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E-Naira’ll not affect commercial banks’ deposits – Adedipe

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e-Naira

Dr Biodun Adedipe, Chief Consultant, B. Adedipe Associates Ltd., said the e-Naira introduced by the Central Bank of Nigeria (CBN) would not affect deposits of commercial banks.

Adedipe said this at the National Business Extra fourth anniversary lecture/awards on Thursday in Lagos.

He spoke on the theme: “Cryptocurrency Vs E-Naira: Issues, prospects and challenges in Nigeria economy.”

Adedipe, who was the guest speaker, said e-Naira could not replace deposits or reduce the ability of the banks to create credits.

“It has limits on the amount that can conveniently be carried in a physical wallet,” he said.

According to him, banks will not lose their deposits to digital naira because of limits on e-Naira wallet transactions.

The economist explained that cumulative balance limits and transfer limits introduced by the CBN on Tier 1, 2 and 3 e-Naira wallet were small compared with activities of commercial banks.

The News Agency of Nigeria (NAN) reports that cummulative balance limit for Tier 1 is N300,000 with transfer limit of N50,000; Tier 2 balance unit is N500,000 with transfer limit of N200,000.

The CBN also pegged Tier 3 cumulative balance limit at five million naira with transfer limit of one million naira.

X-raying the benefits of the e-Naira, he said it would eliminate the cost of printing and minting currencies in the country.

Adedipe said it would eliminate restrictions in making cross-border payments, enhance financial inclusion and allow users to avoid the cost and restrictions in transactions on digital platforms of commercial banks.

The economist disagreed with insinuations that the e-Naira was introduced because of foreign exchange volatility.

He attributed foreign exchange volatility to speculation and the country’s huge import dependency.

On crytocurrency, the expert said recognising crypro as asset, commodity or means of exchange should be determined by its most prevalent use in Nigeria.

He stressed the need for a regulatory framework underscored by the popularity of mobile money.

Adedipe noted that regulatory framework was necessary due to trading in cryptos as alternative means of livelihood for tech-savvy, unemployed youths.

He said the framework should centre on what should be allowed, how it should be used, which financial institutions should be allowed and monitoring framework and reporting requirements.

“Blockchain technology has come to stay and will become more important. Cryptos ride on the back of the blockchain technology.

“If we want to encourage investment in blockchain technology (which is no longer the future, but already here), then we need to create space for cryptos and other adaptations of the technology,” he said.

Earlier, the Publisher of the National Business Extra, Mr Odion Aideloje, said the newspaper was established to be an alternative business platform.

Aideloje said the company was ready to partner corporate entities and other stakeholders for the growth and development of the country.

He said it had not been easy for the company in last four years of operation due to challenging operating environment.

The publisher assured stakeholders that the company would improve on shortcomings of previous years. (NAN)

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General News

Clergy Urged To Put Members’ Welfare Above All Else

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Anglican Church logo

At a solemn ordination service in Abuja, senior church leaders have called on pastors to make the well-being of their congregations a top priority, following the example of Jesus Christ.

Speaking during the priesthood ordination and installation of a Sub Dean at the Cathedral Church of Advent, Life Camp, Abuja, the retired Bishop of the Anglican Diocese of Okene, Rt. Rev. Emmanuel Ajulo, described pastors as shepherds charged with the care of their flock. He urged them to shun worldly distractions and focus on meeting the spiritual and material needs of their members.

Bishop Ajulo also encouraged the newly ordained priests to remain faithful to their calling by teaching God’s word without compromise.

In his charge, the Primate of the Church of Nigeria, Anglican Communion, Most Rev. Henry Ndukuba, urged the new clergy to preach the undiluted gospel and foster religious harmony wherever they serve. He expressed confidence that their new roles would help promote peace and unity in society.

The service also featured prayers for national leaders and divine intervention in addressing the current global economic challenges.

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1,000 Prayer Warriors Storm Ilorin for Tinubu, Nation’s Deliverance

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President Bola Ahmed Tinubu

In a dramatic show of faith and patriotism, over 1,000 fiery prayer warriors from across Nigeria will descend on Ilorin, Kwara State, this Saturday, lifting their voices in intense intercession for President Bola Tinubu’s success and Nigeria’s survival in the face of biting economic woes and mounting insecurity.

The spiritual siege, themed “Walking in Domini”, is the maiden convention of the Organisation of African Instituted Churches (OAIC), with its Kwara State Chairman, Evangelist Thomas Adeboye, vowing that “heaven will hear and respond to Nigeria’s cry.”

Aside from marathon prayers, the gathering will roll out free medical outreach to locals across Kwara’s LGAs, a gesture aimed at touching both body and soul.

Adeboye, lamenting Nigeria’s “troubling economic and security realities”, called for a nationwide prayer uprising, insisting that Tinubu has shown the will to revive the nation but needs massive divine backing to succeed.

“Banditry, a collapsing economy, and political tension demand we seek God’s face like never before,” he declared. “We will storm heaven for wisdom for the President and governors to steer Nigeria to safety.”

The convention will also feature awards to distinguished personalities, soul-lifting worship, fiery sermons, and unity-driven lectures—all capped with thunderous prayers for Nigeria’s redemption.

Adeboye urged the President to ensure every policy has “a human face,” stressing that Nigerians must not only endure but also enjoy the fruits of governance.

With the OAIC promising to reaffirm believers’ authority in Christ and rally spiritual boldness in the face of national challenges, Ilorin is set to become the epicentre of a powerful spiritual warfare for Nigeria’s destiny.

 

 

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Nigerian Anglicans Condemn Lesbian Archbishop of Wales, Deepening Global Anglican Rift

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…Church leaders accuse Welsh counterparts of “spiritual decadence” and “abandonment of faith”

The Church of Nigeria (Anglican Communion) has issued a forceful condemnation of the election of Rt. Rev. Cherry Vann, an openly lesbian cleric, as the Archbishop of Wales. The move is the latest in a series of developments that have deepened divisions within the global Anglican Communion over sexuality and doctrine.

In a statement from Primate The Most Rev’d Henry Ndukuba, the church denounced the election as a “serious departure from biblical teaching” and a sign of “spiritual decadence” and “an outright abandonment of the faith once delivered to the saints.”

Archbishop Ndukuba warned that Bishop Vann’s elevation compromises the Anglican Church’s global mission and could obstruct evangelism. He compared the situation to the controversial tenure of Most Rev. Katherine Jefferts Schori, former Presiding Bishop of the U.S. Episcopal Church, who also faced intense criticism from conservative Anglicans for her progressive views.

The Primate accused Bishop Vann of being complicit in the “ongoing crisis” around same-sex issues, stating that the election is a “clear revelation that many who claim to be members of the body of Christ cannot endure sound doctrine” (2 Timothy 4:3–4).

The Church of Nigeria called on Anglicans worldwide to reject “rebels” and “apostates” and to instead support conservative bodies like the Global Anglican Future Conference (GAFCON).

“The Church of Nigeria (Anglican Communion) condemns, unequivocally rejects, and will not recognize the election of Rt. Rev. Cherry Vann as Archbishop of Wales,” Ndukuba declared. He concluded with a solemn warning that without repentance, the Church in Wales risks losing “complete relevance” and its leaders will face judgment.

 

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