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NCC Reveals Why Nigerians Mustn’t Allow Anybody Link Their SIM To Their NIN

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The Nigerian Communications Commission (NCC) has warned telecoms users never to allow their National Identification Number (NIN) to be linked to another person’s Subscriber Identity Module (SIM) cards, no matter their relationship with such a person.

Naija News 247 reports that the telecoms regulator explained that compliance with this advice would protect the true owner of the NIN from any liabilities or negative consequences arising from the use of other person’s SIM.

NCC gave this warning during its third run Telecom Consumer Town Hall on Radio, TCTHR, programme, broadcast live on Human Rights Radio in Abuja.
The event was hosted on the platform of ‘NCC Digital Signature on Radio.’

NCC Digital Signature on Radio is the commission’s flagship radio programme created to educate the general public on the mandates of NCC and for sharing salient, consumer-centric and up-to-date information on how NCC is delivering on its mandates.

  Black Market, Official Dollar to Naira exchange rate today, Tuesday 15 March 2022

Speaking during the radio programme focused on the benefits of NIN-SIM Integration, NCC’s Director, Consumer Affairs Bureau, Efosa Idehen, said: “On no account should a telecoms consumer, however, circumstanced, allow another person to register a SIM with another person’s NIN.”

Idehen then warned, “If the person, whose SIM is linked to your line use his own SIM to commit crimes or any form of atrocities, it is easy to be traced to you and then, you will be dealt with because the SIM is linked to your NIN”.

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During the phone-in segment of the radio programme, consumers within Nigeria and in the diaspora, especially from the United Kingdom, Russia and countries like Ghana, among others, were able to call and get clarifications on concerns they had regarding the ongoing NIN-SIM integration in Nigeria.

Efosa was joined in the studio by NCC Director, Public Affairs, Dr. Ikechukwu Adinde, who was represented by an Assistant Director in the department, Dr. Omoniyi Ibietan; and a Deputy Director, Projects Department of NCC, Mrs. Nnenna Ukoha, who jointly educated consumers on the various aspects of NIN-SIM integration exercise.

Telecoms consumers were in the course of the radio programme, repeatedly reminded of the October 31, 2021 deadline for NIN-SIM integration.

  Mathematics Professor at University of Ilorin, Raphael Babatunde Adeniyi declared missing

The Federal Government had extended the deadline earlier given for the completion of the NIN-SIM linkage to October 31, 2021.

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Business

Elon Musk Terminates $44bn Deal To Buy Twitter

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Elon Musk Naija News 247

The world the richest man and the Chief Executive Officer (CEO) of Tesla Inc, Elon Musk has terminated his $44 billion Twitter deal.

This was confirmed by Reuters on Friday, quoting the elite as saying that the social media company had failed to provide information about fake accounts on the platform.

In a filing, Musk’s lawyers said Twitter had refused to respond positively to a series of requests for information on fake or spam accounts on the microblogging platform, which is fundamental to the company’s business performance.

  Black Market, Official Dollar to Naira exchange rate today, Tuesday 15 March 2022

Twitter in April 2022 confirmed it had accepted the $44 billion bid by the billionaire entrepreneur.

Shares of Twitter were down 7% in extended trading. Musk was said to have earlier offered $54.20 per share in April.

On the micro-blogging platform, Twitter’s chairman, Bret Taylor, said that the board planned to pursue legal action to enforce the merger agreement.

“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr Musk,” Taylor wrote.

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However, Musk’s lawyers mentioned in a filing that “Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr Musk relied when entering into the Merger Agreement.”

Due to the emerging development on Friday, Musk would be required to pay a $1 billion breakup fee if he does not complete the transaction.

Naija News 247 understands that Musk’s latest decision will likely result in a long protracted legal tussle with the 16-year-old San Francisco-based company.

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Business

Forex trading sessions in Nigeria time explained

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Forex trading sessions in Nigeria time

Naija News

Forex trading sessions in Nigeria time

For five days a week, the currency market is open 24 hours a day. This indicates that every currency pair can be traded throughout the weekdays, except on weekends, unless otherwise specified.

However, certain hours of the day may be better for traders than others.

When forex trading, there is always a market, however, there are periods when the market is choppy and others when it’s calm.

In addition, different currency pairs show varied levels of activity at different times of the day because of the overall demography of the market players who are online at the time.

The forex market experiences varied levels of volatility at different times of the day for different currency pairs. This is also true for trading times in Nigeria, and in this article we consider the best Forex trading sessions in Nigeria time.

  Black Market, Official Dollar to Naira exchange rate today, Tuesday 15 March 2022

Understanding Forex trading sessions

Many institutional and individual forex traders benefit from a 24-hour forex market since it provides liquidity and the ability to trade at any time. When it comes to currency trading, each individual trader has a limited amount of time to check their positions.

The Asian, European, and North American sessions, which are also known as the Tokyo, London, and New York sessions, are traditionally divided into three peak activity periods.

These three cities’ names are sometimes used interchangeably since they symbolize the most important financial hubs in each of their respective areas.

Most banks and corporations in the respective regions do their day-to-day transactions during this time, and there is also a higher concentration of online speculators.

The Asia session

The Asian markets are the first to react when liquidity returns to the forex (or FX) market at the beginning of the week. The Tokyo capital markets, which are unofficially representative of activity in this region, are open from midnight to 6 a.m. every day GMT.

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The European session

At this point, Asian trading hours come to an end and the European session takes over. This FX time zone has a lot of big financial markets in it, making it quite busy. The European session’s parameters have been set in London until now.

The North American session

By the time the North American session begins, the Asian markets will have been closed for several hours, but for European traders, the day is only halfway through. There is a lot of action in the United States, as well as Canada, Mexico, and South America, during this session. 

The best time to trade in Nigeria

For Nigerian traders, the best time to trade most currency pairs in summers is from 13:00 to 17:00 WAT, while in winters it is considered to be from 14:00 to 18:00 WAT. 

  Mathematics Professor at University of Ilorin, Raphael Babatunde Adeniyi declared missing

During this time, most African countries, including Nigeria, are open for business. The London and New York trade sessions are both active at this moment. For all currency pairs including European, American, and African currencies, spreads are at their lowest at these times. 

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Business

Bread producers threaten strike over hike in production cost

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Bread price hike

Naija News

The producers of bread claimed that the rise in the cost of bakery supplies had made their operation unprofitable.

Bread producers and caterers have threatened to embark on a nationwide strike over the unprecedented increase in prices of bakery materials.

They also accused the Federal Government of turning a blind eye to the development.

This was contained in a communiqué issued by the Association of Master Bakers and Caterers of Nigeria on Friday, June 24, 2022.

The body noted that the high cost of flour, sugar and other materials used in the bakery business has pushed many bakers to the brink.

The communiqué, which was issued after the National Executive Council meeting of the association in Abuja, stated that the bakers would withdraw services from July 13, 2022.

  Black Market, Official Dollar to Naira exchange rate today, Tuesday 15 March 2022

The bakers also revealed that attempts to get the government’s intervention in the matter had proven abortive, as there had been no favourable response from the concerned ministries, departments and agencies of government.

The communiqué, signed by the association’s executives, and led by its National President, Mansur Umar, stated that the council reviewed the “neglect of the Federal Government in addressing the challenges facing our sector as captured in our letters acknowledged by the Federal Ministry of Industry, Trade and Investment, Federal Ministry of Finance, Central Bank of Nigeria and unproductive intervention of the Secretary to the Government of the Federation.

“Increase in prices of bakery materials especially flour and sugar having reached unprecedented levels, for example, flour is now between N25,000 and N27,500, so also other ingredients.

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“The National Wheat Cultivation Committee already constituted is yet to be inaugurated after over one year. NAFDAC, SON, and NESREA have turned the bakers into money-making machines by charging our members’ outrageous levies even at this very challenging moment.

“Consequently, the NEC in session resolved that all zones, state, Local Governments and units of our association should commence full mobilisation of our members nationwide to embark on withdrawal of services starting from Wednesday, July 13, 2022, for an initial period of two weeks.”

They, however, informed their members to wait for further directives on the matter.

  Mathematics Professor at University of Ilorin, Raphael Babatunde Adeniyi declared missing

The, however, noted that its “members should await further directives.”

The hike in bakery materials had led to the recent increase in the cost of bread and other items derived from flour.

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