The Full Picture: The not-so-mainstream news roundup

The Full Picture: What they didn’t inform you

The news and contemporary media may be an awesome source of data on global events, politics, weather and sports. However the mainstream news can often be bias, pushing some happenings greater than others, specializing in some topics heavily and neglecting others.

Here at MoneyMagpie, we imagine within the importance of sharing the most recent that many mainstream outlets can have didn’t, or deliberately selected to not, cover.

Every week, we’ll be rounding up a few of the top stories that you’ll have missed.

Governor of the Central Bank of Nigeria arrested

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been arrested by the country’s secret police, on undisclosed charges.

The controversial banker – whose try and force Nigeria to go “cashless” earlier this yr caused widespread economic paralysis – was faraway from his post by the country’s latest president, Bola Tinubu, on June ninth. He was subsequently arrested hours afterward what was described as “some investigative reasons”.

Between January and February, the Central Bank of Nigeria withdrew all high-denomination Naira banknotes from circulation and failed to switch them with the newly designed notes as promised. The shortage of money triggered an economic crunch that saw businesses unable to pay their staff, people unable to purchase food, and the economy grind to a halt because of the implementation of each day limits on money withdrawals.

In March, Nigeria’s Supreme Court forced the CBN to pause the cash-swap programme until the top of the yr.

Emefiele had faced calls for his arrest following the debacle. Banks were also vandalised or burned to the bottom by indignant residents eager to access their savings.

Announcing the money swap last October, the CBN said the redesign of the currency would “help deepen our drive to entrench a cashless economy” and added that the shortage of banknotes would force Nigerians into adopting the eNaira – the Central Bank Digital Currency (CBDC) that the federal government had previously didn’t encourage residents into adopting through free giveaways.

The International Monetary Fund (IMF) – which played a key role in Nigeria’s CBDC development and roll-out – described the Nigerian public’s adoption of the eNaira as “disappointingly low,” with fewer than two per cent of the downloaded eNaira wallets actually getting used. CBDCs are viewed with suspicion by many within the country and world wide, for his or her potential for possible government overreach.

The Bank of England (BofE) has called for the adoption of CBDCs within the UK. In 2021, the BofE asked ministers to make your mind up whether the proposed “Britcoin” CBDC ought to be “programmable”, meaning it might be programmed to robotically expire if not utilized by a certain date or used to regulate what services or products individuals are allowed to purchase.

In March this yr, the BofE’s Katie Fortune rowed back on this possible “programmable” suggestion, adding: “What we will’t have with public money is a few sense that I would determine you are usually not allowed to spend that on what you wish to spend it on, because the federal government doesn’t approve of what you’re doing.”