E-Business
CBN to Supply Lower Currency to Public Directly
Central Bank of Nigeria, CBN has directed all its branches across the country to deal directly with the public, including business owners, in an effort to resolve a lingering scarcity of lower denominations of the naira.
Speaking to journalist at the just concluded IMF/World Bank Spring Meetings, Mr. Isaac Okorafor, director, Public Affairs, said there was sufficient supply of lower denomination of the local currency currently in commercial banks.
He said “In addition, all our branches have been directed to indeed interface directly with members of the public, including shop owners to enhance the easy circulation of these notes”.
Okoroafor said that the apex bank only issued clean and fit notes to banks and could only replace unfit notes brought to it by the banks.
On currency hawking, he said that the apex bank was aware of the unwholesome act and other abusive treatment of the currency.
“The bank in collaboration with the law enforcement agencies, have taken steps to curb these acts. The CBN is investigating to determine if any of its staff is involved in the criminal act and to take appropriate action on such staff,” he added.
He assured that the law enforcement agencies were working on how to stop the abuses, and called on all stakeholders to join in the fight against abuse of the currency.
He said that “unfit and dirty notes” have remained in circulation because banks failed to invest in currency sorting.
He denied the allegations that the apex bank was charging commercial banks for the replacement of unfit notes.
“What is happening now is that banks have failed to make the needed investments in currency sorting and therefore resorting to re-circulating unfit and dirty notes.
I can assure you that in due course something will be done to check this,” he said. Okoroafor explained that the CBN does not charge Deposit Money Banks, DMBs, for currency sorting services for pecuniary benefits.
“The CBN does not impose any charges on DMBs for currency Sorting Services for the purpose of pecuniary benefits, he said.
“Instead, it is the responsibility of each bank as it is the practice world over to sort its own currency notes appropriately into ‘fit and unfit’ categories before lodging them with the CBN.”
He said if any bank failed to perform the responsibility of sorting the notes, the apex bank would do the service on behalf of the bank. This, he said, would attract a legitimate but paltry charge of N12, 000 per box of the currency.
“And one box of Naira for N1, 000 denomination is about 10 thousand pieces and the value is N10 million. If banks lodge money with us that they have sorted we don’t impose any charge upon that,” he said.
E-Business
Ride the ‘Wicked’ Wave: Temu Brings Green Magic to Christmas
Temu is set to enchant the holiday season with its unique blend of green magic, bringing a touch of festive wonder to Christmas celebrations. The initiative, themed “Ride the ‘Wicked’ Wave,” promises to deliver an unforgettable experience, combining technology, entertainment, and commerce to create a magical holiday atmosphere.
Temu’s green magic initiative aims to captivate audiences with a variety of festive offerings, from fashion to home decor, handmade crafts, beauty items, chic clothes, shoes, and more.
The platform’s innovative approach ensures that customers can enjoy a seamless shopping experience, with free shipping on all orders1.
As part of the celebration, Temu has also introduced a magical winter Christmas backdrop, perfect for creating a festive ambiance at home.
This backdrop, made from high-quality polyester, is designed to bring the spirit of the season to life, making it an ideal addition to any holiday decor.
With its commitment to providing exceptional products and services, Temu continues to set new standards in the e-commerce industry, ensuring that customers can enjoy the magic of Christmas in style
E-Business
Kaspersky Cybersecurity Experts Warn of Evolving Holiday Scams
With the holiday season here, it’s not only a time for magic and celebration but also a prime opportunity for fraudsters to exploit the festive rush for gifts and bargains.
Amid the sparkle of year-end celebrations, cybersecurity experts at Kaspersky have identified several prominent scams targeting consumers across various regions and languages.
Fake holiday shops
Deceptive online stores mimic the look and feel of legitimate e-commerce sites, offering seasonal items such as decorations, gifts, and even trees at steep discounts.
These sites often appear highly localised, adapting their language and currency based on the user’s geographic location, leveraging data extracted from browsers.
Victims typically encounter these stores by following links in ads or pop-ups.
These sites aim to steal funds. Often, these fraudulent stores exist only for a short period, as they get flagged by the vendors of goods.
Free mobile data offer
This scam plays on the allure of free services, claiming to provide free mobile data valid across all major telecom providers.
In order to receive the free data, victims are required to share the promotion link with 10–15 contacts via WhatsApp, ensuring the scam spreads exponentially.
After sharing, victims are prompted to enter their personal details — name, phone number, and email — into a form.
The collected data is then sold on the Dark Web or used in other fraudulent activities.
In some cases, victims unknowingly download malware that compromises their devices, leading to further exploitation.
Holiday payments on behalf of government agencies
Fraudsters impersonate government authorities, promising fictitious payments in celebration of the holidays.
This scam has been reported in several African countries, including Kenya and Nigeria.
To receive payment, victims are directed to fill out a survey which requires personal details like name and phone number.
Once the survey is completed the user is asked to share the link to the announcement with their connections via WhatsApp.
These details are collected and added to fraudulent databases, then sold to third parties or used for phishing attacks and identity theft.
This scam exploits trust in government systems and the festive spirit of giving.
Christmas recipe scam
This scam begins with a seemingly harmless email promoting a holiday cake recipe.
Victims are encouraged to pay a small fee to access the recipe.
Once payment is made, the victim’s credit card information is stolen. The fraudsters also collect other personal information essential for accessing banking services.
“Holiday scams are not a new phenomenon, but they have evolved to become increasingly sophisticated, leveraging regional traditions and technology to exploit unsuspecting victims.
The rush of the holidays makes people more vulnerable — they’re distracted, eager to grab a deal, or trust promotions that align with festive themes. Cybercriminals are not just stealing money — they’re building massive databases of personal information that fuel future fraudulent schemes.
The holiday season is a time for joy and giving, but users need to remain vigilant to ensure they’re not unknowingly giving fraudsters the tools to exploit them further,” said Olga Svistunova, Senior Web Content Analyst at Kaspersky.
E-Business
Hackers Seize NBS Newly Redesigned Website
Cybercriminals have persisted in targeting Nigerian government websites, with the most recent attack on the National Bureau of Statistics (NBS).
The NBS confirmed the development in a brief statement posted on its X (formerly Twitter) account
It said that its newly redesigned official website has been hacked.
The NBS disclosed the incident and assured the public that efforts are underway to recover the website.
It urged the public to disregard any messages or reports posted until the full recovery of its website.
The statement on X read: “This is to inform the public that the NBS website has been hacked, and we are working to recover it. Please disregard any message or report posted until the website is fully restored.”
The NBS plays a vital role in Nigeria’s development, serving as the official statistical agency responsible for collecting, analyzing, and disseminating statistical data on the country’s economy, governance, and development
This marks the latest in a series of attacks on Nigerian government websites, a trend that has been ongoing for some years.
From government ministries to officials, cyberattacks in Nigeria have surged to alarming levels, with even financial institutions falling victim.
The Nigerian Communications Commission (NCC) and National Information Technology Development Agency (NITDA) frequently issue warnings of cybercriminals targeting individuals, government entities, banks, and telecom companies.
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