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Soludo Explains Reasons behind Naira Crash

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Prof. Charles Soludo, Governor of the Central Bank of Nigeria (CBN) last week told a charged senate session that the recent devaluation of naira was a deliberate policy of the nation’s apex bank to further shield the economy from the financial crisis and that there was no need for panic.
Soludo said that CBN would only insist on stable exchange rate and not fixed exchange rate as most would want.
Soludo, s appearance before a charged senate followed a motion by Ike Ekweremadu, the deputy senate president and 23 others drawing the attention of the senate to a continued decline in the value of naira
The CBN boss was summoned alongside other members of the economic team including Dr Samsudeen Usman, the finance minister to brief the senate on the sad trend
Senate in a dramatic twist refused to take on the finance minister who was the leader of the team and instead asked the team to go after over two hours briefing by Soludo.
It would be recalled that senate had recently asked the finance minister to apologize to it over his recent claim that the delay in the passage of the 2008 budget by National Assembly was responsible for the poor implementation of the estimate
But Ayogu Ezeh , spokesman of the senate said that  the senate decided to take on only Soludo because of the subject matter which is crash of the  naira . Soludo at the briefing said there was no cause for alarm insisting that the country has not been hit by the financial crisis even as he admitted that the economy could be affected by the crash in the price of crude oil at the global market.
Again he said that the weak naira or exchange does not suggest weak government or weak economy
Responding to questions yesterday on the naira drop Soludo said ‘I want to submit that this was carefully thought through and deliberately implemented in order to ensure that you maintain an internal and external balance for the economy.  The economic of exchange rate is such that in a world where you face any fracture on your balance of payment, especially thought he external sector, especially since we experience much of the later part of this year, declining oil prices which account for 95 percent of our foreign exchange.
Every country that experiences that, you have two options: you either allow the prices to adjust by way of exchange rate or quantities would adjust. The quantity that will adjust would either mean that you cut down on domestic consumption, domestic investment and government spending in order to retain pressure on the external sector or you allow the price to do the readjusting. Generally, the exchange rate responds to several factors. Currently we operate a flexible exchange rate regime as most economies of the world. This actually determines by the demand and supply in the market. If you have an increasing supply of foreign exchange, the exchange rate appreciates. If there is a declining supply and the demand is still up there or rising, you have depreciation. There quite a number of factors that could lead to the demand in foreign exchange, including the liquidity condition in the economy induce by money supply, government spending the net capital flows, the level of their foreign reserves and the rates at which it grows, domestic productivities and that will actually increase your exports and import. The global shock that we have experienced like we did mention in our last presentation before this House, the major channel of effect on Nigeria would be the declining oil price and therefore what could put pressure on the foreign reserve and the exchange rate and if care is not taking, it could go via the fiscal sector down to the financial sector if not managed. But we hope that that we not happen. Look around the world today, because of our declining commodity prices, declining trade, and therefore declining foreign exchange earning by most stable country in the world. Whether or not they are experiencing financial crisis, there are many countries in the world that do not have financial crisis and are not experiencing financial crisis including Nigeria . However, these countries as well are experiencing declining commodity prices and therefore declining export earning. Therefore their earnings of foreign exchange declining. In almost all of these countries today, with little or no exception, the exchange rate under a flexible exchange rate regime is the variables that do the adjustment. I have with me here a table of countries, even here in Africa, with the largest level of reserves such as Algeria , Algeria has the largest level of reserves in Africa .  As 2007 it had about 110 as at September this year it has 130 billion dollars but its exchange rate has also depreciated and you take them all from the emerging market, most of them whether it is Malaysia, Thailand or Brazil, India Russia, Indonesia, Philippines, South Africa all down the line with even higher level of diversify export structure, most of these countries are not having any financial crisis.. But it is simply that the global trading regime has altered and therefore the variables that you allow to adjust is the exchange rate and Nigeria happen to be one of such countries. Nigeria is not having a financial crisis but the global financial crisis impact on the Nigeria economy through the declining oil and therefore the declining squeeze the reserves. There is as we operate a flexible exchange rate like I said, that is the variable that is expected to do the adjustment. If you recalled Mr. President, Distinguish Senators, this is not the first time that Nigeria is experiencing the most significant shock occurred late 1981 through early 1982 and the differences between then and now interms of the economy is about three four key areas: the first is that then we had high external debt relative to GDP, relative to government expenditure.. Now we don’t have it. Then we had fragile financial banking system that most of the banks owned by the government lack depth, just too fragile to take up the flak between then and now. Today we have a stronger banking sector that grant credit, the total credit. The total credit granted as at the end of September to the private sector was indeed larger than the Federal government expenditure.

 


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EdTech Platform Unveils over 5,000 Self-Paced Courses for Skills, Knowledge, and Literacy

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Hallos, formerly known as Aahbibi, has officially announced its rebrand alongside the launch of more than 5,000 self-paced courses aimed at strengthening knowledge transfer, accelerating skill acquisition, and improving literacy among everyday learners across Africa and beyond.

The new identity signals a renewed commitment to building an inclusive, creator-driven learning ecosystem that equips individuals with practical, relevant skills for today’s economy.

Positioned as a creator-economy engine, Hallos brings together education, entertainment, and commerce within a single digital platform. It integrates live classes hosted by creators, social commerce and merchandising, podcast-driven learning, and quiz-based gamification. This blended approach is designed to deepen understanding, boost engagement, and promote fast, practical learning experiences for users at every level.

With creators already active on the platform from Kenya, Ghana, Côte d’Ivoire, Lagos, the United States, and Dubai, Hallos is cultivating a truly global community rooted in African creativity and innovation. Its expanding international network offers diverse perspectives, practical insights, and culturally relevant content that resonates with learners across regions.

Beyond online learning, Hallos is also emerging as a creative economy powerhouse, driving engagement through physical and hybrid experiences.

Upcoming initiatives include the Learning247 Creator Summit at the University of Nigeria, Enugu Campus (UNEC), and a major exhibition at the Enugu Technology Festival. These events are designed to connect creators, learners, and industry stakeholders, fostering collaboration, showcasing innovation, and expanding opportunities in the creative and digital sectors.

At the heart of Hallos’ mission is a four-pillar strategy focused on long-term social and economic impact. The platform is dedicated to supporting women in technology, advancing massive open connected education, and positioning Africa as a global production hub through market-ready skills development.

By empowering individuals with practical knowledge, Hallos aims to strengthen the labour market and unlock new economic opportunities across the continent.

Hallos is also introducing a social impact course that encourages collective participation in Africa’s transformation. The initiative invites individuals, creators, and organisations to help reshape narratives, broaden opportunities, and drive the continent toward greater prosperity.

With its new brand identity and expanded course catalogue, Hallos is charting a bold future for learning — one where creators lead, communities thrive, and practical knowledge is accessible to all.

 


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FG Partners World Bank, AfDB on Climate Action

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The Federal Ministry of Livestock Development has announced its commitment to collaborate with the World Bank Group and the African Development Bank (AfDB) to address climate change challenges affecting Nigeria’s livestock sector.

Permanent Secretary of the ministry, Dr. Chinyere-Ijeoma Akujobi, made this known during a meeting with a delegation from the two banks on Wednesday in Abuja.

She said the partnership aims to unlock opportunities for sustainable growth and resilience in the industry and that the collaboration is strategic in realising the ministry’s strategic goals.

“The proposed collaboration aligns with our mandate to mitigate the adverse impacts of climate change on livestock production, safeguard livelihoods, and promote environmentally responsible practices throughout the value chain,” the permanent secretary said.

Represented by the Director of Planning, Research and Statistics in the ministry Mr. Ohaeri Ezenwa, Dr. Akujobi highlighted the livestock sector’s significance to Nigeria’s economy.

She pointed out that “Despite its importance, the sector is highly vulnerable to climate variability and change,” outlining its implications for animal health, productivity, and greenhouse gas emissions.

While emphasising the urgency of robust policies and reliable data to address the impacts of climate change, the Director (Technical) and Team Lead of the Technical Working Group on Climate Change, Dr. Alike Peter, explained that “These realities underscore the need for evidence-based policies and coordinated national action to drive climate-smart livestock development.”

Dr. Peter said that the Technical Working Group supports the National Livestock Growth Acceleration Strategy (NLGAS), which aims to double the sector’s contribution to GDP from approximately $32 billion to $74 billion in a decade.

He added, “Both growth pathways have direct implications for greenhouse gas emissions, making climate considerations crucial in livestock development planning.”

The ministry is also collaborating with the World Bank to establish a national methane baseline and develop evidence-based mitigation measures.

Dr. Peter said, “Ongoing collaborations aim to strengthen Nigeria’s Nationally Determined Contributions (NDCs) and access carbon markets.”

Dr. Harrison Charo Karisa, a representative from the World Bank Group, highlighted opportunities in climate-smart aquaculture, the blue economy, and carbon markets.

“Seaweed can serve as a nutritious livestock feed supplement rich in essential vitamins and minerals,” he noted.

Dr. Youssouf Kabore, Chief Livestock Officer at AfDB, commended the ministry’s proactive approach and assured the bank’s support in implementing effective interventions in the livestock sector.

 


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Kaspersky Highlights Cyber Threats at a Major Event Such as the Winter Olympics Games

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The 2026 Winter Olympics will begin on February 6 in Italy, attracting the attention of fans both online and offline. Hundreds of athletes will participate, and the host cities are expected to welcome large crowds. Kaspersky experts have listed the types of threats that may emerge in the context of a major international event, regardless of its location.

The Event Audience as a Target

The Olympics attract thousands of people travelling to the host country. Offline spectators may face unpleasant surprises such as fake tickets, which scammers distribute. This could result in stolen funds from bank accounts or even compromised cryptocurrency wallet credentials instead of access to their favourite events. Meanwhile, online fans are at risk from fake live streams and fraudulent websites selling merchandise of their favourite athletes.

Travellers may also encounter fraudulent services posing as cell phone plans that collect and steal personal and financial information. That is why it’s convenient to choose Kaspersky eSIM Store to always stay connected, avoiding potential fraudulent services and physical SIM card hassles.

Attacks on athletes

Cybercriminals may exploit publicly available information and the popularity of the participating athletes. Other scenarios might be targeted phishing attacks and deepfake-based operations aimed at data theft or blackmail.

These should be of particular concern, as well as the potential hijacking of social media accounts. In addition, athletes may face risks of ‘doxxing’, — the public exposure of private information — and other forms of tech-enabled abuse, which can impact personal safety.

Threat actors may also take advantage of vulnerabilities in online security, particularly through data leaks that affect users’ personal information. The Data Leak Checker feature in Kaspersky Premium enables users to identify potential compromises in their accounts, alerting them to any risks of exposure.

Urban infrastructure attacks

Both profit-driven and other types of threat actors may target critical city systems, including transportation, utilities, communication networks, and vulnerable public Wi‑Fi, with the aim of disrupting services or compromising operational stability.

According to a 2024 study by Kaspersky, conducted ahead of the Summer Olympic and Paralympic Games in Paris, nearly 25 percent of the approximately 25,000 free Wi-Fi hotspots analysed in the city were found to have weak or no encryption, putting users’ personal and banking data at risk of theft.

These attacks can be carried out using malware, network intrusions, or manipulation of connected systems, potentially affecting city operations and services relied upon by residents and visitors. Using security solutions such as Kaspersky Premium along with a VPN will help to protect data by encrypting Internet connection and securing online activity.

Ransomware

Ransomware actors, seeking maximum profit, may view mass events and the related entities such as vendors or other organisations in the supply chain as high-value targets. To maximise financial gain from the high demand to attend the event in person, such attacks can target hotel networks in the host city, as well as stadiums, official ticket sales platforms and other event resources.

APT attacks

Advanced Persistent Threat (APT) actors also consider large international events as strategically significant targets due to their global visibility, high concentration of critical IT infrastructure contractors and complex supply chains.

A prime example of such an attack was the Olympic Destroyer, used against the IT infrastructure at the 2018 PyeongChang Olympics. In this attack, the malware spread within the organisers’ network using compromised credentials and was aimed at sabotage and disrupting the operation of the event.

Hacktivism attacks

Hacktivist actors may launch campaigns targeting event-related organisations to achieve their strategic goals and public attention. These offensive operations could take the form of data theft and leaks, misinformation, or the disruption of the systems involved in the event, such as broadcast infrastructure or ticketing platforms, potentially affecting both the spectators and organisations.

“Events on the scale of the Olympic Games typically draw significant attention from cybercriminals, and potential threats can take many forms, affecting spectators, cities’ infrastructure and the athletes themselves, as well as millions of people accessing with digital services before, during and after the event.

The international dimension and big audience make such events especially attractive targets for sophisticated actors, who pose serious threats that everyone involved should be prepared for,” said Igor Kuznetsov, Director of Global Research & Analysis Team at Kaspersky.


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