28022021

More documents

Recommendations

Info

PAGE 24—SUNDAY VANGUARD, FEBRUARY 28, 2021 By Adesina Wahab The ban placed on crytocurrency by the Central Bank of Nigeria (CBN) on the grounds that it encourages money laundering and terrorism has continued to generate ripples. Youths, especially, say cr trading in cryptocurrency gives them the opportunity to be gainfully employed and suggested that instead of banning trading in it, government can evolve means of regulating it. They that outright ban would be like throwing away the baby with the bath water. Cross section of the youths told our correspondent that government should take a cue from countries such as Australia where a regulatory platform had been created to ensure that things are done in accordance with the laws of the land. A former teacher in a private secondary school, who gave his name as Johnson, said his job, where he earned less than N35, 000 a month, was wiped off as a result of the outbreak of coronavirus. “Our February 2020 salary was yet to be paid when the lockdown was announced last March and it did not take the owner of the school a.long time to send us messages that running the school was becoming difficult and eventually we were laid off and a friend later introduced me to cryptocurrency trading. “It has sustained me since and I think that is better than stealing or engaging in fraud that tarnishes the image of the nation. Honestly, banning it is not the solution, it would rather create more problems. Which jobs has the government provided for youths to do? “I agree that the business is very volatile, but all businesses have their own risks too. By February 2020, the Cryptocrisis •Why we can't let go of crypt yptocurrency despite volatile nature — Youths Many young Nigerians have taken interest in cryptocurrency and blockchain related matters because of their educational and career benefits - for traders and non-traders price rose to over $10,000 only to drop to $9,160 in March and $8,784 in April. I entered the market in March and despite a decline in the market, I still made a profit. “I like the volatile nature of cryptocurrency and with the help of cryptocurrency trading, I’ve been able to earn money at home, even much more than the salary I earned as a teacher. I have been able to feed my family and conveniently pay my other bills,” he stated. Another youth, Samuel, urged the government to have a rethink, noting that the social consequences of banning it could be greater than whatever the government thinks it is trying to prevent. He recalled that he downloaded the Binance app, a global crypto exchange, and began a journey that saw him meeting his needs without much stress. “Apart from those trading in it, there are people have set up exchanges to make the business seamless. To say there is no way the government can monitor how it goes is a lie. The Security Exchange Commission, SEC, can do that among other government agencies. I used the money I made from it to pay my school fees and I have graduated and still earning a living from it. Many people would be thrown into a state of confusion if the ban if not reversed. Crime would increase and further more, many youths who hitherto shunned internet fraud would go into that, “ he opined. He appealed to the government to take another look at the matter. Many young Nigerians have taken interest in cryptocurrency and blockchain related matters because of their educational and career benefits - for traders and non-traders. Few days ago, a former Deputy Governor of the CBN, Kingsley Moghalu, said Nigerians had made over $500 million through cryptocurrencies in the past five years, though some said it could be more. Since the announcement by the CBN, global exchanges like Binance and Luno have suspended naira deposits on their platforms, while local exchanges like BuyCoins, Bundle, and Quidax have done the same and have placed restrictions on naira deposits on their platforms. While the National Assembly has waded into the matter, asking officials of SEC and others to appear before them, industry watchers are waiting to see where the pendulum will finally swing. No proof Bitcoin, others boost economy —Ronak Gadhia By Nkiruka Nnorom Ronak Gadhia is the Director of Sub- Saharan Banks & Research, EFG Hermes Frontier. In this interview, he speaks on the ban on cryptocurrency trading in Nigeria, saying that volatility and lack of regulation in the cryptocurrency space could have a significant negative impact on Nigerians in case of sudden correction in the value of the assets. The Central Bank of Nigeria, CBN, has given reasons for the ban on cryptocurrency in Nigeria. Do you have a contrary opinion? Apart from the reasons highlighted by the CBN which include that trading in cryptocurrency is unconstitutional, not a store of value, volatility, and speculative risk, I think the CBN may have also been prompted to act due to the potential for perpetuating illegal scams and money laundering activities on the platform. Also, it can also be argued that the ban is an extension of the CBN’s attempt to plug various sources of FX leakages in the Nigerian economy To what extent does it constitute a threat to Nigeria’s financial system? The inherent volatility and lack of regulation combined with the increasing popularity of cryptocurrencies among Nigerians could have a significant and negative impact on Nigerian savers if there was a sudden and significant correction in the value of these instruments (as has consistently been the case in the last few years) or, indeed, if some of these underlying instruments turn out to be Ponzi schemes. Do you agree that it also puts the investment of participants in danger? Yes, lack of proper regulations for any financial instrument increases the risk of loss for participants. Furthermore, the lack of basic financial education augments these risks in our opinion. Some have argued that cryptocurrency is even an economic booster to any economy in the world... We would ask how? What are the real assets that have been created on the •Gadhia back of cryptocurrencies? Can this be demonstrated? Nigeria was said to have ranked second globally in the cryptocurrency space. Should that not have discouraged the CBN from scraping it in the country? Perhaps, instead of completely banning the trading of cryptocurrencies, the CBN should have sought ways of regulating the industry, like in South Africa, and/or tried to determine why the asset class has become so popular and introduce alternative asset classes to meet that demand. Can you tell us how much Nigeria has made from it in the last few years? It is difficult to tell, but some analysts estimated that Nigerians have traded up to US$500 million of cryptocurrencies in the last five years. However, this value traded should not be understood to be a net benefit to the Nigerian economy. That is a different matter. Daily Crytocurrency trading is believed to worth about N2 billion, a figure that is more than the value of daily trade at the Nigerian Stock Exchange. What is your thought on this considering the recent development? First, this shows the decreasing importance of the Nigerian Stock Exchange as a capital intermediary in the Nigerian economy as trading volumes have persistently been on a downward trend in the last 10 years, and as a result, are much lower than other economies of a similar size. Second, the significant volume for cryptocurrencies suggests that the currency investment needs of a vast proportion of Nigerian investors are not being met by the existing product available in the country. The CBN and other regulatory bodies such as the Pension Commission (PenCom), the Securities and Exchange Commission (SEC) among others should try to introduce new products that could satisfy this need. Having said that, one cannot ignore the possibility that the high usage of cryptocurrencies is being driven by money launderers. What do you think those affected by the CBN policy should do? They should lobby the CBN to reconsider their decision to either allow trading of cryptocurrencies in a regulated environment or introduce an alternative product, such as a Naira digital currency, as we have seen in other countries. What do you think the CBN should have done differently? As indicated above, I think the CBN could have sought to regulate the industry like in South Africa. Having said that, we are very encouraged to see the CBN take an active position on cryptocurrencies, and for this reason, we are confident that a regulatory framework will be built for the trading of these currencies.
SUNDAY VANGUARD, FEBRUARY 28, 2021, PAGE 25 By Josephine Agbonkhese 08054650907 Email: jossynovia@gmail.com •MAUREEN By Josephine Agbonkhese Arecipient of the Women Economic Forum 2020 Award, a style entrepreneur of repute, and an alumna of the Metropolitan School of Business and Management, United Kingdom; the Lagos Business School; Strathmore Business School, Kenya; and the Lagos State University, Olaedo Maureen Emelie is on a single mission— to inspire women who are struggling to conceive. In this interview with Sunday Vanguard, the Founder of Tales of Trying To Conceive, a platform under which she is realising her passion, recounts her personal infertility experience, reveals why a lot of couples stay longer on the waiting list, and speaks on her recently unveiled book Finally Pregnant! Why a book on delayed conception instead of one on business or management as an accomplished entrepreneur? Infertility is a challenge many families are faced with and I was there at the early stage of my marriage. It’s a place where victims mostly feel alone and left out. I saw the need to remind us that our stories may not actually be the worse. What you think might be your nightmare may actually have hopes written all-over it; and most times, it takes hearing another’s journey to understand it. I once had a seminar educating women on what’s more vital in this journey. We decided to speak on our different stories OLAEDO MAUREEN EMELIE: Tales of Trying To Conceive and by the time it got to the fifth person, we knew it was the best decision, seeing and hearing all the different versions of life struggles women go through to have children. It is important we keep reminding ourselves of how everything happens according to the plans of God; and these are the reasons for the book Finally Pregnant! Can you recount your experience on the waiting list? Oh wow, it’s really a place I wouldn’t wish anyone to be in. For my husband and I, we wanted a baby as soon as we concluded the marriage rites; so, you can imagine how frustrating it was for me. Nothing else mattered at some point. I kept moving from one clinic to the other for a solution, test after test, and always ended up being told “you are fine”. Our worst nightmare is our hopes being raised and dashed at the end of every test. I prayed to have a result that will point out what the delay was about but it almost took forever before the break came. Facing infertility is challenging and getting to the root cause is a quandary. It happened after the longest five years of our lives and we couldn’t be more grateful. What’s the hardest part of hoping to miss a menstrual flow each month? Oh, the dreaded two weeks wait. The simplest way to explain it is embedded in the word anxiety. Having to swallow the hard pill every month is troubling and most times, if care is not taking, one may begin to lose sanity and start dwelling in misery or self pity. From the beginning of every cycle, there is always a feeling that it will be the last time. From planning the best ovulating time, to trying to avoid stress in order to achieve the aim—which is pregnancy. So, when it fails, it’s simply devastating. How did it feel like to finally overcome the struggle? It felt like I already had the child when I got a positive pregnant test result. I was overwhelmed with joy. My praises to God was heard. In fact, I was so excited that I began to call everyone I know, announcing that I got a positive pregnant test. I suddenly felt like a complete woman in five years. In a nutshell, it’s still one of the best news of my life. I was amazed that everything had suddenly fallen into place. Looking back, do you think the anxiety was worth it? Finally Pregnant! is a riveting story of four women who found themselves drowning in misery To do justice to this question, I must not fail to mention that it is almost unavoidable. Wanting something and seeing others do it with ease while you struggle, is not easy; but at the same time, it’s best avoided if one can. Not everyone can the handle pressure that comes with the wait. Wanting something so badly and finding it hard to cope with the environment, gets the victim anxious. To avoid or minimise it, one may need to intentionally do things that take their mind off the worries from time to time. Intead of worrying each month, don’t you think couples should consider adoption after waiting a few years? Well, adoption is a good idea only if the couple involved are willing to go that route. It is not in any body’s place to suggest. However, it is a good thing to do. Our background and understanding are different; suggesting adoption to anyone may come off as you stating that they are not capable. It doesn’t mean that you are not a caring person but it is more like being insensitive. Everything about a couple going through infertility must be handled with care to avoid trigger. But what’s your view on the child adoption process in Nigeria; how should it be improved? The process involved in adopting a child in Nigeria is still cumbersome and it will be a welcome development if the time involved are shortened. From your experience, are there attitudes or habits that further delay conception? Yes. Many people are still struggling with infertility because of impatience. They tend to move from hospital to hospital without finding the major cause and finishing up a treatment or procedure. No one gets out of a trouble completely without understanding why and where it emanated from. So, treating infertility requires a valid test result before anything. They are mostly eager to get a result, forgetting that what Mrs A did to get a result might not work for Mrs B because of the peculiarities involved. So by the time they are trying that out, it’s usually a case of back to square one. A word of advice for women on the waiting list...? I understand that it is a difficult challenge but you can always help by being intentional about all you do. For instance, what were the things you planned doing before infertility? If you planned to become a business owner, have you allowed infertility to deny you that too? Have you been able to find out why the delay. If yes, are you consistent with a good fertility doctor? You need a fertility specialist to guide you through with all that you need to do. Who do you have in your circle and how helpful are they? Do you keep quality friends? How helpful can they be? All the above will help direct or redirect one trying to conceive. What will be your advice to members of the public concerning their perception of infertility? No one chose to be infertile. So, when you come across any couple facing infertility, be nice. Avoid the curiosity to ask questions; if you were not told, don’t get involved. It takes a lot to put up a good smile while going through infertility; don’t ruin it. That weight she added is not about pregnancy, so, don’t ask. If it’s pregnancy, time will tell. If you feel the need to pray for them, you can go ahead without getting them involved. Briefly on your book, Finally Pregnant!... Finally Pregnant! is a riveting story of four women who found themselves drowning in misery but found a way to be a support system to each other. It’s a book to remind us of a few other stories like ours or may be worse. It is to help you understand what and who is important in the journey, giving you tips on various ways to handle the challenge and most importantly, to remind you that you are not alone.
Page 2 and 3: PAGE 2 — SUNDAY VANGUARD, FEBRUAR
Page 4 and 5: PAGE 4— SUNDAY VANGUARD, FEBRUARY
Page 6 and 7: PAGE 6 — SUNDAY VANGUARD, FEBRUAR
Page 8 and 9: PAGE 8—SUNDAY VANGUARD, FEBRUARY
Page 12 and 13: PAGE12 —SUNDAY VANGUARD, FEBRUARY
Page 16 and 17: PAGE 16— SUNDAY VANGUARD, FEBRUAR
Page 18 and 19: PAGE 18—SUNDAY Vanguard, FEBRUARY
Page 20 and 21: PAGE 20—SUNDAY Vanguard, FEBRUARY
Page 22 and 23: PAGE 22— SUNDAY VANGUARD, FEBRUAR
Page 26 and 27: PAGE 26 —SUNDAY VANGUARD, FEBRUAR
Page 28 and 29: PAGE 28 — SUNDAY VANGUARD, FEBRUA
Page 30 and 31: PAGE 30 — SUNDAY VANGUARD, FEBRUA
Page 32: SUNDAY Vanguard, FEBRUARY 28, 2021

28022021

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?