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How to keep your identity safe online

Nowadays with so many of us basically living our lives via the internet, the issue of privacy is something we should be taking very seriously.

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How to keep your identity safe online

Nowadays with so many of us basically living our lives via the internet, the issue of privacy is something we should be taking very seriously. Whether you’re giving out your bank details when placing some bets on casinos, shopping online, or simply using messaging and chat apps, there are plenty of ways that hackers are finding to steal and misuse your information.

However, before you get too afraid and start shutting down all your accounts and operating a cash-only policy, we wanted to share with you some useful and practical tips for keeping you and your information safe when using the internet.

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As with most things, as long as you’re being vigilant and using some common sense, you’re likely going to be fine, but it’s better to be safe than sorry.

Use cloud-based software: Cloud-based software programs such as iCloud, Google Drive and DropBox are not only good at keeping your computer and devices from being clogged up with too many files, but they’re a great alternative to keeping hard copies of things from lying around your house or even just digital copies on your devices.

Cloud storage is especially good for making sure your sensitive information is hidden in a place where it can’t be accessed if your device is lost or stolen, and is also a great way of keeping things secure if, for example, there was a fire or flood at your house.

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[READ MORE: Investing & Gambling: Differences and Where They Intersect)

Change passwords regularly: Most people are aware of the importance of passwords for securing their devices, but not only are they crucial to have, but it’s also crucial that you keep them updated once every few months.

Passwords that are kept the same for a longer period of time are at greater risk from hackers, as are weak passwords such as 1234 or easy to guess names.

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If you have a lot of passwords to remember and think it could be challenging to have different ones for each device or account you use, then something like LastPass would be something worth looking into.

Update your devices: Most devices nowadays have some kind of function that allows them to update after a certain period of time, such as iPhones, for example. Once they’ve not been updated for a while they may start slowing down and even not allowing certain functionality or new apps to be installed.

One of the main reasons for this is that older devices and hardware are at greater risk of hackers as they age, so with each new update comes a new layer of security to protect your device, your information and your identity.

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Get in the habit of checking things every month or so: Even if you take every step listed above, you can’t just do it once. You need to stay on top of things and make sure that you’re checking in with your information to ensure that nothing is amiss. For example, is your computer running slower than usual after you’ve just cleared a lot of files from it? Or are there some transactions on your online banking that you don’t recognize?

Of course, there are never going to be any guarantees with your safety online as things become more complex and hackers get more sophisticated, but if you at least follow the rules above then you’re going to be reducing your risk of cyber-attacks very greatly.

Patricia

NM Partners represent articles published in paid partnerships with corporate organisations. They include press releases, targeted content, and other forms of corporate communications on behalf of our Paid Partners.

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Coronavirus

Governor David Umahi of Ebonyi tests positive for COVID-19

Umahi has directed those who worked in the budget review for 2020 to immediately test for COVID-19.

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Ebonyi State workers will not get salaries for this reason

The Governor of Ebonyi State, David Umahi has tested positive for COVID-19, reported on Saturday afternoon.

Umahi’s Special Assistant on Media, Mr. Francis Nwaze, confirmed the news and also revealed that some associates of the governor also tested positive.

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He also said that the Governor is not showing any symptoms of the disease, though he has isolated himself in line with the NCDC protocols.

“The governor has directed his Deputy, Dr Kelechi, to coordinate the state’s fight against the disease and appealed to the citizens to take the NCDC protocols seriously.

“He will currently be working from ‘home’ and will be conducting all meetings virtually,” Nwaze added.

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David Umahi becomes the sixth Nigerian governor to test positive for the disease, Governors of Kaduna, El- Rufai, Bauchi, Bala Mohammed and Oyo, Seyi Makinde have fully recovered while the recent cases have been the Governors of Ondo, Rotimi Akeredolu and Delta, Ifeanyi Okowa.

On Thursday, Governor Umahi announced that the state’s Executive Council was finalizing the budget review required by World Bank and said “most us broke down and are being treated of malaria.”

He also directed those who worked in the budget review for 2020 to immediately test for COVID-19 and admitted he is expecting a second test result after he initially tested negative in March.

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Patricia
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Economy & Politics

Nigeria’s debt rises to $79.5 billion, as debt to revenue ratio worsens

According to data obtained from DMO, $27.66 billion (N9.9 trillion) is the total external debt.

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DMO suspends April 2020 FGN savings bond offer

Nigeria, Africa’s largest economy’s total public debt rose to $79.5 billion (N28.63 trillion) as of the first quarter of 2020, which is March 31, 2020. This represents a 15% increase from the figure that was recorded for the corresponding period in 2019, which was about $69.09 billion (N24.94 trillion).

This was disclosed in a latest publication by the Debt Management Office (DMO) on Friday June 3, 2020.

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Nigeria has seen its debt stock rise sharply in recent years as the country tries to fund infrastructural and developmental projects and boost its fragile economy, which has been in and out of recession. The country’s economy has been projected to fall into recession again, due to the adverse impact of COVID-19 that has seen oil prices crash globally.

According to data obtained from DMO, $27.66 billion (N9.9 trillion) is the total external debt. This represents 34.89% of the total public debt stock. Whereas, $51.64 billion (N18.64 trillion) is the total domestic debt, which represents 65.11% of the total public debt.

The Federal Government accounts for 50.77% of the total domestic debt, which is $40.26 billion (N14.53 trillion), whereas the State Governments and Federal Capital Territory account for 14.34% of the total domestic debt which is $11.37 billion (N4.11 trillion).

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Nigeria has been under a lot of fiscal crisis following the crash of oil prices triggered by the coronavirus pandemic. The oil sector accounts for about 90% of the country’s foreign exchange earnings and about 60% of its total revenue.

The country, which had lined up a series of debt issue this year, had to halt the external commercial borrowing due to oil price collapse. The Minister for Finance, Zainab Ahmed, had last week disclosed that the country would no longer go ahead with its Eurobond debt issue.

The Nigerian government, for now, is focusing on the domestic markets and concessionary loans to help fund the 2020 budget deficit which is made worse by drop in revenue. In the recently approved 2020 revised budget, the federal government is expected to borrow N850 billion from the domestic market.

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This rising debt has put a lot of pressure on the government’s resources as it spent $1.69 billion (N609,13 billion) to service its domestic debt in the first quarter of 2020 alone.

Nairametrics had reported that Nigeria’s global rating is at risk due to the sharp rise in the country’s sovereign debt and a growing finance gap. According to a report from the global rating agency, Fitch Ratings, this could trigger a rating downgrade as policymakers struggle to stimulate growth and deal with the impact of low oil prices and sharp drop in revenue.

According to Fitch, the country’s debt to revenue ration is set to deteriorate further to 538% by the end of 2020, from the 348% that it was a year earlier.

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Patricia
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Financial Services

CBN imposes fresh CRR debits on banks to the tune of N118 billion

These debits have inevitably tightened liquidity in the banking system and bankers are complaining.

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CRR Debits

On July 3rd, 2020, the Central Bank of Nigeria (CBN) once again debited many banks in Nigeria in line with its Cash Reserve Ratio (CRR) compliance requirement. This time around, about 14 banks were debited to the tune of N118 billion.

These banks are:

  • Access Bank Plc: N3 billion
  • Guaranty Trust Bank Plc: N15 billion
  • First Bank of Nigeria Ltd: N12.4 billion
  • Ecobank Nigeria: N7 billion
  • Sterling Bank Plc: N5 billion
  • Fidelity Bank Plc: N11 billion
  • Union Bank of Nigeria Plc: N12.5 billion
  • First City Monument Bank Ltd: N10 billion
  • CitiBank Nigeria Ltd: N10.2 billion
  • Stanbic IBTC Bank: N15 billion
  • Zenith Bank Plc: N7 billion
  • Wema Bank Plc: N3 billion
  • Titan Trust Bank: N2.5 billion
  • Rand Merchant Bank Nigeria Ltd: N4 billion

More details on these debits

These constant CRR debits, which typically herald the apex bank’s FX auctions as Nairametrics was made to understand, have served to significantly reduce liquidity in the system. An insider who informed Nairametrics about the latest debit said “the liquidity within the system is now very tight”. As a matter of fact, liquidity is now reportedly below N100 billion.

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Apparently, the CBN is using these weekly CRR debits to mop up liquidity in the system. In other words, these debits help to prevent banks from coming to the FX auctions with lots of cash. Too much FX demands tend to put the apex bank under pressure.

Note that inasmuch as the CBN is trying hard to stabilise the FX markets, these constant debits have inevitably affected banks negatively by leaving them cash-strapped. Our source, who was quoted above, earlier complained about these ‘indiscriminate debits’ when he said:

“These are huge amounts that are leaving the banking sector. It’s a squeeze on the banks. A bank like First Bank, for instance, has about N1.4 trillion in CRR with the Central Bank. And there is Zenith Bank with equally as much as N1.5 trillion. These are monies that banks can potentially put in loans at 52% at 30%, or even put in money market instruments at maybe 10%. So, for a shareholder of these banks, this CRR debits are impairing the banks’ ability to increase their earnings because now are not able to use the funds that are legitimately theirs to create money for their shareholders. And the question is that under what framework is the Central Bank choosing to take people’s money?”

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Banks’ stakeholders have also collectively complained

Meanwhile, bank stakeholders have also collectively complained about these incessant CRR debits by the Central Bank of Nigeria. As Nairametrics reported yesterday, the negative impacts of CBN’s constant CRR debits were among some of the issues raised by banks’ stakeholders during Standard Chartered Bank’s 2020 Africa Investor’s Conference.

It is important to point out that many banks in the country, including the likes of First Bank, now have billions of their customers’ debits sterilised for the sake of CRR compliance.

Understanding CRR

The cash reserve requirement is the minimum amount banks are expected to leave retained with the Central Bank of Nigeria from customer deposits. In January, the CRR was increased by 5% to 27.5%  by the CBN Monetary Policy Committee (MPC) who explained that the decision was intended to address monetary-induced inflation whilst retaining the benefits from the CBN’s LDR policy.

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Patricia
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