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Tinubu Government Orders Central Bank To Track Transactions By Nigerians Via Cryptocurrencies

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Tinubu, speaking through the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday, said the speed at which Nigerians are embracing cryptocurrencies and other digital payment systems outside the traditional banking sector has become a matter of concern.

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President Bola Tinubu has directed the Central Bank of Nigeria (CBN) and other regulatory agencies to step up surveillance of cryptocurrency and digital payment transactions in the country.

Tinubu, speaking through the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, at the 18th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday, said the speed at which Nigerians are embracing cryptocurrencies and other digital payment systems outside the traditional banking sector has become a matter of concern.

“There is a digital revolution. Many people now make payments without using the banking system. They’ve turned to stablecoins and digital currencies.

“To this end, I have directed capital market and banking authorities to get hold of this narrative and track it while it is still evolving,” he said

He argued that digital tools, artificial intelligence, and open banking were no longer futuristic ideas but unavoidable realities Nigeria must embrace if its economy is to grow.

For his part, Central Bank Governor, Olayemi Cardoso, boasted that diaspora remittances could rise to as much as $1billion every month by next year.

“When we began this journey, remittances were at $250 million a month. We targeted $500 million, and today we are at $600 million. By next year, our projection is $1billion a month,” Cardoso said.

Also speaking at the conference was President and Chairman of the Council of CIBN, Prof Pius Olanrewaju.

“Since 2024, 16 listed banks have raised more than N2.5 trillion in fresh capital to strengthen their balance sheets.

“Net domestic credit to the private sector has risen to over N82 trillion this year, supporting businesses and job creation,” Olanrewaju said.

In February, the Nigerian Government filed a lawsuit against cryptocurrency exchange company Binance Holdings Limited, seeking $79.51billion and ₦231million in damages for alleged economic losses caused by its operations in the country.

The Federal Inland Revenue Service, in a charge marked FHC/ABJ/CS/1444/2024, is also demanding $2.001 billion in income taxes for 2022 and 2023.

Binance and its executives, Tigran Gambaryan and Nadeem Anjarwalla, were accused of violating Nigerian laws, including failure to register with the FIRS for tax compliance.

This lawsuit was the third currently before the Federal High Court in Abuja against Binance.

The FIRS and the Economic and Financial Crimes Commission were also charged the company with tax evasion, money laundering, and foreign exchange violations before Justice Emeka Nwite.

The lawsuit included penalties for non-payment of taxes, interest rates based on the Central Bank of Nigeria’s lending rate, and other financial sanctions.

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The FIRS alleges that Binance concealed its business activities despite having a significant economic presence in Nigeria.

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Politics

Say Goodbye To These Diseases By Eating Sugarcane Regularly

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Say Goodbye To These Diseases By Eating Sugarcane Regularly

Sugarcane is often enjoyed as a sweet, refreshing treat, especially on hot days.

But beyond its natural sweetness, sugarcane is packed with nutrients and health benefits that can help your body fight off and even prevent several diseases.

Eating sugarcane regularly—or drinking its fresh juice—can be a simple, natural way to boost your health and say goodbye to some common illnesses.

One of the biggest benefits of sugarcane is its ability to support liver health.

Sugarcane juice is a natural detoxifier, helping to flush out harmful toxins from the liver and bloodstream.

It’s especially beneficial for people suffering from jaundice, as it helps restore the liver’s function and maintain the right levels of electrolytes in the body.

Regular consumption can keep your liver healthy and improve digestion.

Sugarcane is also a great friend to your digestive system.

It contains potassium and natural fiber, which help prevent constipation, bloating, and stomach acidity.

Drinking sugarcane juice after meals can improve bowel movements and support the growth of good gut bacteria, making your digestive system stronger and more balanced over time.

Another major health benefit is its positive effect on the kidneys and urinary system.

Sugarcane juice acts as a natural diuretic, encouraging urine flow and helping to keep your kidneys clean.

This can reduce the risk of urinary tract infections and kidney stones.

It also helps maintain proper hydration, which is crucial for kidney function.

For those concerned about infections and low immunity, sugarcane offers a natural boost.

It is rich in antioxidants, such as flavonoids and phenolic compounds, which fight free radicals and strengthen the immune system.

This can help your body ward off infections like colds, flu, and fever.

Lastly, sugarcane supports healthy skin and prevents acne.

Its detoxifying properties clear impurities from the blood, leading to a clearer, glowing complexion over time.

In short, sugarcane is more than just a sweet treat—it’s a natural medicine.

By eating sugarcane regularly or drinking its fresh juice, you can protect your liver, boost digestion, improve kidney health, strengthen immunity, and even achieve healthier skin.

It’s a simple, affordable, and tasty way to say goodbye to several common diseases naturally.

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Lifestyle

What Your Urine Color Says About Your Kidney Health

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What Your Urine Color Says About Your Kidney Health

The color of your urine can tell a lot about your kidney health and overall well-being. It is often the first sign that something may be off in your body. Paying attention to it can help you catch problems early.

Clear or light yellow urine is usually a good sign. It means you are well-hydrated, and your kidneys are working properly to filter waste. Drinking plenty of water often leads to this healthy color.

Dark yellow or amber urine may indicate dehydration. Your kidneys are concentrating urine to save water. Drinking more water usually helps return it to a lighter color. However, some vitamins and supplements can also darken urine.

Orange or brown urine can be a warning. It may be caused by certain foods, medications, or liver problems. It can also indicate bile buildup or a kidney issue. If it persists, seeing a doctor is important.

Red or pink urine can be alarming. Sometimes it is caused by eating beets or berries, but it can also indicate blood in the urine. This could result from kidney stones, infections, or more serious kidney problems. Immediate medical attention is advised.

Foamy or bubbly urine may indicate protein in the urine. This can be a sign of kidney damage. Persistent foaminess should not be ignored.

Very dark, almost black urine is rare but serious. It may suggest severe dehydration, liver problems, or a rare kidney disorder. Urgent medical evaluation is needed.

In summary, normal urine color ranges from pale yellow to light amber. Changes in color, especially if persistent, should not be ignored. Monitoring your urine and staying hydrated helps maintain kidney health. If unusual colors continue, it is important to consult a healthcare professional.

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