Nigeria – The Shura Council of Islamic State West Africa Province (ISWAP) has banned the receipt of Naira to farmers and fishermen due to the Nigerian government’s decision to rethink and reissue higher denominations of the currency, a Republic of Chad-based Zagazola Makama Media Network reported.

Zagazola Makama is a growing reference for authentic information and analysis on the insurgency in the Lake Chad region and beyond.

The Islamic State West Africa Province is a militant group and administrative division of the Islamic State, a Salafist jihadist militant group and an unrecognized proto-state.

ISWAP is mainly active in the Chad Basin and leads a large insurgency against the states of Nigeria, Cameroon, Chad and Niger.

The Nigerian government had announced its decision to redesign the N200, N500 and N1000 banknotes which the government would start issuing by December and the old banknotes would cease to be legal tender by January 31, 2023.

This move by the government was found to have left the people of ISWAP in the Tumbus of Lake Chad and away from bank branches, in confusion as it would be extremely difficult for them to change their money into new notes.

The Central African CFA franc (French: franc CFA or simply franc) is the currency of six independent states in Central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon.

The results show that N1,000 is currently trading between 1,400 CFA and 1,430 CFA.

Zagazola Makama reported that an intelligence source told a counter-insurgency expert and security analyst in the Lake Chad region, that the insurgents are now receiving the West African CFA francs that they intend to replace the Nigerian naira as the trading currency in the region. .

The sources said that the terrorists also banned all Nigerian fishermen, herders and farmers from sneaking into Lake Chad through Marte, Abadam and Gamborun Ngala to prevent Naira from reaching the terrorists’ camps in Lake Chad. .

Ibn Umar and Malam Ba’ana, ISWAP commanders in charge of taxes and levies, who imposed the ban, said people were only allowed to pass through safe routes established by the terror group – Bulgaram , Cikka, Guma, Maltam, Doron Liman and Villages of Ramin Dorina in the Republic of Cameroon.

In exchange, ISWAP collects 1,500 West African CFA francs, monthly taxes from people who seem very willing to pay.

They also secured trade routes for merchants, to allow them access to food, weapons, fuel and other logistical means.

It was only recently that a Kaduna-based Islamic cleric, Ahmad Gumi, said the proposed overhaul of the Naira by the Central Bank of Nigeria was poorly timed and would not curb kidnappings as many believe as bandits would start to collect ransoms in dollars.

“As to the issue of Naira hungry kidnappers, it goes without saying that they will resort to dollars and other hard currencies which will put even more pressure on him making the situation rotten bad.

“Kidnappings can only be stopped by strong policing, social justice for all and a fair distribution of wealth. No amount of cosmetic measures will stop it,” Mr. Gumi said.

Mr Gumi, a self-proclaimed bandit ombudsman, whose media aide Tukur Mamu is being investigated for illicit dealings with bandits, disclosed in a Facebook post.

Meanwhile, traders said the naira rally in the parallel market weakened on Tuesday as the currency depreciated to 800 naira/US$1 from 690 naira to the dollar recorded the penultimate week Friday. For the rest of the week, the Naira hovered between N780 and N850 and stabilized at N785 on Friday.

Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).

The regime is introducing rules on various crypto tokens, including cryptocurrencies and stablecoins, in the international financial center of Dubai.

On November 1, 2022, the Dubai Financial Services Authority (DFSA) crypto token regulatory regime came into effect.

The rules extend the DFSA framework for regulating investment tokens established in 2021 (the 2021 rules). The Dubai International Financial Center (DIFC) scheme defines a token as a cryptographically secure digital representation of value, rights or obligations that can be issued, transferred and stored electronically, using ledger technology distributed (DLT) or other similar technology. The 2021 rules regulated only investment tokens, which included security tokens and derivative tokens (in essence, token equivalents of conventional securities and derivatives, respectively) (investment tokens). Under the 2021 rules, persons engaging in certain activities with investment tokens (e.g. issuing, offering, holding, promoting, trading, advising, trading) must obtain DFSA approval and comply with certain obligations.

On March 8, 2022, the DFSA released its Consultation Paper 143 (the Consultation Paper), setting out regulatory proposals for other types of tokens, in particular cryptocurrencies, payment tokens, and hybrid utility tokens ( for example, which provide additional rights to tokens). holders, such as discounts).

The consultation document invited the market to provide comments on the planned regime by May 6, 2022 and, on October 18, 2022, issued a feedback statement regarding the comments received (the statement). The Statement did not anticipate major changes to the proposals outlined in the consultation document.

Key Definitions in the DFSA Regime

A Encryption token is a token if it: (a) is used, or is intended to be used, as a medium of exchange or for payment for investment purposes; or (b) confers a right or interest in another token that meets the requirements of clause (a) above.

The scheme defines a Fiat Crypto Token (e.g., stablecoin) as a type of cryptographic token in which price and volatility are determined, in whole or in part, by reference to a fiat currency or a combination of fiat currencies.

A token is not a Crypto Token (and falls outside the scope of the new regime) if it is (i) an Investment Token (or any other type of investment) or (ii) an Exclud Token. The first type of token is governed by the 2021 rules.

Tokens excluded

• Non-fungible tokens (NFT) are unique and non-fungible tokens. They relate to identified assets and prove ownership or provenance of those assets. In the view of the DFSA, no financial services are provided via NFTs and therefore these tokens should be outside the scope of the new rules.
• Utility Tokens are tokens that can only be used by the holder to pay, benefit from a discount or access a product or service provided by the issuer or an entity of its group. The DFSA suggested continuing to monitor developments around these tokens to determine if they should be regulated.
• CBDC refers to digital currency issued by any government, government agency, central bank or other monetary authority. The DFSA viewed these tokens as similar to fiat currencies.

Excluded tokens generally fall outside the scope of the new regime. However, the DFSA noted that certain issuers and service providers of NFTs or Utility Tokens must be registered as Designated Non-Financial Businesses and Professions (DNFBPs) in order to comply with anti-money laundering rules, and submit suspicious transaction reports in the UAE. authorities.

Prohibited tokens

• Algorithmic tokens are Crypto Tokens using an algorithm of increasing or decreasing the supply of Crypto Tokens to stabilize the price or reduce its volatility.
• Privacy Tokens are Crypto Tokens intended to allow the holder to hide, anonymize, obscure or prevent the tracking of:

Prohibited tokens cannot be used in the DIFC. The DFSA banned them due to a lack of transparency regarding the algorithms used and the transactions made with the use of these tokens.

Regulated activities within the scheme

Persons need permission from the DFSA to engage in dealing (as principal or agent), arrangement, management, advice, negotiation, clearing, provision of custodial services and conducting certain other activities with respect to Crypto Tokens (Authorized Persons). Certain activities are expressly prohibited:

• An Approved Person is not permitted to engage in any activity related to a utility token or an NFT (to separate activities regarding regulated and unregulated tokens).
• The use of Crypto Tokens by money service providers is generally not permitted, except where such tokens are Fiat Crypto Tokens used solely for the purpose of transferring money or performing a payment transaction, and provided that these tokens are in the name of the money service provider (not its client).
• Crowdfunding operators are not permitted to operate platforms that facilitate investments in Crypto Tokens. It is also prohibited to organize commercial facilities related to Crypto Tokens.

Approved Persons must comply with a number of requirements, depending on the exact scope of their activities. These requirements may include obligations for reporting, disclosure, ensuring information security, or stating certain mandatory terms in customer agreements.

Recognition of cryptographic tokens

Regulated activities cannot take place in the DIFC with Crypto Tokens, unless the DFSA recognizes the tokens (Recognized Crypto Tokens).

Recognition of tokens by the DFSA is based on a number of criteria (which the DFSA assesses cumulatively), including regulatory status in other jurisdictions, adequacy of transparency and technology used, risk mitigation and size, as well as market liquidity and volatility.

The DFSA has determined the initial list of recognized crypto tokens, namely recognized Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). An authorized person, an applicant for the relevant DFSA approval, or an issuer or developer of the crypto token may file an application with the DFSA for recognition of specific crypto tokens.

The DFSA may revoke Recognized Crypto Token status if the affected crypto token becomes unsuitable for use in the DIFC. Approved Persons must notify the DFSA of material events or developments that reasonably suggest the crypto token no longer meets the criteria.

Summary

The new regime represents a step forward on the part of the DFSA in regulating tokens in the DIFC-free zone. It aims to establish the DIFC as a hub for Virtual Asset Service Providers (VASPs), similar to the Abu Dhabi Global Market (ADGM) (which, since its introduction in 2018, has run its own regulatory framework for virtual assets) and the recent one established the Dubai Virtual Asset Regulatory Authority (DVARA), which regulates the activities of VASPs in the Emirate of Dubai outside the geographical area of ​​the DIFC.

The regulatory approach taken is generally consistent with that of the ADGM and the approach taken at the federal levels of the United Arab Emirates and the Emirates. (Read this Latham blog post for more information.)

Questions remain as to what further steps the DFSA will take to regulate the crypto industry and how the DIFC regime will interact with rules promulgated outside the DIFC at the individual Emirati and federal level. The DFSA announcements set expectations for further consultations on crypto tokens, which will focus, among other things, on decentralized finance (DeFi).

Latham & Watkins will continue to monitor developments related to virtual assets in the Middle East, including additional upcoming rules and regulations.

Take away food :

• The 2022 IRS Annual Criminal Investigation Report highlights significant lawsuits and identifies cryptocurrency as a priority area heading into 2023.
• Chief of Criminal Investigations Jim Lee reveals plans to hire 500 new staff to continue pursuing cases and warns that hundreds of crypto-related cases are ready to be publicly charged.
• Taxpayers with a potential problem should consider resolving issues nowbefore tax officials target them in criminal prosecution.
• Companies in this sector need to ensure that compliance addresses the risks of tax evasion in their business activities.

The 2022 annual report[1] from the IRS’ Criminal Investigations Division (CI) (the report) demonstrates an impressive year for enforcement, especially when it comes to cryptocurrency. Following the release, CI chief Jim Lee made it clear that the division will continue to closely monitor crypto transactions. He warned, “Expect more outward-facing tax crypto cases here in the near future” — “outward-facing” referring to accusations made publicly.[2] Lee also warned that criminal charges could result from “runaway transactions” (i.e. the process of converting digital assets into fiat currency). Bolstered by the prominent placement of disclosure language on the front of Form 1040, it can be expected that law enforcement will bring more criminal tax cases against those who fail to disclose transactions involving assets. digital. Given the division’s 90.6% conviction rate on cases accepted for prosecution in fiscal year 2022, businesses and individuals should act now to work with an attorney to ensure they are in compliance with all applicable laws and regulations.

Fiscal 2022 report touts major successes

According to the report, in 2022 the division identified $32.6 billion involved in fraud, including $5.7 billion in tax evasion, three times the amount of fraud identified by the division in the fiscal year. 2021. Additionally, the division seized approximately $7 billion in crypto, reportedly double the amount seized the previous year. In addition, more than 2,550 criminal investigations were opened, of which 1,564 resulted in convictions (resulting in the conviction rate of 90.6% mentioned above). Touting those victories in the report, Lee warned that “if a CI special agent has you in his [sic] crosshairs, chances are you’re going to jail. The report also details cybercrime as a major priority and area of ​​strength for the division, including the introduction of the Office of Cyber ​​and Forensic Services, which brings together various teams within the division to investigate misconduct related to cryptography. However, the battle has only just begun, according to Lee, who said the division is “just laying the groundwork to do more in 2023.”

Hundreds of Crypto Cases and Rise in Hirings for Upcoming IRS Criminal Investigations

In addition to his previous warnings, Lee publicly announced in a recent call with Bloomberg Tax that the division already has hundreds of crypto-related cases for which it expects to bring charges, an important announcement for all companies or individuals operating in the cryptocurrency space or who have engaged in asset transactions digital. Lee also noted that many of these cases will be related to off-ramp trades.

To support the division’s aggressive law enforcement efforts, including continued investigations and prosecutions, Lee announced plans to hire more than 500 new IRS employees, including 360 new special agents. In light of the ambitious hiring plan, the failure of taxpayers to report digital asset transactions is more likely to come under scrutiny by the division. This is a continuation of the division’s focus on digital asset enforcement, which began as early as 2019 when IRS Form 1040 first required front-page disclosure of asset activity. taxpayers’ virtual currency. In the updated 2021 Form 1040, language referring to “virtual currency” has been replaced with “digital asset” – likely a sign that the IRS is targeting a broader scope of reported transactions and will be aggressive against the sub -statement.

The IRS has been open about its aggressive stance on enforcement, its willingness to bring cases, and the types of cases it prioritizes. The IRS’ increased enforcement activity mirrors actions taken by other agencies in 2022 that also flagged the prioritization of crypto-related enforcement. For example, the Securities and Exchange Commission nearly doubled the size of its Crypto Assets and Cyber ​​Unit and the Department of Justice (DOJ) is making a concerted effort to improve policing with the Digital Asset Coordinator Network to be led by the National Cryptocurrency Enforcement Team. .[3] Now more than ever, it is imperative for businesses and individuals to take steps to comply with all applicable laws and regulations and ensure they have competent counsel in case they become the target. of an investigation.

sound borders is finally here and the blue hedgehog has ventured into fully open territory and the results are truly fantastic.

To enter directly into it, sound borders is an interesting and refreshing open world game. The premise has Sonic and his friends crashing into mysterious islands that are full of ancient ruins.

The main course of the game has Sonic explore large areas to complete challenges. Completing these mini-puzzles unlocks a small portion of the map, opens guide rails (more on that later), and some upgrade currency, of which there are quite a few.

Once you find and complete more challenges, you can search for Portasl. These need Portal Gears to open, which are dropped by enemies large and small.

Entering a portal takes you into cyberspace and into a more traditional world Sonic type of gameplay, where you have to perform linear races through a variety of landscapes.

Each portal tends to have a bunch of requirements, each awarding a vault key. Once you have obtained enough Vault Keys, you can unlock the Chaos Emeralds. With the Chaos Emeralds allowing you to take on each zone’s Titans and become Super Sonic in the process.

Which makes sound borders so special is that it works very naturally in an open-world setup, coupled with a third-person action game setting.

Sonic’s arsenal is also much more comprehensive this time around, with all sorts of unlockable attacks at your disposal. Not to mention all the buffs you can put Sonic through, from increasing your speed to your ring capacity, as well as your defense and attack power.

There are also many different currencies in the game, all of which are tackling these different upgrades and to be honest, it can all be a bit overwhelming at first.

Although the game is not a contiguous open world, each area of ​​the game is huge. The first asks you to save Amy, and she goes with you, telling you where you need to go. However, you can do whatever you want, and I went to unlock all map segments before starting on any of the portals or Amy’s tasks.

The map setup in particular is something I really liked. In most open world games, you need to find a tower or high place to unlock an area map. Sonic Frontiers’ The approach is much better as you have to unlock the map of an area piecemeal through puzzle solving and exploration.

This is the key point here, sound borders is all about exploration. While all the bounce switches and guide rails are everywhere, they’re mostly entirely optional and are there to help you get through areas faster and have fun in general.

That’s because Sonic works brilliantly in an open-world game, simply because he’s a really fast hedgehog. You can easily navigate and explore each of the game’s areas and if you want to browse the various contraptions littering the landscape, you can do that too.

The weird thing here is that in the initial trailers for the game, this setup wasn’t clearly shown. Scare everyone with an eerie landscape littered with rides. It made no sense and there was no context to what was happening. With a property such as Sonicyou need it to understand how the franchise evolves while staying true to its functional roots.

That is why sound borders works so well, because it takes what we love Sonic games and updates it with a more modern approach to world navigation and combat.

On top of that, the dialogue and characterization are excellent. Sonic is adorably cheeky in this outing, and his various friends also bring their own attitude. The story is also told through exploration by finding Amy and her friends in each area, along with other more mysterious characters.

You need to unlock tokens to access these cutscenes, but if you complete all the challenges first, you’ll have accumulated more than enough to see everything you want.

The only thing I will say is that you should pace yourself in the beginning. There isn’t really a gradual onboarding, just a lot of information being pushed to you all at once. This also goes for fights and especially bosses.

You’ll have to be patient and learn all of Sonic’s new moves and trust the game’s combat system to get it running smoothly. Look for challenges first and upgrade Sonic a bit, both in terms of available attacks and basic abilities. Additionally, use the Cyloop ability to accumulate rings and max out your ability from the start.

Just doing small loops anywhere will net you rings and other in-game currency, it’s also a handy thing to use in some boss fights too (when available anyway) .

After playing the demo at the Tokyo Game Show this year, I expected the game to be decent. What we have instead is probably one of the best Sonic games to date.

Globally, sound borders takes the lovable blue hedgehog into new open-world territory, while staying true to how Sonic should feel in a functional sense. There’s also a lot to unpack here, so don’t take on too much at once and just go with the high-speed flow.

sound borders

Platform: PlayStation 5 (revised), PlayStation 4, Xbox Series X|S, Sxo

Developer: Sonic Team

Editor: Sega

Published: November 8, 2022

Price: $59.99

Score: 9/10

Disclosure: I was sent a copy of this game for the purposes of this review.

follow me on Twitter, Facebook and Youtube. I also manage Mecha Damashii and do toy reviews on hobbylink.tv.

Read my Forbes blog here.

VANCOUVER, British Columbia, Nov. 03, 2022 (GLOBE NEWSWIRE) — Latin Metals Inc. (“Latin Metals” or the “Company”) – (TSXV: LMS and OTCQB: LMSQF) announces the results of its surface rock sampling program at the 100% owned Auquis Project (the “Project”), located in Peru. A total of 200 additional rock samples were taken, returning anomalous mineralization grading up to 5.8% copper and 236 ppm molybdenum. A total of 434 rock samples have now been taken from the project area, defining a central zone of high-grade mineralization that measures 1.5 km by 1.5 km.

“Ongoing rock sampling results from Auquis continue to expand the footprint of copper mineralization on the project with the central zone expanded by more than 100% as a result of recent exploration,” said Keith Henderson, President and CEO of Latin Metals. “The project has potential scale and quality, which are important ingredients needed to find a future partner.”

Plate 1. Typical B-type porphyry veins in outcrop (left) and
Outcropping copper oxide mineralization (right) from within
the central zone of high-grade mineralization (shown in Figure 1).

Rock Sampling Results

Results from additional rock sampling completed in August 2022 have expanded the central zone of high-grade mineralization to approximately 1.5 km by 1.5 km (red outline, Figure 1). In this core area, the combined results of 265 rock sample results yield grades ranging from 6 ppm to 5.8% copper (average 0.10% copper) and 0.3 ppm to 236 ppm copper. molybdenum (average of 4.9 ppm molybdenum). Pre-Auquis rock sampling results were disclosed in a press release dated July 20, 2022 (234 samples).

Mineralization

In the central zone of copper-molybdenum mineralization, porphyry-type mineralization was recognized and sampled (Plate 1). In the western part of the property, an interpreted contact with carbonaceous rocks has the potential to host skarn mineralization. This contact is overlain by volcanic rock, but hydrothermal alteration has been recognized in the limestone units to the west.

Figure 1. Map showing all rock sample locations on the project and highlighting rock samples not
disclosed with a larger symbol. All copper grades above 0.2% copper are labeled.
The area defined by a red square shows consistent copper mineralization over an extent of 1.5 km x 1.5 km.

Next steps

Latin Metals plans to conduct a ground magnetic survey covering the central copper-molybdenum anomalies over a total of approximately 60 line km. The magnetic survey is designed to determine the size of the surface-mapped porphyry target and potential skarn mineralization to the west.

Coastal Copperbelt

The Coastal Copper Belt in Peru is a Cretaceous belt hosting a variety of deposit types including porphyry, epithermal, VMS, and IOCG. The Auquis, Lacsha, Yanba, Tillo, Para and Loli projects, 100% owned by Latin Metals, are all located in the northern Lima-Ica part of the coastal belt.

QA/QC

The work program at Auquis was designed and overseen by Eduardo Leon, the company’s exploration manager, who is responsible for all aspects of the work, including the quality control and assurance program. The project’s on-site personnel collect and rigorously track the samples, which are then securely sealed and shipped to the ALS laboratory in Lima. Samples used for the results described here are prepared and analyzed by multi-element analysis using an inductively coupled mass spectrometer according to industry standards.

Qualified person

The technical content of this release has been approved for disclosure by Keith J. Henderson P.Geo, a Qualified Person as defined by NI 43-101 and the CEO of the company. Mr. Henderson is not independent of the Company as he is an employee of the Company and holds securities of the Company.

About Latin Metals

Latin Metals is a mining exploration company acquiring a diversified portfolio of assets in South America. The Company operates with a prospect generator model focused on acquiring potential exploration properties at minimal cost, achieving initial valuation through profitable exploration to establish drill targets and ultimately , securing joint venture partners to fund drilling and advanced exploration. Shareholders benefit from the upside exposure of a significant discovery without the dilution associated with financing the riskiest drill-based exploration.

On behalf of the Board of Directors of

LATIN METALS INC.

“Keith Henderson”

President and CEO

For more details about the company, readers are referred to the company’s website (www.latin-metals.com) and its Canadian regulatory filings on SEDAR at www.sedar.com.

For more information, please contact:

Keith Henderson

Office 890
999 Hastings Street West
Vancouver, BC, V6C 2W2

Phone: 604-638-3456
Email: info@latin-metals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Caution Regarding Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and United States securities laws, including the United States Private Securities Litigation Reform Act of 1995. All statements , other than statements of historical facts, included herein, including, without limitation, statements regarding the negotiation of option agreements and the exercise of option for properties, content, commencement , the anticipated timing and cost of exploration programs with respect to the Properties and otherwise the anticipated exploration program results from exploration activities, and the Company’s expectation that it will be able to enter into agreements to acquire interests in additional mineral properties, the discovery and delineation of mineral deposits/resources/reserves on the properties, and pla n planned business and timing of future activities of the Company, are anticipated d-looking statements. Although the Company believes these statements to be reasonable, it cannot guarantee that these expectations will prove to be correct. Often, but not always, forward-looking information can be identified by words such as “pro forma”, “plans”, “expects”, “may”, “should”, “budget”, “expected”, ” estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of these words, including negative variations of them, and phrases that refer to certain actions, events or results that may, might, might or will occur or be taken or achieved. In making the forward-looking statements contained in this press release, the Company has applied several important assumptions, including, without limitation, market fundamentals will result in sustained demand and prices for precious metals, the achievement of all necessary permits, licenses and regulatory approvals in connection with the future development of the Company’s Argentinian projects in a timely manner, the availability of financing on appropriate terms for the development, construction and continued operation of the Company’s projects, and the the Company’s ability to comply with environmental, health and safety laws.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the information. prospective. These risks and other factors include, among others, operational and technical difficulties related to mineral exploration and development and mine development activities on the properties, including the geological mapping, prospecting and sampling programs proposed for the properties (the “programs”), the actual results of exploration activities, including programs, the estimate or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, costs production, capital expenditures, costs and timing of development of new deposits, availability of sufficient supplies of water and other materials, additional capital requirements, future prices of precious metals and copper, changes in general economic conditions, changes in financial markets and in demand and price x of the market for raw materials, possible variations in grade or ore recovery rates, possible failure of plants, equipment or processes to operate as intended, accidents, labor disputes and other risks of the mining industry, delays or inability of the Company to obtain necessary permits, consents or authorizations, including acceptance of the TSX-V for the filing of option agreements, any current or future property acquisitions, financing or d other planned activities, changes in laws, regulations and policies affecting mining operations, hedging practices, currency fluctuations, title disputes or limitations of claims on insurance coverage and the timing and outcome possible pending litigation, environmental issues and liabilities, risks related to joint venture activities and risks related to international ration of acquisitions, as well as the factors discussed under the heading “Risk Factors” in the Company’s latest MD&A and other documents filed by the Company with the Canadian Securities Administrators, copies of which may be found at the Company’s profile on the SEDAR website at www.sedar.com.

Readers are cautioned not to place undue reliance on forward-looking statements. Except as otherwise required by law, the Company undertakes no obligation to update any forward-looking information contained in this press release or incorporated by reference herein.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/c5d012f0-70e7-41b2-a1ab-68e58a1594bc

https://www.globenewswire.com/NewsRoom/AttachmentNg/919069fb-9a4c-4e11-ae98-b2ac6dacd62f

]]> https://basketvillageusa.com/gold-price-falls-to-monthly-low-after-failing-to-test-50-day-sma/ Tue, 01 Nov 2022 01:00:15 +0000 https://basketvillageusa.com/gold-price-falls-to-monthly-low-after-failing-to-test-50-day-sma/

element inside the element. That’s probably not what you wanted to do! Upload your application’s JavaScript bundle to the item instead.

Economists and public policy experts have commented on the disagreement between the Governor of the Central Bank of Nigeria, Mr. Godwin Enefiele, and the Minister of Finance, Budget and National Planning, Zainab Ahmed, over the proposed overhaul of the currency, claiming that it was a reflection of fiscal policy and monetary policy dissonance.

Emefiele had announced on Wednesday that the bank would release redesigned 200, 500 and 1,000 naira notes by December 15, 2022.

But responding during a defense of the budget in the Senate on Friday, Ahmed said the CBN did not consult her or other ministers when developing the policy.

The Minister said: “As a Nigerian privileged to be at the pinnacle of Nigeria’s fiscal management, the policy as it is deployed at present portends serious consequences for the value of the naira against to other foreign currencies.

“I will, however, request this committee to invite the Governor of the CBN for the required explanations regarding the merits of the planned policy and whether or not it is right to implement it now.”

CBN denounces the minister

In response to the minister’s claims that she was not swept away, the CBN said it had followed law and due process in the naira overhaul project, which it said was due 12 years .

Speaking to a group of journalists in Abuja on Friday, CBN Spokesperson Mr. Osita Nwanisobi expressed surprise at the Minister’s assertion, pointing out that the apex bank remains a very rigorous institution that follows the due process in his political actions.

According to Nwanisobi, CBN management, in accordance with the provisions of Section 2(b), Section 18(a) and Section 19(a)(b) of the CBN Act 2007, duly requested and obtained the approval of the President, Major General Muhammadu Buhari (Retired), in writing to redesign, produce, issue and distribute new series of N200, N500 and N1,000 banknotes.

Nwanisiobi said the overhaul of the currency was in the general interest of Nigerians, reiterating that some people were hoarding significant amounts of naira outside the coffers of commercial banks.

This trend, he said, should not be encouraged by anyone who wishes good for the country, noting that the management of the currency has faced several challenges threatening the integrity of the naira, the CBN and the country. .

“Each first-rate central bank is committed to preserving the integrity of local legal tender, the efficiency of its supply, as well as its effectiveness in the conduct of monetary policy,” he said.

Regarding the timing of the overhaul, Nwanisobi explained that the CBN had even waited too long, given that it had taken 12 years to complete an overhaul when the common practice globally was for central banks to overhaul , produce and distribute a new local legal currency. every five to eight years.

While assuring Nigerians that the currency overhaul was purely a central banking project and not targeted at any group, the CBN spokesperson expressed optimism that the effort would, among other goals, deepening Nigeria’s efforts to entrench a cashless economy in the face of increasing eNaira minting.

This, he noted, is in addition to combating acts of terrorism and kidnapping due to people’s access to large volumes of money outside the banking system used as a source of funds for the payment of ransoms.

Nwanisobi urged Nigerians, regardless of status, to support the naira overhaul project, saying it was for the greater good of the economy.

Article 18 of the CBN law seen by one of our correspondents authorizes the apex bank to organize the printing of banknotes and the minting of coins. Section 18(b) authorizes the CBN to “issue, reissue and exchange banknotes and coins at the offices of the bank and at such agencies as it may, from time to time”.

Article 20 states that the currency issued by the bank “shall be lawful tender in Nigeria and face value for payment of any amount”.

It does not provide for exclusive consultation with the Minister of Finance.

Expert advice

However, experts believe the disagreement reflects poor coordination between monetary and fiscal policy managers, noting that the situation portends danger to the economy.

An economics professor and former central banker, Jonathan Aremu, said there was clearly no coordination between fiscal and monetary policy makers and called for the CBN Act to be amended to rectify what he described as “anomalies”.

“If the CBN can embark on such a huge project without the knowledge of the finance minister, it means there is no coordination between them,” he said.

Aremu agreed that the CBN Act gave autonomy to the apex bank to print currency, but noted that the bank was no longer independent due to the governor’s alleged involvement in politics.

“It does not appear that the Governor of the CBN needs to seek approval from another person in the area of ​​money printing, but the autonomy of the Governor is questionable in the public eye due to his involvement in politics. . It is important to repeal the CBN Act to correct some of these anomalies,” he said.

The chief executive of the Center for Promoting Private Enterprise, Dr Muda Yusuf, said the minister should have known about the design of the currency, regardless of what the CBN law said.

He said: “It means the two work in silos, always in parallel, which is not good for the economy.”

“The Ministry of Finance is closest to the CBN, and I don’t think there is absolute independence even in the CBN law. As things stand, the National Assembly may need to review the CBN law.

He explained that one or the other should inform the other of their policies as they were closely related.

“Some of the monetary policies are already affecting fiscal policies. Go to ports and see how they affect fiscal issues. So I don’t think what the CBN is doing is within the spirit of the law,” Yusuf noted.

Agbakoba and Moghalu disagree

A maritime lawyer, Olisa Agbakoba, however, supported the CBN, insisting that the minister and Emefiele were responsible for two separate important functions.

He said: “The minister is responsible for fiscal policy on how the federal government spends money, and the main tool used by the finance minister is the budget. The minister does two things: increase or decrease spending.

“The CBN Governor, on the other hand, does something different called monetary policy regulation. The central bank regulates, which is very important, inflation. Thus, the central bank is independent of the Minister of Finance. He does not appear and is not under his orders.

Agbakoba also expressed concern over the minister’s comment, saying he found it rather shocking that she made such a statement knowing full well that they were leading two different portfolios.

He added: “The finance minister’s comment is quite surprising as the central bank governor is not required to consult her under the CBN Act.

“It’s like telling the Chief Justice of Nigeria to consult the Minister of Justice before he makes a decision; it does not make sense. It is good that the tax and monetary authorities speak, but the CBN is not required to consult the minister. This is just how the finance minister will not consult the CBN when planning his budget.

“The Minister of Finance and the Governor of the CBN serve two different functions, so I was shocked when I saw her say that she had not been consulted.

“She was trying to score a point as the country tried to settle a challenge. Politics is not even just for finances; it is also a matter of national security. There’s a lot of money out of CBN’s control, stolen money, money in the hands of kidnappers and the rest.

“This may be the most important monetary policy decision the government has ever made. Anyone who understands monetary policy would applaud the governor, he wants to weed out bad money.

“He wants people who have acquired money illegally not to be able to use the money with them. The Economic and Financial Crimes Commission also issued a warning that they were monitoring. The CBN Governor also waived the sanction for people who want to deposit money in banks. He asked them to bring the money back into the system, and then they can now ask questions about where the money came from.

A former CBN Deputy Governor, Professor Kingsley Moghalu, for his part said that Ahmed’s comment “should not mislead anyone into thinking that the CBN owes him this kind of information”.

He said the apex bank only needed the president’s approval for the project.

“This is why the Minister of Finance mistakenly considers himself entitled to be informed or consulted. The CBN should now focus on the implementation of this policy. This will impose enormous pressures on the banking system,” he added.

AGF on diversion

Meanwhile, the Federation’s Acting Accountant General, Okolieboh Sylva, has come under fire for an alleged “unremitted” fee deducted from payment platform Remita on the Federation’s account.

Sylva came under intense scrutiny when he appeared before the Senate Finance Committee to defend the office’s budget on Friday.

Unable to provide satisfactory answers to questions raised by lawmakers about the disbursements and use of the billions of naira allegedly collected through the payment platform over the past 10 years, Senate Finance Committee Chairman Solomon Olamilekan said ordered a full-scale investigation to unravel the mystery surrounding the unreturned funds.

Sylva explained that although his office was in charge of the Remita payment platform, he had not received any amount from the service fee, which he said was shared between CBN, commercial banks and the service provider, SystemSpec.

The explanation did not sit well with the senators, who said they found it “strange” that the accountant general’s office received nothing from the billions of naira deducted through its own platform.

The senatorial formation then ordered a full investigation into the file and summoned Emefiele, the AGF office and the service provider to appear before it inevitably on November 16, 2022, to give explanations.

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The Bases Conversion and Development Authority (BCDA) has revealed plans to build the second runway at Clark International Airport (CIA) in anticipation of more flights and passengers using the airport’s second international gateway. country.

In a presentation during an infrastructure topic at the American Chamber of Commerce in the Philippines, BCDA President and CEO Aileen R. Zosa said the second runway is among upcoming construction projects. of the agency.

No timeline was mentioned for the second runway, but Soza said BCDA is currently preparing the detailed architectural and engineering design for the second runway. The new track will measure 3,200 meters by 60 meters, but will be designed to be seamlessly increased to 4,000 meters in the future.

Clark International Airport opened its new terminal on September 28 this year. CRK has a total area of ​​110,000 square meters, 18 aerobridges and more than 80,000 check-in counters and self-service kiosks.

Zosa further identified future projects and investment opportunities in New Clark City (NCC). These include the NCC’s affordable housing pilot project, property management services for world-class city management and administration for the NCC, solid waste management and the energy recovery project for waste.

The NCC requires an agreement for the construction, operation and maintenance of a waste-to-energy facility, the management of existing waste management assets in the sanitary landfill and a service waste collection in the new city.

In addition, the sprawling development opens up opportunities for providers in a common ICT corridor. Zosa said the development requires a telecommunications infrastructure for common ISP use that will connect locators and citizens through wired and wireless services. This means constriction of common micro-duct and/or dark fiber, common tower and network switch stations.

There is also an opportunity to provide a data center colocation facility to meet the demand capture of NCC locators’ digital service needs.

Zosa further told US investors that NCC provides investment opportunities for public transportation system and multimodal transportation hub.

In addition to the private sector, Zosa briefed AmCham members on upcoming government developments in the NCC, including the 15-hectare Bangko Sentral and Pilipinas coin production facility, the Supreme Court’s first regional judicial center. of 5.8 hectares and the 5- hectare project Institute of Virology of the Philippines.

Executive Order 119 calls for the creation of a national government administrative center in the NCC, providing for an integrated government center outside the National Capital Region in the event of a disaster and directing the entire government to establish satellite offices in the new city.

There are also 100 hectares available in the Filinvest Innovation Park and mixed-use development. The area is available for sublease for logistics, light manufacturing, storage, food processing and warehousing.

So far, there are already 19 infrastructure projects completed, 10 in progress and 90 for further implementation and completion from 2023.

With various project developments underway in NCC, including investments in the hospitality and tourism sector, Zosa emphasized that NCC is rooted in realizing a truly sustainable new city. NCC is touted as the Philippines’ next growth sector.