for their various clients to be fully aware of the nitty-gritty surrounding the awaited digital currency. Hence, various channels ought to be deployed to achieve this objective.

Taking into cognizance that the e-Naira shall be universal, thus anybody can hold or possess it, the targeted users must be well orientated on the true meaning of peer-to-peer exchange and the fact that the e-Naira doesn’t yield any interest in future as well as other related necessary coaching. As much as I commend this brilliant move by the CBN, I wouldn’t hesitate in reminding them that a wrong implementation of an excellent policy is tantamount to failure. Think about it!

As World Commemorates Food Day, Nigeria In Focus

by Fred Nwaozor

October 16 each year remains the World Food Day. It suffices to say that today, the world over is celebrating the 2021 edition of the worthwhile event. It is a day of action dedicated to tackling global hunger. The focus of the day is that food is a basic and fundamental human right. Yet, in a world of billions, over 800 million people worldwide live with chronic hunger, 60% women and almost five million children under the age of five die of malnutrition-related causes every day. Due to the inevitable impact of food on mankind, the World Food Day (WFD) was established during the 20th General Conference of the Food and Agriculture Organization (FAO) of the United Nations (UN) in November 1945. During the conference, all the Member States of FAO resolved that October 16 each year should be commemorated as World Food Day. The day was meant to coincide with the anniversary of the founding date of the organization - FAO. In the history of mankind, no one has ever boasted of living a healthy life without an adequate food on his/her table. This implies that a healthy living is not unconnected with consumption of the required dietary.

Food, which remains one of the three basic needs of man on earth, can only be acquired or guaranteed via thorough participation in agricultural practices. No doubt, agriculture is an integral part of human existence considering that it is the only means that can guarantee the three paramount needs of man, which are: food, clothing and shelter. Obviously, several societies in the world depend solely on agriculture as regards Internally-Generated Revenue (IGR), and creation of employment opportunities. Such societies jealously safeguard it because they acknowledge it is the most affordable and assessable source of revenue within the reach of man. This is a clear indication that agriculture can function as a revenue source as well as means of survival. Needless to assert that sustenance of agriculture remains one of the prime desires of any rational and vision-oriented society in existence, and Imo wouldn’t be an exception.

Owing to its challenges, including lack of access to mechanized farming, undesirable topography, poor climatic condition, unavailability of land, poor soil texture, and insufficient funds, et cetera, many prospective farmers in most developing nations, like Nigeria, have over the years lost interest in agriculture, thereby endangering the socio-economic status of the affected nations. It’s not anymore news that lack of participation in either subsistence or commercial farming among the populace of a certain country invariably leads to malnutrition and tremendous decline in the Gross Domestic Product (GDP) of the country. The most devastating aspect of apathy in agriculture is the one observed amongst the youth as a result of their eager and unending quest for non-existing white-collar jobs. To say the least, the ongoing lack of enthusiasm among the young ones, in the area of farming, contributed immensely to the current scarcity of food in Nigeria. History indicates that between 2011 and 2013, a total of eight hundred and forty-two (842) million individuals, or about one in every eight persons in the world, were estimated to be suffering from chronic hunger. This signifies that the said set of people was not regularly getting enough food for themselves to carry out their active life activities. It’s not anymore news that in the recent times, climate change has remained one of the greatest challenges in this part of the world. One of the biggest issues related to climate change is food security. The world’s poorest – many of whom are farmers, fishers, and hunters – are being hit hardest by higher temperatures and an increasing frequency in weather-related disasters.

At the same time, the global population is skyrocketing and is expected to reach about 9.6 billion by 2050. To meet such a heavy demand, agriculture and food systems will need to adapt to the adverse effects of climate change and become more resilient, productive, and sustainable. This is the only way we can ensure the general wellbeing of ecosystems and rural settlements, as well as reduce emissions. Growing food in a sustainable way means adopting practices that produce more with less input, in the same area of land, and use natural resources wisely. It also means reducing food losses before the final product or retail stage through a number of initiatives, including better harvesting, storage, packaging, transport, infrastructure, and market mechanisms, coupled with institutional and legal frameworks. The FAO is using this period to call on countries to address food and agriculture in their climate action plans and invest meaningfully in rural development in their respective jurisdictions. So, as Nigeria joins the global community to celebrate the 2021 annual World Food Day, I urge the government to be more proactive than being reactive with a view to ensuring that the bane of the country’s agricultural institution is thoroughly addressed. It’s appalling that presently the acclaimed Africa’s giant can no longer boast of crops like cocoa, rubber and oil palms that used to be the pride of the country during the post-colonial era, owing to lack of maintenance culture and relegation of the existing healthy policies to the background occasioned by overdependence on mono-source of economy, the oil and gas sector. There is indeed a compelling need for the governments at all levels to provide the needed support for any genuine prospective farmer in their respective jurisdictions, such as soft loan with zero interest rates, arable land, enabling environment, and wholesome policies, as the case may be. The government should equally subsidize the prices of farming machinery/equipment to enable every commercial farmer in the country purchase them without much ado. In the same vein, the ongoing restriction of importation of goods and services into the country must be duly strengthened and intensified by the apt authorities such as the Customs Service, among others, toward increasing the level of demand on locally-made commodities.

There ought to also be an increased awareness among the populace in various quarters on the need to patronize indigenous commodities at all times. This can be actualized by working thoroughly on their mentality. On their part, the farmers ought to, from time to time, validate the membership of all their members, and also encourage the upcoming ones to register, to enable the government or any concerned corporate body easily assess them as well as ascertain the genuineness of anyone who claims to be a practising farmer. They should also sensitize their members on the need for specialization towards boosting production. Farmers need to concentrate on a particular crop or livestock farming, as the case might be, to enable them obtain a desirable outcome during harvest. After creating a sound foundation, any farmer can in the future consider practising mixed farming. Governments at all levels ought to as well endeavour to own and manage various mechanized farm with a view to supplementing the privately owned ones. They mustn’t leave everything for the private sector, in order to ensure adequate price regulation on the goods and services. Such measure would also intensify the ongoing diversification mantra, thereby boosting massive employment opportunities for our teeming youths.

In view of this, every agriculture ministry is expected to boast of staff that are qualified in various agricultural disciplines, rather than professionals from other areas. And, every staff must be prepared to go to the field. Above all, there’s a compelling need for Agricultural Science to be studied by every high school student in Nigeria as a core subject, and equally sit for it during their School Certificate examinations. There’s also need for all the tertiary institutions in the country to introduce Agric Science in their schools’ curricula as a general course for every first year student; there would be need for a formidable legal backing towards ensuring the effectiveness of this very measure. Inter alia, the government and non-governmental organizations, among other stakeholders, should endeavour to continually grant bursary to the undergraduates studying Agric Science or any agric-related discipline towards encouraging prospective ones. Hence, the various relevant civil society groups operating in the country are required to solicit for this on behalf of the students. All in all, viable and formidable policies need to be formulated and consequently kept alive to ensure apt implementation of the outlined measures. A policy is like a tyre that facilitates the needed wholesome movement of a vehicle. Every relevant authority or stakeholder in the country must henceforth be ready and determined to sacrifice now in a bid to enjoy forever. Think about it!

Time Management: Its Intrigues And Features

by Fred Nwaozor

The last time I checked, countless individuals cum entities across the global community, particularly in this part of the world, had derailed as regards the interpretation of the real essence of time in our everyday lives. Often times, a lot of questions had been raised in respect of time. Amazingly, on most occasions, people failed to tender the apt answer to the enquiries. Hence, I decided to come up with a very crucial one, which reads ‘how do you manage your time?’ This very one deserves an unalloyed attention because it is targeted to address several anomalies concerning time management. We cannot shy away from discussions pertaining to time management if we are really determined to excel, or distinguish ourselves, in our various field of endeavour. It would shock, or perhaps surprise, you to note that adequate time management is arguably the secret behind most successes recorded by mankind. In his words, Baltasar Gracian said “All that really belongs to us is time; even he who has nothing else has that.” This intends to inform us that with time, one can attain to any height in accordance with his or her aspiration. And, the time itself ‘belongs to us’, meaning literally that we can make use of it the way and manner we desire. Frankly, our inability to utilize our time properly has been the prime reason we have failed in various occasions. The last time I checked, most of us were still lagging behind when it calls for utilization of time. And, those who fall in this bracket can never move ahead, even a bit, until they fully comprehend how best to manage their time.

An associate of mine, years ago, missed a mighty contract owing to his inability to abide by the time stipulated in the invitation. He was asked via a text message to report to the firm by exactly nine O’clock in the morning. But as a result of the ‘African time’ mentality, he didn’t take the time seriously, thus he arrived at some minutes past ten. He was, however, granted the interview as planned. He reportedly performed very well after all said and done. But surprisingly, the Human Resources Manager (HRM) said to his face “Mister Ken, you are truly qualified for this job but I am afraid of one thing.” When he tried to ascertain what informed the HRM’s fear, he was rightly told that the company was not ready to engage or contract anyone that believes in African time. That was how they deprived him of the golden opportunity. William Penn opined “Time is what we want most, but what we use worst.” Most people spend most of, or virtually all, their time catching funs or engaging in frivolous activities. They do so, forgetting time wait for no one. Jef Mallett wisely asserted “If time flies when you are having fun, it hits the afterburners when you don’t think you are having enough.” It was the famous Nigerian musician, Mike Okiri that sang in vernacular “Time na money.” In the song, he implored people to use their time judiciously, stressing good things do not fall from heaven but are acquired by hard work. Little wonder John Kennedy counselled “We must use time as a tool, not as a crutch”. Among all, it is pertinent to acknowledge that “Lost time is never found again” as opined by Benjamin Franklin. Hence, we are charged to always take into cognizance that time is invariably of the essence when carrying out any task. This signifies that it is an inevitable tool. So, no matter how much we make effort to steer clear of time, we can never succeed; rather, we will only end up hurting ourselves. It suffices to assert that one who plays with his/her time has played with the future.

“If we take care of the moments, the years will take care of themselves.” This was tendered by Maria Edgeworth, and I concur. She was trying to argue that if we properly handle our present situation, the future will certainly have nothing to fear for. And, it is important to understand that it is only adequate management of time that can enable us conquer the challenges of today. On a daily basis, we are expected to schedule our respective useful activities or consignments, and never play with any of the items in the timetable. Each of the items must be given a certain time frame, and you must consciously work not to abuse the schedule. This is a keyword to success for those who truly intend to succeed.

It would interest us to note that, even those we look up to, still don’t joke with their time. Survey shows that successful individuals are more conscious of their time than the incoming ones. This is because, out of experience, they have realized how powerful the said tool is. This is why each time you see them, their eyes are on their wrist watch. It’s, therefore, on this note I urge us to invariably bear in mind that time is the conqueror of everything under the sun, hence the need to adore it. At this point, I leave you with the words of Philip Stanhope that says “Know the true value of time; snatch, seize, and enjoy every moment of it… And never put off till tomorrow what you can do today.” You have all it takes to be in control of your precious time. So, you shouldn’t allow the reverse to be the case. Do not let your time control you, hence you will live your entire life to regret your steps. It only take proper planning to adequately handle or manage the situation. This implies that we must always be mindful of how we plan our schedules. The time has really and obviously come for us to treat our time with absolute seriousness if truly we are determined to arrive at the desired destination as it is being scheduled. Think about it!