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100 Days of Twitter Ban: Nigeria Loses N247.61bn

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The Twitter ban in Nigeria has extended to 100 days, and in that time frame the nation has lost N247.61bn.

The Federal Government had on June 4 suspended Twitter after the social media platform deleted a tweet by the President, Major-General Muhammadu Buhari (retd.).

Consequently, telcos on June 5 blocked access to Twitter after receiving a directive by the Nigerian Communications Commission.

On this, the Association of Licensed Telecommunications Operators of Nigeria had said, “We, The Association of Licensed Telecommunication Operators of Nigeria wish to confirm that our members have received formal instructions from the Nigerian Communications Commission, the industry regulator, to suspend access to Twitter.

“ALTON has conducted a robust assessment of the directive in accordance with internationally accepted principles.”

According to the NetBlocks Cost of Shutdown Tool, the blockade costs Nigeria’s economy N103.17m ($250,600) every hour.

It has been 2,400 hours since the FG banned Twitter.

Recently, the Presidency through the Minister of Information and Culture, Alhaji Lai Mohammed, said it was close to an agreement with Twitter and would soon lift the ban.

Nigeria is a member of an exclusive list of countries such as China, Iran, and North Korea where Twitter is banned. Since the ban, the use of Virtual Private Networks has risen.

A firm, ExpressVPN had said that it recorded an increase of over 200 per cent in web traffic from Nigeria since the Federal Government banned microblogging site.

The Punch

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Business

CBN Revokes Heritage Bank Operating Licence

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The Central Bank of Nigeria (CBN), on Monday, announced the revocation of the operating licence of Heritage Bank Plc with immediate effect.

In a statement issued by CBN acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, the apex bank said the move was in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 (1l of the Banks and Other Financial Act (BOFIA) 2020.

This followed a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline.

Sidi Ali said, “Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the license the next necessary step.”

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Business

Naira Appreciates, Trades at N1,339/$ in Official Window

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The Naira has recorded its biggest gain in a couple of weeks against the American dollar to trade at N1, 339/$1, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

At the end of trading on Monday, the Naira gained N143 against the dollar compared to the previous exchange rate of N1,482/$1 on Friday, May 24, 2024.

The intra-day high and low recorded during the day were N1,501/$1 and N1,310/$1 respectively, representing a lean spread of N191/$1.

However, the Naira slumped against the dollar at the parallel section of the market, to trade at N1,520/$1 representing a loss of N10 compared to the N1,510/$1 it traded the previous trading day

Similarly, the Naira slumped against the British Pound to trade at N1,920/£1 as against the previous trading price of N1,900/£1 representing a loss of N20 for the local currency,

The Canadian dollar closed flat against the Naira to trade at N1,200/CA$1, same as the previous trading day rate of N1,200/CA$1.

The Naira also slumped against the Euro to trade at N1,600/€1 as against the rate of N1,580/€1 the previous trading rate, representing a loss of N20 in the local currency.

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Business

CBN Directs BDC Operators to Apply for New Licences

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The Central Bank of Nigeria has directed all existing Bureau De Change Operators to re-apply for new licences in their preferred category.

This was announced on Wednesday in a circular issued by the apex bank which was signed by the Director, Financial Policy and Regulation Department, Haruna Mustafa.

The BDCs were also required to meet the capital requirements for their licence category within six months.

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