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Naira marginally gains on Dollar weakness; FOMC in focus

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Dollar and Naira Bills
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By  Lukman Otunuga

The Naira entered the final full trading week before Christmas on a steady note despite concerns over plateauing global economic growth weighing on risk sentiment.

It is becoming clear that a weakening Dollar remains one of the drivers behind the Naira’s marginal gains on the parallel exchange. With the Dollar seen depreciating ahead of the Fed meeting as investors remain on the side-lines, emerging market currencies such as the Naira have the opportunity to appreciate further.

However, geopolitical risk factors in the form of lingering trade tensions, Brexit-related uncertainty and political risk in France are seen fuelling risk aversion down the road. If Oil prices continue to depreciate and the Dollar ends up rebounding from the risk-off mood, the Naira will most likely be one of the many casualties.

Dollar weakens despite market caution

The Dollar is struggling to find support from market caution ahead of the Federal Reserve policy meeting this afternoon.

With a rate hike in December already heavily priced in, investors will most likely direct their attention towards the policy statement and press conference for clues on rate timings in 2019. It must be kept in mind that dovish comments from Fed officials and soft economic data have clouded the Dollar’s medium- to longer-term outlook. Buying sentiment towards the Dollar is seen diminishing further if the Federal Reserve implements a dovish hike. Although the Dollar Index is trading near 2018 highs, it does feel like bulls are living on borrowed time. A breakdown below 97.00 could trigger a decline back towards 96.50.

Gold shines ahead of Fed meeting

Gold bulls are poised to remain in the driver’s seat as investors struggle to shake off jitters over global economic growth and lingering trade tensions. A softening Dollar boosted appetite for the yellow metal with prices trading marginally above $1,248 as of writing. With the Dollar likely to remain depressed ahead of the Federal Reserve meeting and risk aversion magnetizing investors to safe-haven assets, Gold has the potential to appreciate further in the near term. Technical traders will be closely observing how prices behave above the $1,240 resistance level. If the upside momentum holds, the next key points of interest will be at $1,250.70 and $1,258 – a level that resides just below the 200 Daily Simple Moving Average. In an alternative perspective, repeated weakness below $1,240 will be good news for bears and should encourage a decline back towards $1,228.00.

 


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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NITDA DG Reaffirms Nigeria–U.S. Partnership on Data Privacy, AI and Cybersecurity

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Kashifu Inuwa Abdullahi, Director General of the National Information Technology Development Agency (NITDA), has reaffirmed Nigeria’s commitment to strengthening collaboration with the United States in building a secure, trusted, and resilient digital ecosystem, with a particular focus on data privacy, artificial intelligence, cybersecurity, and capacity building.

NITDA DG Reaffirms Nigeria–U.S. Partnership on Data Privacy, AI and Cybersecurity

NITDA

He stated this while delivering an address at the Nigeria Data Privacy Capacity Building Workshop organised by the United States Department of State, in collaboration with the Nigerian Mission and relevant stakeholders in the digital ecosystem.

Expressing his excitement at the engagement, Inuwa described the workshop as a strong revalidation of the long-standing partnership between Nigeria and the United States in advancing the country’s technical and digital systems.

According to him, the collaboration is not a new initiative but part of a growing and deliberate effort by both countries to jointly address emerging digital challenges and opportunities.

Inuwa recalled that in April 2024, Nigeria and the United States, through the U.S.–Nigeria Binational Commission, agreed to work together on key areas including data privacy, artificial intelligence, cybersecurity, capacity building, and other aspects of digital development.

He further noted that the same year witnessed the successful hosting of an Artificial Intelligence Conference, co-hosted by the Nigerian Government and the U.S. Mission in Nigeria, as well as Nigeria’s participation in engagements with U.S. cybersecurity companies to explore partnerships aimed at strengthening Nigeria’s technical ecosystem.

He explained that NITDA’s emphasis on data privacy, AI, cybersecurity, and policy is anchored on one central objective: building trust in the digital ecosystem, adding that trust is a critical enabler of digital transformation, as its absence slows down innovation and increases costs, while its presence accelerates progress and reduces barriers to growth.

The NITDA Boss stressed that building a prosperous digital economy requires deliberate efforts to safeguard data privacy, strengthen security frameworks, and deploy AI responsibly.

He noted that artificial intelligence relies on data, data demands privacy, and privacy can only be guaranteed through strong security, making it impossible to address these issues in isolation.

Inuwa described the workshop as the beginning of broader engagements and deeper collaboration in other strategic areas, particularly as Nigeria continues to position itself as a key player in the global digital economy.

He disclosed that following the participation of the U.S. Mission in Nigeria’s National Cybersecurity Conference last year, plans are underway to expand the conference into an international cybersecurity platform this year.

According to him, the international conference will provide an opportunity for U.S. cybersecurity companies to showcase their technologies, explore partnerships with Nigerian firms developing local cyber solutions, and jointly strengthen Nigeria’s cybersecurity ecosystem.

Inuwa also reassured partners and stakeholders of NITDA’s commitment to building the right policies and enabling environment for innovation to thrive.

He noted that Nigeria, alongside Africa, represents the next frontier of the digital economy, driven by a young, digital-native population and a large, expanding market.

He said that while many public and private sector organisations in Nigeria rely on U.S. technologies to build their digital systems, the country also possesses significant local talent capable of developing homegrown solutions to address national and regional challenges.

He added that NITDA remains committed to working with international partners to build local capacity and promote Nigeria’s digital self-determination.

According to the DG, digital technology is no longer optional, as it represents the future of economic growth and development, and no nation can afford to be left behind.

He emphasised that the only way to fully harness the opportunities of the ongoing AI revolution is by safeguarding privacy, establishing sound policies, and laying a strong digital foundation capable of supporting rapid technological advancement.

He appreciated the U.S. Department of State and the U.S. Mission in Nigeria for their continued partnership and support, expressing optimism that the collaboration will be further strengthened to explore new areas of cooperation, particularly in cybersecurity and artificial intelligence, for the mutual benefit of both countries.


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Falana Wins $25,000 Damages from Meta over Fake Illness Video

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Lagos High Court at TBS has awarded $25,000 in damages in favour of Mr. Femi Falana (SAN) in his $5 million lawsuit against Meta Platforms Inc., the US-based technology company owned by Mark Zuckerberg, over the alleged invasion of his privacy.

Falana Wins $25,000 Damages from Meta Over Fake Illness Video

Early in 2025, a video was published on Facebook claiming that Falana was suffering from a terminal illness, which prompted the suit

Delivering judgment on Tuesday, January 13, Justice Olalekan Oresanya held that a global technology company such as Meta, which hosts pages for commercial benefit, owes a duty of care to persons affected by content disseminated on its platform.

Falana, through his lawyer, Mr. Olumide Babalola, accused Meta of publishing motion images and voice captions titled “AfriCare Health Centre” on its platform, suggesting that he suffered from a disease known as prostatitis.

He argued that the publication constituted an invasion of his privacy as guaranteed under Section 37 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended).

Falana said the false video about his health status had tarnished his image and reputation built over the years.

He also contended that the publication, which he described as false, offensive and disturbing, painted him in a false light and caused him mental and emotional distress.

In its judgment, the court rejected the argument that digital platforms can rely solely on “hosting” or “intermediary” defences where the platform monetises content and the harm arising from misinformation is reasonably foreseeable.
Falana’s lawyer said the decision reinforces a standard of platform accountability under Nigerian law, aligning with emerging global jurisprudence.

The court further held that “the fact that the applicant is a public figure does not rob him of his right to privacy.” It found that the publication of false medical information intruded into the claimant’s private life, regardless of his public standing.

Babalola said the finding settles an important misconception in Nigerian legal practice and affirms that health data enjoys heightened protection, even for public figures.

The court also held that Meta determines the means and purposes of processing content, monetises pages, and controls distribution algorithms, thereby acting as a joint data controller with page owners.

Consequently, Meta was held vicariously liable for the offensive video.

Babalola said: “This is a major development under the NDPA and weakens the ‘mere platform’ defence traditionally relied upon by Big Tech.”

The court further ruled that Meta breached Section 24 of the NDPA by processing personal data that was inaccurate, harmful, lacked a lawful basis and was unfair to the learned Senior Advocate. The false health information was held to amount to unlawful processing per se.

It emphasised that where the risk of inaccuracy is foreseeable, particularly in relation to sensitive personal data, a platform owes a heightened duty to ensure accuracy and integrity.

The court held that Meta failed to deploy adequate safeguards to prevent or mitigate the harm.

As a global technology company with vast resources, Meta was expected to implement effective content-review mechanisms, rapid takedown processes and safeguards proportionate to the risks posed by misinformation. Its failure to do so, the court held, amounted to regulatory non-compliance.


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Paradigm Initiative Condemns the Internet Shutdown and Media Restrictions in Uganda Ahead of the 2026 General Election

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Paradigm Initiative (PIN) strongly condemns the internet shutdown implemented in Uganda ahead of Thursday’s general election, as well as the restrictions placed on media coverage of protests and demonstrations. These actions constitute serious violations of digital rights, media freedom, and democratic principles at a critical moment in the country’s electoral process.

Paradigm Initiative Condemns the Internet Shutdown and Media Restrictions in Uganda Ahead of the 2026 General Election

Internet Shutdown

Evidence indicates that internet access across Uganda has been disrupted, affecting social media platforms, messaging services, and online news outlets.

This development comes despite earlier public assurances by the Uganda Communications Commission that the government did not intend to shut down the internet during the elections.

The shutdown represents a troubling reversal of that commitment and raises serious concerns about transparency, accountability, and respect for fundamental rights.

Uganda has a well-documented history of internet shutdowns during elections, including during the 2016 and 2021 general elections. In 2021, a near-total internet blackout lasted several days, severely undermining freedom of expression, access to information, election observation, media reporting, and economic activity.

Repeating these measures despite widespread national, regional, and international condemnation demonstrates a continued pattern of using digital restrictions as a tool of election management.

Paradigm Initiative further condemns directives preventing media houses from covering protests or demonstrations during this period. Such restrictions violate media freedom and the public’s right to receive information, and undermine the role of the press as a democratic watchdog. Suppressing coverage of protests fuels misinformation, heightens tension, and erodes public trust in the electoral process.

Article 29 of the Constitution of the Republic of Uganda guarantees the rights to freedom of expression, freedom of the press and other media, and access to information. Uganda is also a State Party to the International Covenant on Civil and Political Rights (ICCPR) and the African Charter on Human and Peoples’ Rights, which protect these rights under Articles 19 and 9, respectively.

Any restriction on these rights must meet the strict tests of legality, necessity, proportionality, and legitimate aim. Blanket internet shutdowns and platform restrictions fail these tests and are incompatible with Uganda’s constitutional and international obligations.

At the international level, the United Nations Special Rapporteur on the promotion and protection of the right to freedom of opinion and expression, together with other UN Special Procedures mandate holders, has consistently affirmed that internet shutdowns are inherently disproportionate and can never be justified under international human rights law, including during elections, protests, or periods of political tension.

The African Commission on Human and Peoples’ Rights has recently issued a specific call urging the Government of Uganda to keep the internet on and to respect freedom of expression and media freedom during the current electoral period.

This call builds on established African human rights standards, including Resolution 580 on Internet Shutdowns and Elections in Africa and Principle 38 of the Declaration of Principles on Freedom of Expression and Access to Information in Africa, which prohibits States from interfering with access to digital technologies.

Internet Service Providers and technology companies operating in Uganda also bear responsibility under the UN Guiding Principles on Business and Human Rights to respect human rights, ensure transparency, and avoid complicity in unlawful or disproportionate restrictions on connectivity.

Paradigm Initiative calls for:

The immediate restoration of full internet access across Uganda and an end to all forms of digital disruption during and after the electoral period.

The withdrawal of all directives restricting media coverage of protests, demonstrations, or political developments during elections.

Accountability from Internet Service Providers, including the publication of transparency reports to users detailing government orders affecting internet access.


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