X

☕️ Naira Devalued, Again!

☕️ Naira Devalued, Again!

The CBN has further devalued the naira to dollar, this time by N6...

 

Good morning. Uplifting news: Scotland officially becomes first country to provide free period products by law.

Period poverty is present all around the world. Hopefully more countries pass this important legislation and is not abused. We rarely think about HOW MANY girls and women don’t have access to this very basic need.
- - -

P.S. Was this forwarded to you? Sign up here.

☕️QUICK BITES

Nigeria. The federal government has demanded an apology from the British government over the “unsubstantiated” claim by a member of its parliament that Yakubu Gowon, Nigeria’s former head of state, looted public treasury.
OilTensions emerge among members of OPEC over a proposal to extend current supply curbs. Iraq, the United Arab Emirates and Nigeria have all vented their frustration with the current deal ahead of the scheduled meeting this week to decide on production levels. 
Olympics. The coronavirus-delayed Tokyo Olympics could cost $1.9 billion more than its original budget of $13 billion, a 15 percent increase, a report said Sunday. The 2020 Games were pushed back a year as COVID-19 spread around the globe, and are now scheduled to open on July 23, 2021.
United States. President Donald Trump said he'll give up power if the Electoral College affirms Joe Biden's win. Those electors are due to vote on Dec. 14, with the president of the Senate receiving the results by Dec. 23. Trump remained defiant about the results of the election, saying it was a fraud.

‍RECOMMENDED

‍#ONTHISDAY

2006 South Africa's Civil Union Act of 2006 legalizes same-sex marriage, becomes fifth country in the world and first in Africa to do so.

2007 Hillary Clinton presidential campaign office hostage crisis: Leeland Eisenberg enters campaign office of Hillary Clinton in Rochester, New Hampshire with suspected bomb and holds three people hostage for 5 hours.

2017 World's longest recorded rainbow - 8 hrs 58 min in Taipei's Yangmingshan mountain range.

ECONOMY

CBN Officially Devalues Naira by N6; now N392/$

 

Image Source: TheNigerianLawyer

The Story
The Central Bank of Nigeria (CBN) on Friday further devalued the naira to dollar, this time by N6.

Why do that in a period like this?
It is a decision aimed at supporting the exchange rate unification agenda of the CBN. The naira devaluation has brought the local currency closer to the exchange rate unification agenda of the apex bank as recommended by the International Monetary Fund (IMF) and World Bank.

What are the new rates?
In a weekly exchange rate for disbursement of proceeds of International Money Transfer Service Operators (IMTOs) for November 30, 2020, all authorized dealers, Bureau De Change (BDC) Operators and Service Providers were advised to add N6 across all rates. The new rates pegged IMTOs sale of dollar to banks at N388 to dollar, from the previous rate of N382 to dollar; banks sale of dollar to CBN at N389 to dollar, as against the previous rate of N383 to dollar.

Is this really necessary, especially at this time?
The current devaluation of the local currency came after over three years of push from financial market managers, the World Bank and International Monetary Fund for the local currency to be devalued. They insisted that with the drop in foreign exchange reserves and a decline in Nigeria’s dollar earnings, caused mainly by the fall in crude oil prices, Nigeria had no option but to devalue its currency.

Speaking on the exchange rate review, President of the Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, told The Nation that “the exchange rate adjustment was meant to address market imperfections and achieve single exchange rate”. Other analysts said the move by the CBN will assuage the fears of portfolio investors, reduce rent-seeking in the foreign exchange market, serve as deterrent to currency hoarding and mitigate revenue shortfalls for the economy. SOURCE

SECURITY

IGP: We'll never allow any type of EndSARS protest again

Image Source: Unknown Twitter Source

The Story
The inspector-general of police (IGP), Mohammed Adamu, has said that the police force will 'never' allow another type of #EndSARS protest again.

He said that?
Yes, he did. Speaking on Friday in Abuja when he met with commissioners of police, the IGP said the force is ready to face anyone who organises or participates in such protests across the country. Remember, even our constitution does not accept violent protests, so, those people that are planning to come up with another protest, if they’ve planned it to be a violent one, they should re-think, otherwise, we have prepared to face them,” the IGP said.

Okay. There has to be a reason for saying this.
Adamu said the police officers protected demonstrators during the #EndSARS protest in October, but it later turned violent and led to loss of lives and properties. “We will never allow this type of #EndSARS protests again. It was violent. Peaceful protest is allowed in our constitutions. When this process started peacefully, we provided security for them. We were moving with them to make sure they were not molested by any group of people and it was going on well until it turned violent", Adamu said.

Calling on Nigerians to join them in securing the country, the IGP said, “we’re to protect this country from hoodlums. We’re to protect this country from violence, and we want every Nigerian to work with us, to prevent what had happened as aftermath of the end of SARS in terms of destruction of public properties, loss of lives, businesses of individuals were crippled, corporate institutions were destroyed". SOURCE

INTERNATIONAL

Iran's top nuclear scientist killed in apparent assassination

 

Image Source: CNN

The Story
The issues surrounding Iran's nuclear deal may have been further complicated.

How is that?
Mohsen Fakhrizadeh, Iran's top nuclear scientist, who is considered the driving force behind the country's nuclear weapons program for two decades, has been killed. Fakhrizadeh was shot and killed in an ambush on Friday as he was traveling in a vehicle in northern Iran, Iranian state media reported.

How? Didn't he have security?
The gunmen were reported to have waited along the road and attacked Mr. Fakhrizadeh as his car was driving through the countryside town of Absard, in the Damavand region, according to official Iranian media and state television. The state media accounts said that Mr. Fakhrizadeh had been gravely wounded in the attack, and that doctors tried to save him in the hospital but could not.

Iranian officials, who have long maintained that their nuclear program is strictly for peaceful purposes, not for weapons, called the attack an act of terror and vowed to take revenge. Terrorists murdered an eminent Iranian scientist today,” Iran’s foreign minister, Mohammad Javad Zarif, wrote on Twitter. “This cowardice — with serious indications of Israeli role — shows desperate warmongering of perpetrators.”

Have the culprits been identified?
Not yet, investigation is still on. An American official — along with two other intelligence officials — said that Israel was behind the attack on the scientist. It was, however, unclear how much the United States may have known about the operation in advance, but the two nations are the closest of allies and have long shared intelligence regarding Iran. Both the White House and the C.I.A. have declined to comment on the attack.

Implications?
Fakhrizadeh’s killing could have broad implications for the incoming Biden administration as it quickly set off a sharp reaction in Iran, like the American attack on January 3 which killed Qassim Suleimani. This attack could also impact Biden's effort to revive the 2015 Iranian nuclear deal, as he has pledged to do, if the Iranians agree to return to the limits detailed in the accord.

Iran’s foreign minister, Mohammad Javad Zarif, an American-educated diplomat who is one of Iran’s most recognizable figures, asked that the international community — and especially the European Union — should “end their shameful double standards & condemn this act of state terror.” SOURCE

INTERNATIONAL

Montenegro and Serbia expel each other’s ambassadors

 

Image Source: Aljazeera

The Story
In what seemed like a tit-for-tat move, Montenegro and Serbia have expelled one another’s ambassadors.

Tell me more.
This comes just before the planned inauguration of a new, pro-Serb government in Podgorica. The government in Montenegro is expected to remain in place only for the next few days, as a new coalition prepares to replace it following elections in August. The diplomatic spat began on Saturday when Montenegro declared Serbian Ambassador Vladimir Bozovic a 'persona non grata' and expelled him from the country.

Why?
The foreign ministry in Podgorica cited “long and continuous meddling in the internal affairs of Montenegro” as the reason for asking Bozovic to leave. Serbia said a few hours later that it had responded in a “reciprocal manner”, declaring the Montenegrin Ambassador Tarzan Milosevic a persona non grata and expelling him from the country.

What's the real issue between them?
Montenegro remains deeply divided among those seeking closer ties with traditional Orthodox Christian allies Serbia and Russia, and those who view Montenegro as an independent state allied with the West. This incident adds to already tense relations between the two Balkan states that were part of a joint country before an independence referendum in 2006 led to Montenegro splitting off.

Montenegro's foreign ministry’s statement asserted that Bozovic, the Serbian ambassador, “directly disrespected” Montenegro by describing a 1918 decision to join a Serbia-dominated kingdom as an act of “liberation” and “free will” by the Montenegrin people. Montenegro’s Parliament had declared the century-old decision void in 2018, saying it had stripped the country of its sovereignty. SOURCE

WHAT ELSE IS FRESH...

Buhari mourns as Boko Haram kills over 40 Borno farmers.

UN: Over 100 were killed in Boko Haram attack on farmers.

Governor - ‘I spend three days in a month in Yobe’ - replies critics who accused him of abandoning state.

Ndume to Jonathan: You don’t know how great you have become in the eyes of your critics.

Power outage as national grid collapses.

Recession: Akwa Ibom, Adamawa, others insist on jumbo pensions for ex-govs, deputies.

Explosion rocks Wike’s father’s church in Port Harcourt.

Leadership tussle: FG directs UI Senate to select acting VC Monday.

Insecurity: Sack service chiefs, northern elders tell Buhari.

Obasanjo laments Nigeria’s 14 million out of school children.

Tens of thousands protest in France against controversial police law.

YPP mobilises Nigerian youths for future elections, changes logo.

Cyberattack cripples UVM Medical Center, leaving patients stranded.

Salesforce is in advanced talks to buy Slack, according to people familiar with the matter.

Piles of cash at home’: Hong Kong leader says US sanctions mean she has no bank account.

Chinese police claim to have seized $4.2B worth of assets from a Ponzi scheme called PlusToken.

Former Senegal midfielder Papa Bouba Diop dies at 42.

Mysterious monolith vanishes from Utah desert.

GRANT OPPORTUNITY

Federal Government of Nigeria Project Grow 100 ($5,000 Grant ) 

 

Do you need a one time grant to scale up your business? Tiimafrica in partnership with Federal Ministry of Youth and Sports Development is giving out Five Thousand Dollars ($5,000) grant to eligible applicants.

 

ELIGIBILITY

You must be between the age of 25 – 35 years old

You must be a Nigerian

You must have been running business within Nigeria

Your business must have at least six (6) months financial record. DETAILS

PICKS OF THE DAY

When a ‘Kidnapper’ mistakenly boards vehicle owned by one of his victims. The Cable

Scientists Analyzed 24,000 Chess Matches to Understand Cognition. Naulitus

How to be resilient. Psyche

Lesson on Probability. Shane Parrish

Pull the Andon Cord. The Interesting Times

12 Thoughts on the 2021 Grammy Nominations. Pitchfork

The Rise and Fall of Getting Things Done. The New Yorker

How the U.S. Military Buys Location Data from Ordinary Apps. Vice

How to Have a Difficult Conversation. Psyche

The Feynman Technique: The Best Way to Learn Anything. Farnam Street

TODAY'S TRIVIA

Technology Quiz

1. What was the first emoticon ever used?
A. ?
B. ?
C. ?
D. ?

2. What technology is used to record cryptocurrency transactions?
A. Digital wallet
B. Mining
C. Blockchain
D. Token

3.What tool would you use to reduce the digital image size?
A. Filter
B. Brush
C. Rotate
D. Crop

4. Why is Big Data important?
A. Because it is structured
B. Because it may be analyzed to reveal patterns and trends
C. Because of its complexity
D. Because of its size

QUESTION & ANSWER

QUORA QUESTION: 

What explains Germany's birth rate being the world's lowest?

http://www.wsj.com/articles/how-the-birth-dearth-saps-economic-growth-1443047264

Thomas L. Johnson

German culture is not well situated for child-bearing.

Germans, like the Danes, Icelanders, and Swedes postpone marriage until they are in their thirties. There really is a biological clock and it ticks for the Germans too. They just do not hear the ticking with any great urgency. Age at first marriage

Germans are a nation of renters. Only 41% of all Germans own homes, second lowest only to Switzerland, and home ownership is often delayed well past child-bearing years (Most Germans don’t buy their homes, they rent. Here’s why). That means that apartment dwellers who are faced with the prospect of more than one child are also faced with the need to upgrade to a larger living area. Renters tend to count their pennies as they are typically saving for that eventual home purchase. This does nothing to encourage couples to enter parenthood.

Germany is a nation of perfectionists and perfectionists live in a world of high uncertainty avoidance (Uncertainty Avoidance). That means that many Germans choose to avoid the high level of uncertainty and downright chaos that arrives with children. Germans are naturally comfortable with a structured existence; children are an interruption.

Germany is an upper-class, economically-oriented nation and the usual trend is for such cultures to naturally gravitate towards lower fertility rates (Fertility rate, total (births per woman)). The fact is that Germany's fertility rate of 1.4, though well below the replenishment rate of about 2.1, is not the lowest in the EU. In fact, countries like Greece, Portugal, and Spain rank below Germany. Outside of the former communist countries, very few countries are seeing any increases in fertility in this era of globalization.

In fact, the highest fertility rates are currently in those nations like those of Sub-Saharan Africa and the Middle East many of whose citizens are flooding into Germany during this summer of 2015. In effect, they serve to replace the children that traditional Germans have failed to produce. SOURCE

TRIVIA ANSWER

Technology Quiz Answers

1. What was the first emoticon ever used?
B. ?

2. What technology is used to record cryptocurrency transactions?
C. Blockchain

3.What tool would you use to reduce the digital image size?
D. Crop

4. Why is Big Data important?
B. Because it may be analyzed to reveal patterns and trends

LITERATURE

FACEBOOK FOLKS! 

SHARE THE PRESS

Chances are you have some more friends who would enjoy Freshly Pressed as much as you do.

Use this referral link or share this link to them www.freshlypressed.ng/?r=

 

5 - Premium Sunday Newsletter - Fresh Delight   10 - 30-minute Career Consultancy  15 - Adverts opportunity   30 - Autographed Book  50 - T-Shirt  100 - Hoodie

‍Contributed by SeunJuwonMercy and Tosin.

FOR ADVERTS

Reach us on Whatsapp: +234 806 379 8271