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New Naira: 10 Takeaways From Buhari’s Nationwide Address

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President Muhammadu Buhari on Thursday morning addressed the nation in a televised broadcast where he addressed the naira crisis plaguing the country.

In his address, the president apologised for the difficulties experienced across the nation in accessing the scarce new naira notes.

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Here are 10 major takeaways from the president’s address

New naira has come to stay

The president has defended the naira redesign policy of the Central Bank of Nigeria. In his address, he said the policy became necessary noting that the proportion of currency outside banks grew from 78% in 2015 to 85% in 2022. He said as of October 2022, the currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System while N2.7 trillion remained permanently outside the system; thereby distorting the financial policy and efficient management of inflation.

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Old N200 note will remain legal tender till April 10

The president, in an effort to cushion the effect of the new naira policy on the citizenry, approved the continued use of the old N200 as legal tender for the next 60 days. This means that till April 10, Nigerians will be able to trade with the old N200 banknote. However, it will also cease to be legal tender after its 60 days of grace elapses.

Old N500, N1000 notes no longer legal tender

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On the contrary, the president had nothing much to say about the old N500 and N1000 bank notes, which indicates that they are no longer legal tender in the country, as he said the old N200 will circulate alongside the new N200, N500 and N1,000 notes.

READ ALSO: Buhari’s Broadcast Contempt Of Court — Adegboruwa

He however added, “In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.”

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Buhari apologises for difficulties

Speaking on the difficulties Nigerians have experienced since the naira redesign, the president said he was deeply sorry for the hardship caused.

In his words, “I am deeply pained and sincerely sympathise with you all over these unintended outcomes. To stem this tide, I have directed the CBN to deploy all legitimate resources and legal needs to ensure that our citizens are adequately educated on the policy , enjoy easy access to cash withdrawal through availability of appropriate amounts of currency and availability of currency.”

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Why naira was redesigned

In a bid to enlighten Nigerians on why the naira was redesigned, Buhari said, “I feel obliged to avail you a few critical points underpinning the policy decision. These include:

a. The need to restore the statutory ability of the CBN to keep firm control over the money in circulation.

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b. The proportion of currency outside banks grew from 78%in 2015 to 85% in 2022, thereby distorting the financial policy and efficient management of inflation;

c. The huge volume of banknotes outside the banking system has proven to be practically unavailable for economic activities and by implication, retard the attainment of potential economic growth;

d. Economic growth projections make it imperative for government to aim at expanding financial inclusion in the country by reducing the number of the unbanked population; and

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e. Given the prevailing security situation across the country, which keeps improving, it also becomes compelling for government to deepen its continuing support for security agencies to successfully combat banditry and ransom-taking in Nigeria

READ ALSO: Naira Notes Scarcity: Buhari Addresses Nigerians, Seeks Patience, Understanding [ FULL TEXT]

What new naira policy will achieve

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The president highlighted the expected short, medium and long terms goals the policy is supposed to achieve as; a strengthening of our macroeconomic parameters; reduction of broad money supply leading to a deceleration of the velocity of money in the economy which should result in less pressures on domestic prices; lowering of Inflation as a result of the accompanying decline in money supply that will slow the pace of inflation; Collapse of illegal economic activities which would help to stem corruption and acquisition of money through illegal ways; Exchange Rate stability; availability of Easy Loans and lowering of interest rates; and greater visibility and transparency of our financial actions translating to efficient enforcement of our anti-money laundering legislations.

Saboteurs of naira policy will face the law

Buhari said he has directed the CBN to intensify collaboration with anti-corruption agencies, “so as to ensure that any institution or person(s) found to have impeded or sabotaged the implementation should be made to bear the full weight of the law.”

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He added, “I have directed the CBN to deploy all legitimate resources and legal means to ensure that our citizens are adequately educated on the policy; enjoy easy access to cash withdrawal through availability of appropriate amounts of currency; and ability to make deposits.”

Buhari appeals for understanding

Insisting that the naira redesign policy is for the economic best of the nation, the president pleaded with Nigerians for understanding. he said, “I seek your understanding and patience during this transient phase of implementation,” adding that “I wish to once more appeal for your understanding till we overcome this difficult transient phase within the shortest possible time.”

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Next administration will benefit from naira redesign

On the fast-approaching general elections, the president said, “On the 25th of February, 2023 the nation would be electing a new president and National Assembly members. I am aware that this new monetary policy has also contributed immensely to the minimization of the influence of money in politics. This is a positive departure from the past and represents a bold legacy step by this administration, towards laying a strong foundation for free and fair elections.”

READ ALSO: JUST IN: Deadline For N500, N1,000 Notes Stands – Buhari

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Shun electoral violence

Buhari further urged every citizen to “go out to vote for their candidates of choice without fear, because security shall be provided and your vote shall count. I however admonish you to eschew violence and avoid actions capable of of disrupting the electoral processes. I wish us all a successful general election.”

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Japan’s Petabit: What To Know About Internet Speed That Can Download 67 Million Songs In A second

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Researchers in Japan have broken the record for the fastest internet speed ever recorded: 1.02 petabits per second. That’s fast enough to “download 67 million songs in a second.”

Contents
How Fast is 1.02 Petabits Per Second?How Did Japan Make This Happen?
When Can the World Expect to Use This?

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According to FirstPost, this new speed could let someone download the entire Netflix library almost instantly—or stream millions of 8K videos at once without any buffering.

To give some perspective, Japan’s new speed is around 16 million times faster than India’s average internet speed of 63.55 Mbps and 3.5 million times faster than the U.S. average.

How Fast is 1.02 Petabits Per Second?

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READ ALSO:Google Maps: Obasanjo’s Library, Abia Tower, Emir’s Palace Among Nigeria’s Top Reviewed Places

A petabit is one million gigabits. So when researchers say they hit 1.02 petabits per second, they’re talking about a connection fast enough to transfer more than 100,000 HD movies in just one second.

This speed could technically download the full Netflix catalog in less than a second. Big game downloads, like the 150GB Call of Duty: Warzone, would finish in a flash.

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According to Gagadget, the full English Wikipedia is about 100GB. At this speed, you could download it “10,000 times in just one second.”

Music platforms can’t even match the scale. Spotify says a minute of audio uses about 1MB. That means, “with Japan’s new speed, you could theoretically download 67 million songs in a second—that’s more than 1,27,000 years of continuous music.”

While these examples help show how fast this is, the real impact will likely be on emerging technology.

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READ ALSO:‘How I Was Duped By A Nigerian Love Scammer Who stole £200,000 From Me After We Met On Facebook’ – Woman

Things like cloud computing, AI, autonomous vehicles, and real-time translation depend on large volumes of data moving quickly. With speeds like this, data centers in different parts of the world could work together almost as if they were on the same local network. That would allow global AI systems to run with almost no delay.

How Did Japan Make This Happen?

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The breakthrough came from Japan’s National Institute of Information and Communications Technology (NICT), working with Sumitomo Electric and European partners.

The team sent data over 1,800 kilometers—about the distance from Delhi to Goa—using a specially built fiber-optic cable.

Typical fiber cables send data down a single path of light. This new design packs 19 separate cores into a standard-sized fiber, which researchers describe as “a 19-lane superhighway” for internet traffic. It increases capacity without requiring totally new infrastructure.

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READ ALSO:Venezuelan Deportees: US Embassy Gives Reason For Reducing Visa Validity For Nigerians

Sumitomo Electric developed the cable, while NICT and international researchers built the transmission system.

To deal with long-distance signal loss, they used advanced amplification and signal processing. The setup involved 19 loops of fiber, each 86.1 km long, with the signal passed 21 times. That totaled 1,808 km, and during the test, “180 individual data streams were sent at record-breaking speed and stability.”

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When Can the World Expect to Use This?

Most home internet is still measured in megabits per second, not terabits, much less talking about petabits. We’re far from seeing these speeds in everyday life. That means using this speed is not anytime soon.

Still, the breakthrough is getting attention from telecom companies, infrastructure providers, and governments. This could help shape the future of undersea cables, national internet backbones, and next-generation networks like 6G.

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It may take years to reach consumers, but the progress points toward a future where fast, high-capacity internet becomes standard—not something rare.

(FirstPost/Tribune)

 

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Venezuelan Deportees: US Embassy Gives Reason For Reducing Visa Validity For Nigerians

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The United States Embassy has clarified that the recent reduction in visa validity for Nigerians is unrelated to deportation issues involving other countries, e-visa policies, or affiliations such as BRICS.

According to Nigerian Tribune,  the new visa policy now limits most non-immigrant and non-diplomatic visas issued to Nigerians to a single entry with a validity period of three months.

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In a post shared on its official X (formerly Twitter) account on Friday, the US Embassy addressed growing speculation following the policy change, which has sparked debate among Nigerians.

READ ALSO:New E-visa System Processed 14,000 Applications In Six Weeks

Many had linked the decision to the deportation of Venezuelan nationals or Nigeria’s stance on third-country deportees.

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Responding to the public reaction, the US Mission emphasized that the adjustment stems from a global review process guided by security and technical benchmarks, aimed at protecting the integrity of the U.S. immigration system.

The statement read, “The U.S. Mission Nigeria wishes to address misconceptions about the recent reduction in visa validity for most nonimmigrant U.S. visas in Nigeria and other countries.

READ ALSO:5 Asian Countries Nigerians Can Visit Without A Visa

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“This redution is not the result of any nation’s stance on third-country deportees, introduction of e-visa policies, or affiliations with groups like BRICS.

“The reduction in validity is part of an ongoing global review of the use of U.S. visas by other countries using technical and security benchmarks to safeguard U.S. immigration systems.”

Reaffirming its diplomatic ties with Nigeria, the mission added, “We value our longstanding partnership with Nigeria and remain committed to working closely with the Nigerian public and government officials to help them meet those criteria and benchmarks, thereby ensuring safe, lawful, and mutually beneficial travel between our nations.”

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‘How I Was Duped By A Nigerian Love Scammer Who stole £200,000 From Me After We Met On Facebook’ – Woman

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A woman has told of being conned out of £200,000 by a romance scammer who bombarded her with gushing messages every day for two-and-a-half years.

Elizabeth, who is in her sixties and lives in rural England, handed over her life savings, took out a loan and remortgaged her home to meet the man’s ever increasing demands for money.

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Sharing her story in public for the first time, she bravely revealed how she fell victim to an elaborate catfishing plot orchestrated by a fraudster posing as an oil industry consultant from Texas. In reality, the criminal was based in Nigeria and had stolen photos of a real man before concocting a string of crisis scenarios to trick the kindhearted mother of two. At one point, he even pretended he had a daughter who had lost her newborn baby.

During the whole period of the scam, he repeatedly promised to pay back the money and even delivered a fake cheque to her home for $1.832 million dollars.

Elizabeth, who did not want to give her real name for privacy reasons, said she ‘can’t believe’ she fell for his evil lies, but was vulnerable at the time after breaking up with a ‘toxic’ partner.

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Hers is the latest account of the misery being caused by romance scammers, who conned British victims out of more than £88 million last year. While these have involved individuals from multiple countries, many cases are linked to Nigeria, which is known to host informal academies — known as ‘hustle kingdoms’ — which train individuals in the art of tricking vulnerable victims.

Elizabeth, who is now being assisted by the charity Victim Support, was first targeted in March 2022 while browsing a Facebook page dedicated to dogs. Her long-term relationship with a ‘toxic, gas-lighting partner’ had ended just months before.

READ ALSO:Scandal: Convicted Inmate Caught Processing Passport, Visa In Lagos

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‘I got talking to one of the members who asked if we could message each other outside the group on Skype,’ she told MailOnline. ‘He said he was having an issue with rabbits eating some plants he had bought for his daughter. I’m an empath who always wants to help people, so I looked on Amazon and found some mesh that he could use to keep the rabbits out.’

‘Days later, I got a photo showing the mesh being put up and a message saying “thank you so much”!’

After this ‘ordinary’ conversation, the scammer began sending Elizabeth messages several times a day. ‘We started talking about food so he would send recipes and photos of what he was eating,’ she said. ’He said he was divorced, worked as a consultant in the oil industry and had a boxer dog, which he sent me lots of photos of too.

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‘At the time I was very vulnerable after coming out of this lengthy toxic relationship, so I guess I was an easy target. Each day he’d be messaging asking how I was and how my night had been. Having someone be kind and asking questions when I was in that frame of mind made me really open up!’

By July — five months after the scammer first approached her — he began ‘love-bombing’ Elizabeth by sending her photos of flowers and hearts. He would also play word games with her and speak about how desperate he was to meet up.

At one point, Elizabeth became suspicious when she noticed his Facebook profile said he had been to college in Nigeria — despite his claim to be American. But he batted away her concerns by claiming his profile had been changed by someone else. She was also confused when the scammer phoned her on Skype one day and she heard his Nigerian accent.

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‘I said I was having real difficulty understanding him,’ Elizabeth said. ‘But because in my brain I had thought he was Texan and American I just assumed that was what he sounded like — which is mad with hindsight.’

At the height of the love-bombing campaign, Elizabeth said the man was messaging her several times a day and speaking of his ‘very strong feelings’ for her. She said that by August — after he had subjected her to half a year of relentless grooming — she began to think “gosh, I really like this guy”.

READ ALSO:Man Scammed Of $28,000 By AI-generated Girlfriend

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Delighted at what she thought was a budding romance, Elizabeth shared the news with her two best friends and two sons. ‘One of my friends asked me to promise him to never give him any money,’ she said. ‘My eldest son warned me that he sounded like a scammer and to watch Tinder Swindler. But I completely ignored him!’

It was around this time that the scammer began laying the groundwork for two of the stories he would use to squeeze money out of Elizabeth. One related to a new oil rig project the man said he had started in America after taking out a loan and remortgaging his house. The other related to his invented daughter, who he said had just split from her husband and was in desperate need of money. The scammer said he would have given this to her himself had he not just borrowed such a large sum of money.

He asked her to send £1,500 using iTunes gift cards, which can be transferred between people using a code. This is a popular method used by scammers, who then sell on the cards online at a discount.

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‘It started in Autumn 2022 with me sending money for his daughter,’ Elizabeth said. ‘He then told me that a really expensive part of the rig had broken and he needed £10,000. I tried to send that via my bank but a man from the fraud department blocked it.’

‘The scammer said I should forget about all the money if it was causing me hassle. So for a few days I felt relieved, but then he came back and said I should use PayPal instead. He eventually got the money and said he was eternally grateful!’

The man invented a string of other scenarios to persuade Elizabeth to send him cash. By December 2022 she had pawned her late mother’s jewellery in a bid to help him — something that she said now makes her ‘sick to the pit of my stomach.’

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The scammer’s behaviour showed a keen awareness of human psychology. He demonstrated this in March 2023, when he showered Elizabeth with sympathy and affection after one of her close relatives died. ‘The scammer appeared to be so kind and supportive — and the “empathy” he showed was unbelievable,’ she said.

‘He actually Facetimed me when I was driving but the call only lasted for two minutes. My sons now believe that was AI rather than him. I was in love with an image of someone who had been tailored to my specific needs. So I was totally brainwashed.’

READ ALSO:VIDEO: Darey Art Alade, Wife Escape As Car Catches Fire On Third Mainland Bridge

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Showing the depths he was prepared to plumb, the scammer even posed the death of his imaginary daughter’s baby. Elizabeth was subsequently sent emails from the ‘heartbroken mother’ asking for money. Another time, he posed as a doctor who wanted Elizabeth to help pay his medical bills after he had supposedly fallen seriously ill. Desperate to help, she would go on to take out a loan and remortgage her home.

Ironically, the documents relating to these transactions would prove crucial to extricating Elizabeth from the scam after one of her sons found them in her bedroom and staged an ‘intervention’ with his brother in August 2024.

Recalling the moment they confronted her, Elizabeth says: ‘They asked “what is this, what has gone on?” but I was very defensive initially.’

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In an experience that was remarkably similar to Elizabeth’s, the scammer posed as a charming American oil-rig worker named ‘David West’. In reality, this photo shows an American doctor whose photo had been stolen.

Ironically, the documents relating to these transactions would prove crucial to extricating Elizabeth from the scam after one of her sons found them in her bedroom and staged an ‘intervention’ with his brother in August 2024.

Recalling the moment they confronted her, Elizabeth says: ‘They asked “what is this, what has gone on?” but I was very defensive initially.’

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The man had repeatedly promised to pay Elizabeth back and went as far as forging a cheque for $1.832 million and having it delivered to her home via FedEx in October 2023. She said she presented this cheque to her sons as that the man was genuine, but they quickly realised it was a forgery.

READ ALSO:German Police Arrest 11 Nigerians For Dating Scam, Money Laundering

‘My eldest Googled the address and saw it was a funeral home — it was also covered with biblical quotes,’ she said. ‘When the reality hit, I just went to pieces. I realised that I meant nothing to this man — if he even was a man — and I was just a means to an end. I was so blinkered and sucked in. You believe someone because you want to believe them and completely lose touch of reality.’

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After realising she was the victim of a heartless scam, Elizabeth contacted the police and Action Fraud, the UK’s national fraud reporting centre for cyber-crime. Aided by her sons, a ‘fantastic’ Action Fraud caseworker and the charity Victim Support — which she described as a ‘life line’ — she was able to persuade her bank to pay her back two-thirds of the £200,000 she had lost.

Elizabeth was visited by a policewoman and gave a full account of what happened, but was told her case could not be pursued because the scammer lived outside the UK. She confronted the criminal on Skype, but he denied everything. Skype eventually agreed to block him and she has now deleted all the messages he sent her.

Looking back on the experience, Elizabeth says she ‘can’t believe’ she was taken in by the scam but urged onlookers not to judge.

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‘You reflect on it and you can’t believe it was all a lie,’ she said. ‘I can’t believe that I did what I did. But if you’re not in that situation you won’t be able to relate to. If you haven’t walked my path then you can’t judge.’
(MailOnline/TRIBUNE)

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