Category: Business

The world today is making progress finally. The past few decades have attracted much incontrovertible technological progress on the planet. Now, this world is more like a global village with almost all the digital technologies. For instance, now, most of us use technology very frequently. We use the world wide web usually on our mobile phones instead of on computers. You see that technologies have consigned the entire world to smaller but more advanced gadgets.

Like such technology, another technology was also introduced almost ten decades back. This technology is Digital money such as Cryptocurrency, central bank, and virtual currency. Among all of these, cryptocurrency has become the most prominent one nowadays.

A brief overview of cryptocurrency

When you look about, you may probably get cryptocurrency involved in almost every business. This internet platform has updated the perspective of cash transactions.

As a result of the ultimate advantages and features of cryptocurrency, it’s very good to mention that cryptocurrency will function as tradings’ future. Moreover, people nowadays are preferring cryptocurrencies over simple currencies.

Many trading platforms like News Spy provide beneficial strategies to invest in cryptocurrency so that the traders can make significant profits.

Cryptocurrency and people’s reply

In the very beginning of cryptocurrency, people were not conscious of cryptocurrency. When the initial decentralized cryptocurrency Bitcoin was introduced in 2009, people didn’t demonstrate any concern regarding the cryptocurrency.

At the start of cryptocurrency, people of many countries did not embrace it with an open centre. Not understanding the benefits and advantages of cryptocurrency, they kept refusing to embrace cryptocurrency for the tradings.

Reasons why people didn’t accept Cryptocurrency

Read Also: How CBN banned cryptocurrency in Nigeria

Well, people’s answers to cryptocurrency were not favourable. There were many fears and risks on traders’ minds that kept them from embracing cryptocurrency. We have examined and spelt out the top worry for which people did not understand accept cryptocurrency at first.

1. No understanding of cryptocurrency

It’s said that people fear those things they do not understand or can’t understand. Initially, people didn’t understand who cryptocurrency works. They did not understand the facts about cryptocurrencies, their pros and cons, and their many platforms.

2. An Illegal tender

When few curious people started to search about cryptocurrency, they understood it is not a lawful one. Hence, it was considered as an illegal platform which performs the internet transaction. Till now, it is not classified as a legal tender by the government of the US. That is just another reason which kept people away from cryptocurrency.

3. Frauds associated with cryptocurrency

Another biggest reason which didn’t let folks embrace cryptocurrency is that the fraudulent actions associated with crypto. Most of us know, where there is an advanced technology, there are more creative scams that are technological. Additionally, people were oblivious of the online scams and fraudulent activities. This imparted a very negative influence on the traders. In the beginning, the dealers thought it wiser to steer clear of such risks. Later on, when enhanced security policies were introduced at the crypto world, the crypto usage ratio rose.

When cryptocurrency initially came among the people, it was not accepted due to its several risks and fears. People kept dreading due to the uncertain market value. They fear losing all the money and funds they would invest in it. So, at the moment, people thought it wise to stay away from cryptocurrency. However, when people began to understand its benefits and benefits, they positively responded to it.

The World Trade Organisation, WTO, on Friday ranked Nigeria because of the primary importer of economic providers in Africa for the year 2020.

That is contained in knowledge launched by the worldwide commerce organization led by Dr. Ngozi Okonjo-Iweala.

The organization additionally ranked Nigeria as the twenty-fifth industrial importer on this planet.

Nigeria is carefully adopted by Egypt which was ranked twenty-eighth on the planet.
Whereas Egypt and Morocco made the listing of world exporters led by the USA, Nigeria was conspicuously absent within the world business exporters’ listing.

The US additionally ranked first within the industrial importers’ checklist adopted by China, United Kingdom and Japan whereas the US, UK, China and India topped the exporters’ record.

WTO famous that preliminary estimates have been based mostly on quarterly statistics.

“Figures for the variety of international locations and territories have been estimated by the Secretariat,” it stated.

“Information for 2020 usually is not but accessible for the United Arab Emirates. In 2019, industrial companies exports had been valued at US$ US$72 billion and imports at US$ 73 billion,” WTO added.

The Abia State Social Funding Programme has disclosed that the Federal Government released 93.47 million Naira through the Abia State Cash Transfer Unit for payment to about 10,000 benefitting Households in the state.

This is coming after the initial payment of 540 million Naira paid out last year to the same benefiting households.

However, in a press release signed by Godwin Okeagu from Abia SIP Office on Tuesday, in Umuahia, said the payment will be flagged off on Monday, January 25th, 2021 in one of the benefiting Local Government Areas.

Read also: Nigerian govt Inquires National Assembly for New review of 2020 Funding

According to Abia State SIP, “We thank the President for sustaining this programme that has improved the livelihood of the poor and vulnerable members of the society, we sincerely commend Governor Okezie Ikpeazu for putting up strong structures to implement the initiatives seamlessly in the State. Abia State Cash Transfer Unit, a component of the Abia State Social Investment Programme, is one of the most efficiently run Cash Transfer Units in the country.

Under the headship of Mr Okeziem Nwoko, the state cash transfer unit has been most resourceful in managing the programme in the state”.

Meanwhile, all arrangements are in top gear by the State Focal Person for FG Social Investment Programme, Chinenye Nwaogu to ensure that all the seventeen (17)Local Government Areas in the State begin to benefit from the programme.

While appreciating the Federal Government and Governor Okezie Ikpeazu, the State Focal Person, Chinenye Nwaogu, maintained that Abia has always been in the lead among the comity of states in implementing the National Social Investment programme which has been injecting over 800 million monthly into the economy of the state.

He enjoined all stakeholders who have roles to play in implementing the programme to put more efforts to ensure Abians maximise the benefits the program offers.

Nwaogu, who is also the Senior Special Assistant to Abia State Governor on Youth Development, opined that the mandate the Governor has given the Abia SIP office is that no stone should be left unturned to ensure Abia leverages on all the opportunities available through the National Social Investment Programme a mandate he said they have lived up to creditably.

The SIP Focal Person further thanked the Wife of Governor Deaconess Nkechi Ikpeazu for always playing a very important role in ensuring the huge success witnessed in the state from the Social Investment Programme.

IN its commitment to make the growth of the small and medium scale enterprises (SMEs) its primary focus, SunTrust Bank gave out N23.96 billion as loans and advances to the industry in 2019.

Addressing shareholders at the annual general meeting at the weekend in Lagos, Chairman, SunTrust Bank Nigeria Limited, Olanrewaju Shittu stated despite the challenges of the year under review, SunTrust Bank managed to increase its balance sheet by 24.61 per cent from N43.97 billion into N54.79 billion.

Managing Director, SunTrust Bank, Halima Buba, reiterated the commitment of the bank to the growth of the nation’s economy through effective funding of the actual sector.

She said the bank was dedicated to the growth and development of the nation’s economy through successful funding of the actual sector.

“As you can see we increased our loans and advances by 185.41 per cent from N8.4 billion to N23.96 billion and now I am assuring you that we can do more because we are committed to the development of the real sector, knowing fully that, that’s the only ways to guarantee effective growth and advancement of our nation’s market,” Buba said.

According to her, in line with the bank’s plan, it’s going to aggressively drive SMEs trades and part of this strategy is retail banking.

“We want to make a retail bank of choice and certainly SMEs is the engine area for the growth of any market and also to give financing solutions, to encourage the SMEs will be the only way. We can support the development of the economy and particularly in accord with the vision of the CBN and the present administration,” Buba said.

She expressed delight that customers had significantly increased their deposit into the bank to the tune of N25.7 billion, with an increase of 38.03 percent, adding that as the bank grows, more funds will be set aside for corporate social responsibility to produce the communities and people thrive.

“The bank increased the headcount to ensure increased business growth greater than the previous year. This one of other caused an increase in consumer deposits compared with preceding year by 38.03 percent, from N18.64 billion to N25.73 billion and growth in the bank’s total assets from N43.97 billion to N54.79 billion,” Buba said.

She expressed optimism about the future of the lender noting that despite the threats to increase, the lender will take advantage of opportunities presented from the forthcoming financial year to improve earnings, profitability, and asset quality with a view to delivering value to its investors.