BITCOIN: The Meaning Of CBN New Policy On Cryptocurrency

On 5th Feb 2021, the Central Bank of Nigeria (CBN) circular sent to commercial banks and other financial institutions surfaced online. Here is a article explaining what the circular means and why the CBN issued it.

Cryptocurrencies have gained popularity since Bitcoin, the most valuable cryptocurrency, rose significantly four years ago. The coin went from $900 USDollar in January 2017 to almost $20,000 USDollar by the end of that year.

While cryptocurrencies are known for people making (or losing) money from trading, they have many use cases, including making cross-border payments, remittances or storing wealth (protected from inflation or exchange rate depreciation).

In countries where the official fiat currency is less reliable, cryptocurrencies have gained significant popularity: cue Nigeria and its ever-weakening naira.

For many in Africa’s largest country, cryptocurrencies were a breakthrough, and in 2017, we started to see a rise in bitcoin volumes. According to one estimate, local bitcoin trades hit $1 million USDollar in a single week.

At the same time, startups started to emerge—providing different financial solutions using cryptocurrencies and their technology. One of Nigeria’s largest cryptocurrency exchanges, BuyCoins, was founded in 2017.

It wasn’t all good news, though. Bitcoin was also very popular for individuals who wanted to get involved in a Ponzi scheme called MMM (Mavrodi Mondial Moneybox).

This connection, coupled with a few fraud causes, made African governments and regulators slightly cautious. For central banks, though, the rise of cryptocurrencies was a potentially scary movement.

The idea of digital currencies that central banks have no control over were seen as a threat to conducting monetary policy.

Putting all of this together, the CBN made several warnings in 2017 about the use of cryptocurrencies. They released a circular saying that the likes of bitcoin, “ripples”, litecoin, and other cryptos were not legal tenders.

The CBN said that these cryptos were mostly used for terrorism and money laundering activities. A year later, in 2018, they “warned” Nigerians again that we would not be able to get legal help if the cryptocurrency space crumbles.

Since then, the CBN has been relatively quiet on the matter. In fact, the global cryptocurrency scene hit a rough patch in 2019 as prices crashed.

That all changed in 2020 when prices started to pick up. The world looked at crypto again, but this time, there was a more formal acceptance. Large corporations began to buy bitcoin and also invest in crypto-related startups.

In Nigeria, businesses and individuals found that cryptocurrencies could solve their woes with the naira and help them transfer money in and out of the country. Bitcoin volumes started to rise significantly.

Last year, estimates from BuyCoins showed that total volumes of bitcoin traded in Nigeria stood at $200 million US Dollar per month. That’s more than what was traded on the Nigerian Stock Exchange ($131 million US Dollar) in Q2’2020.

This activity boosted the space, and the gatekeepers of these volumes were the cryptocurrency exchanges. Nigerians moved from exchanging bitcoin on WhatsApp groups to more formal exchanges like Bundle and Binance.

The increase in trading activity caught the eye of Nigeria’s financial regulator, the Securities and Exchange Commission (SEC), who announced that all crypto assets fall under its remit. It formalised cryptocurrencies as “securities” in a statement released in September 2020.

Fast forward to today, four months later, and the CBN is doing something almost contradictory to the SEC’s move. While one regulator was working on laws to formalise crypto assets, the other (CBN) is going in the other direction.

According to the circular, which was sent to banks, the apex bank said that dealing in cryptocurrencies is “prohibited”. They then asked commercial banks and financial institutions to identify and close the accounts of anyone involved in cryptocurrency exchange.

It’s not clear if this order includes individuals who use these exchanges or if it’s restricted to the owner of the exchanges. Nonetheless, the move is a blow to Nigeria’s burgeoning crypto market.

It’s early to say what the impact would be. In Nigeria, announcements like this can either be implemented instantly or quickly retracted. The worst-case scenario is that both individuals and exchanges will no longer engage in transactions using a Nigerian bank account.

The exchanges would also have to find another way of storing their cash.

Nigerians traded over $141M US Dollar worth of bitcoin on BuyCoins alone last year, and the CBN seems to be clamping down on this activity.

This will also harm the startups across Nigeria’s crypto landscape (not just the exchanges). Investors will have more reasons to be worried.

It’s very similar to how Lagos state unexpectedly banned Okadas last year.

What we have here is another policy that is trying to strangle a sector that has just started to find its feet and grow.

So why is the CBN doing this?

As we have repeated many times before, foreign exchange drives most of the CBN’s moves. This case is no different.

As the crypto market has boomed since late last year and early 2021, more and more Nigerians are exchanging their naira for cryptocurrencies ranging from bitcoin to dogecoin. What does that have to do with the CBN?

Well, individuals deposit naira on exchanges and buy these coins directly. However, these companies need to acquire dollars from mainly the parallel market to buy these cryptocurrencies on the international market.

So as more people buy crypto assets, more US dollars are being taken out of Nigeria. The pandemic and the resulting drop in oil prices has reduced the amount of dollars the CBN has in its reserves. And so it has been ruthless in restricting the use of foreign currency.

Last year, the government banned the use of foreign currency for food and fertiliser imports. In a similar vein, this new CBN circular is trying to achieve the same thing: stop Nigerians from demanding dollars to make purchases outside the country.

The problem with these restrictive policies is that they starve the real economy. When the CBN banned maize imports, prices shot up, and they had to turn back on the policy slightly.

This new policy has a similar effect in that it does more to reduce the welfare of Nigerians than anything else. Why ban the country from using an innovation that is solving many problems that the government itself created?

If investors had forgotten that Nigeria was a risky place to do business, this will be a very loud reminder. As much as a business, or even an entire sector, might look attractive on paper, its appeal is beholden to the whims of the Nigerian government.

This scenario is unfortunate. It seems that the government doesn’t mind alienating the startup ecosystem. But these real businesses solving real problems are instrumental for Nigeria’s long-term growth. Yet, the government is insistent on restricting their growth.

Article drafted from Stears Business Twitter Thread

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Video: Lautech female student with ashaowo vibes and two other guys leaked $ex tape


Recently on twitter and snapchat is the video of a girl named Aderonke Adeniyi and three unidentified guys has been trending.

The video is said to be exposed on Wednesday night before this post was made.

Having s*x is nothing new, or video been leaked but what made this a trend is that she reacted  to the viral video saying, its no man's business and she doesn't give a fuck, she is doing well and she is a self claimed olosho with good business.

See here:  “I'm an Olosho” - Lautech girl proclaims after her leaked $extape

She said - “I can just feel when the vibes change and i will like them or not, i will like to be imperceptible ”

Indeed she is a high class olosho with american accent, lmao. 

So this is what happened, last 2 years, some guys asked her to shoot a porn video with three of them, and she will be paid the sum of $5000 monthly, so after the porn she wasn't paid. 

They threatened her with the video, so she stopped asking for the money. 

She is now in a serious relationship, so the guys asked her to come have sex with the three of them again of which she refused.

So they threatened her about releasing the video which they made of her but she didn't concurred to it so they let go of the video.

In the video one of the guy was asking her, “if porn pays up to $5000 monthly will you do” and she replied “what do you want me to do”

So with the above we considered this news as unconfirmed yet, stay tuned while we update you on this.

Below is the facebook page of the Lautech girl whose video was leaked.

Watch the video below:

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I'm an Olosho - Lautech female student reacts after her $extape was leaked

Wahala be like bicycle, Lauhtech girl who was recently trending on twitter after the video of her and three other guys were who were having intimate session, puts to her twitter saying;

“I don't know you, you don't know me, so please don't bad mouth me. I don't give a fuck, i'm an Olosho with good work...”

Read also: Lautech: Church girl with ashaowo vibes and 2 other guys leaked $ex tape

Please kindly stay tuned on 9jaedublog, as we bring to you more gossips and exciting gist. Kindly share this post via the share buttons below and drop your comment below too.

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WhatsApp Sparks the Privacy Debate, But Is That All There Is?

The world is not where she used to be, thanks to technology, with every passing year and technological advancement, though, there seems to be the monkey’s paw at play. Of course, we are getting a better quality of life – but what are we giving in return? Most of the time, that is the very privacy that we should be fighting to hold onto.

The constant attack on user privacy by the big tech firms has been going unnoticed for some time now. More user awareness on the topic has stirred up consciousness and these tech firms cannot do as they used to anymore. 

But then, that does not mean some backhanded processes are not going on in the background.

WhatsApp Opens the Privacy Debate

The year 2021 was off to a slow start in some quarters before WhatsApp decided to break the ice. The Facebook-owned company has been making moves to let users know where it is coming from for a while now. One of such moves is with the total rebranding of the app such that users now see the ‘from Facebook’ tag anytime they launch the app on their devices.

To cement the parent company’s hold, WhatsApp’s new privacy policy hinted at sharing user data with Facebook. This means that even WhatsApp users who did not have a Facebook account will have their data shared back to the parent company.

The issue here is what kind of data will be shared. Knowing Facebook and the fair share of privacy issues that have plagued them in the past, it is not totally out of place to assume the worst here. Little wonder Brian Acton, co-founder of WhatsApp, left the brand after he could not stand some of the privacy policies that Facebook was starting to implement.

Fortunately, we are not stuck with only WhatsApp. Other amazing IM options on the market keep the user very safe. Of these, we have;
  • Viber
  • Telegram
  • IMessage
  • Signal and
  • Threema, among others.

Other Ways to Protect Your Online Privacy

If you thought that instant messaging apps like WhatsApp are the only ones out for your data, then you are wrong. Almost every app you interact with – especially if such apps interact with the internet too – is out for your data.

This does not mean you should take yourself back to the cavemen era, though. Following tips as simple as the ones below will keep you better secured whenever you’re online:

  • Use safe browsers. Consider options like Tor, Mozilla Firefox, Brave browser, Chromium, etc.
  • Download and install a VPN app to encrypt all of your internet data when online.
  • Never connect to free/ public WiFi networks.
  • Always choose secure and reliable passwords. Enable 2FA where possible.
  • Monitor your accounts for breaches.

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The Silhouette Challenge And The Unnecessary Hype - A Concerned Youth says

A youth who is more concerned about the unnecessary hype of the trending Silhouette Challenge wrote -

"The word Silhouette means the dark shape and outline of someone or something visible in restricted light against a brighter background.

Recently the trend has been on Tik Tok and many ladies and even some men have taken part in the challenge but the reason I'm writing this is to show my disdain at the unnecessary hype it is getting with the rate Nigerians have condemned it and I began to wonder at the level of misplaced priority. Is it a shadow body image that is now our priority when there are more issues of serious concern.

Out of curiosity I went on TikTok to see and I was even more confused because all I saw was 99.9% of ladies and men showing a shadow figure of their body in their underwear and not actually naked so why is this an issue if anyone decides to display a shadow image of his or her body?...and even if they are totally nude, I still wonder how a nude shadow should be given any hype when we see semi nude ladies in broad day light every single day. ladies and guys go to beaches and swimming pools almost naked so is it a dark image of a body that is now a problem?

I am not in support of nudity in any form but I don't think it is worth the hype they are giving to it ...There are more important issues to deal with than hyping a mere online challenge that will soon be forgotten.

Sometimes I just imagine myself waking up from bed one fine day and the next thing I could do is just grab my phone, turn on the data and start watching blurry naked woman dancing in a room.

I just hope the whores are worth it. Some men are wasting their data. I think we should all try to encourage important things into the society.

Porn as we all know have done enough damage to the minds of the growing teens already. Adding all this won't help anyone. I'm not disputing anyone's opinion but, I think morality should be encouraged the more. My heart goes out to the next generation to come.

Let us just train our kids the way they should go so that when they grow older they will not depart from the ways of GOD. I gave my life to Christ at the age of 13 and I realize how difficult it is for me to leave his ways regardless of my imperfection.

Many parents are responsible for how their kids turn out in life because they were reckless with them at their tender ages when they ought to have put them in the right path... There is a certain stage children get to that it will be hard for them to learn new ways.

To be honest, I literally saw their Nudity. I guess the filter didn't work well on some. About the shadow image, it may not be as bad as it may seem but what about future challenges. Do you know the next challenge?

What if tomorrow the challenge becomes a nudity challenge? Women dressing were controlled in the past and then women complained they were not given independence to dress how they want. Then women were allowed because it seems logical to do do.

Now see the results, women dress any how. I once Visited a compound to see one of my Friends, she was dressed in a very short skirt, I nearly saw her panties because she was wearing a mini skirt and bend down to wash. I was uncomfortable. Even the top she wore my God, any time she bends her breast almost pops out.

Nigerians are a perverted lot and sex-centric. It is a really warped environment with misplaced priorities at all levels from the individual right up to the government and leadership. Religion makes the matter even worse. The society is so engulfed with who is sleeping with who, when, where, how or who is wearing or showing what. It shows that in the next 25 years this cases will be our accomplishments whilst others are celebrating living on the moon.

There is an audience for almost stuffs, however I really don't get the fake pious-Ness, yet their fingers and eyes went to find the same materials they condemn.

Let's quickly stitch this particular tear (one of the nines) now that it's still new before the tear gets worse while we're distracted focusing on the old tears."

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''I was born to die. Try something else''- Aisha Yesufu reacts after receiving a death threat

Activist, Aisha Yesufu, has taken to her Twitter handle to react after she was issued a death threat by an anonymous person.

Reacting, the fiery activist wrote:

''For real someone threatened me?! With death? Same death that is almost dozen for one kobo? Haven't the pandemic taught them anything? We are all going to die and it can be TODAY!

Killing me means I have seriously dealt with you!

I was born to die! Try something else!''


VIDEO: Lady narrates how men sexually harassed her for wearing bum short while passing through market


A lady narrate how men sexually harassed her for wearing bum short while passing through market (Video)

A Nigerian lady has narrated how she confronted some men who sexually harassed her for wearing a bum short while passing through a market. 

According to @lekpashawtie, the men wanted to get physical after she kept slapping them for touching her butt.  She further revealed that she didn’t go into the market but only passed through it to her destination. 

See her posts and video below; 

VIDEO: Davido's PA finally reveals why Zlatan blocked DJ Cuppy

Davido's PA Isreal has revealed why singer Zlatan blocked DJ Cuppy on social media and WhatsApp. A few days ago, the billionaire daughter expressed her heartbreak on social media about being blocked by Zlatan without telling her the reason. Just recently, it was reported that Zlatan was asked why he blocked Cuppy on a TV show and he denied knowing her, to the surprise of many. 

Davido's PA has now shed light on the matter. According to him, Zlatan did a hit song with the Gelato crooner and she did not give him a dime to compensate for his efforts.

Davido's PA speaks on why Zlatan blocked DJ Cuppy on social media. Photos: @isrealdmw, @Cuppy Youtube Source: Instagram Isreal went on to state that DJ Cuppy also did not compensate Zlatan after he performed at her popular fundraising event in Abuja. According to him, Zlatan used his personal money to cater to everyone who went with him at the Hilton Transcorp hotel in Abuja. 

Isreal also shared a throwback video of a chat that Zlatan had with Davido. Davido seemed to have called Zlatan to ask him where he was and the latter then told him he was at the Cuppy's fundraising event. According to him, Zlatan told Davido how he was just hearing the many millions that people were donating but nothing was given to him. His revelation got Davido laughing.

In other news, Legit.ng earlier reported that DJ Cuppy shared what her dad Otedola always tells her. The entertainer said that her father often reminds her that money cannot be taken along to the afterlife. 

Watch video here:

Cuppy got her fans talking after she shared the post on her Twitter page. Kindly use the below share buttons to share this post across your social pages, thank you.

Source: https://www.legit.ng/1400383-ordinary-kobo-give-davidos-pa-finally-reveals-zlatan-blocked-dj-cuppy-video.html


How to remove the trending silhouette filter red effect from videos

Hey guys, my name is Detty and I am the CEO of 9jaedublog, today I will be teaching you an easy step-by-step guide on how to remove the trending red filter (silhouette) from any picture/videos, stay tuned. If this is your first time here, kindly bookmark this blog as we bring to you the most trending and thrilling news and tutorials around you.

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Firstly I will like to explain what the silhouette filter is, this is the dark shape and outline of someone or something visible in restricted light against a brighter background.

What Is The New Silhouette Challenge?

The silhouette challenge involves a user to pose in a doorway in a way that the camera takes only a black silhouette. The black silhouette has to be against a red background. A number of users add the silhouette challenge song, Put Your Head on My Shoulder by The Platters.

A silhouette is the image of a person, animal, object or scene represented as a solid shape of a single colour, usually black, with its edges matching the outline of the subject. The interior of a silhouette is featureless, and the silhouette is usually presented on a light background, usually white, or none at all.

Few days ago, on Tiktok and Twitter, the #silhouettechallenge took social media by a storm and was flooded with users posting snaps and videos with a red filter.

As the challenge evolved, a number of users started creating videos where they posed against the red background then the video would transition and show the background as normal. 

Many other users were left wondering how to remove red light in the silhouette challenge? While there is not a way to remove red filter after it has been applied, there are some tricks that a user can use to give a similar effect.

How can I turn a photo into a silhouette

Remove Image Background and Turn It Into Silhouette (for Free!)

Step 1: Choose Your Image & Download the Software You Need.

Step 2: Open Your Image With Gimp.

Step 3: Select Your Foreground Object.

Step 4: Remove the Background.

Step 5: Optionally Fill the Image in Black.

Step 6: Touch Ups and Saving.

Step 7: You Are Done!

I believe with the above mentioned steps you can easily reversed it and get back to almost the origin state of the image. 

We have so many apps which can be used in making the red filtered silhouette and snapchat has made that easy by simply exploring lens and search for "Vin Rouge" on snapchat and there you go.

How to do the silhouette challenge on TikTok

TikTok challenges vary in degrees of difficulty but luckily this one is fairly easy once you know how.

How do you do the Silhouette Challenge on TikTok?

The Silhouette Challenge is usually someone posing in front of a doorway and then suddenly turning into a silhouette when the lights go off.

This normally happens to the sound of "Put Your Head on My Shoulder" by Paul Anka.

Lots of people use Doja Cat's song "Freak" in which she sample's Anka's song from the 1950s.

There's a few TikTok Silhouette Challenge explainer videos on the app but one of the best is from a user called @nurseswilling.

Here’s a tutorial for anybody wanting to do the #silhouettechallenge

  • Open Snapchat, go to filters and then click Explore.
  • Then search for "vin rouge".
  • Then prop your phone up ready to film, turn off the lights in your room but leave a door open to the hallway and make sure the hallway lights are on.
  • You should see on screen that this creates a silhouette look.
  • That means you can then perform your dance or whatever style of TikTok you were hoping to make in this silhouette form.
  • If you're created a sudden contrast from normal pose to silhouette then you'll need to film the clips separately as one will need the filter and one won't.
  • Then just edit them together.
  • Of course, this does mean you'd be filming the video outside of the TikTok app.
  • Then you'll need to upload it to TikTok once done.
  • You could always try the same steps but without a snapchat filter and put a coloured light in your hallway.

How To Remove Red Light In The Silhouette Challenge?

Firstly, download Adobe Lightroom app on your mobile device and import the video to the app.

Step 2. Go to the color settings, understanding that red is the primary color that can be removed via balancing your temperature of the video (RGB) balancing. Just play around with this.

Another method is using Inshot video editing app, go to your google playstore or app store and download then install Inshot video editing app....

Stay tuned I will posting the rest from here shortly. Kindly share this post and drop your comment below. Thank you.


LASU EPE Campus Talent Hunt With Light Komedy

Finally the idea to spark up the vibes we have all been waiting for is here. 

An event to be remembered through the sands of time which is being hosted by LIGHTKOMEDY

A memory which is never to be forgotten throughout time and the experience any Lasu Epe campus student both old, new and incoming one of the great institution “LAGOS STATE UNIVERSITY wouldn’t want to miss for anything, trust me when I say this because we here at Richentblog  handles our integrity with utmost concern a lot . 

And when we say an event is gonna be lit 🔥 

Trust me it’s going to be bursting charts because it’s the new of it’s kind 😁😁😁

To top it all “Richentblog” is now an official sponsor and I would need all the support of my people, my family and my friends  which is you, I mean you reading this now to help me in making this event the talk of the town. 

A repost on all your timelines 




Even  on WhatsApp 

Your group chats 🙏🙏🙏

Let’s turn the heat on as we anticipate for the great event coming up for the legendary Lasu Epe students of Lagos State University (LASU) , we are LASU , we are proud

 For inquiry and sponsorship  click here