The Central Bank of Nigeria (CBN) has imposed hefty fines on nine Deposit Money Banks for failing to ensure cash availability through their ATMs during the festive season.

The total fines amount to N1.35 billion, with each bank penalized N150 million for breaching the CBN’s cash distribution guidelines.

The affected banks include Fidelity Bank, First Bank, Keystone Bank, Union Bank, Globus Bank, Providus Bank, Zenith Bank, United Bank for Africa (UBA), and Sterling Bank.

According to a statement by CBN’s acting Director of Corporate Communications, Mrs Hakama Sidi Ali, the sanctions reflect the apex bank’s zero-tolerance stance on cash flow disruptions, especially during high-demand periods.

Spot checks conducted on the banks’ branches revealed their non-compliance with guidelines aimed at ensuring the seamless availability of naira notes across ATMs during the yuletide season.

As of January 14, 2025, TikTok, the popular video-sharing app owned by China’s ByteDance, is facing a potential ban in the United States due to national security concerns.

The U.S. Supreme Court appears inclined to uphold a law requiring ByteDance to divest its U.S. operations by January 19, 2025, or face a ban.

Legislative Actions and Deadlines

The Protecting Americans from Foreign Adversary Controlled Applications Act mandates that ByteDance must sell TikTok’s U.S. assets by January 19.

Failure to comply would result in a prohibition of the app in the U.S. Two Democratic lawmakers, Senator Edward Markey and Representative Ro Khanna, have urged President Joe Biden to extend this deadline, showing concerns over free speech and the livelihoods of content creators.

Senator Markey has proposed legislation to extend the deadline by 270 days, emphasizing the potential disruption to TikTok’s cultural ecosystem and the millions who rely on the platform for social connections and income.

Potential Outcomes and Alternatives

If the ban proceeds, TikTok, which boasts 170 million American users, would become inaccessible. In anticipation, users are migrating to alternative platforms.

Notably, Xiaohongshu, known unofficially in English as “Red Note” or “the Chinese version of Instagram,” has become the most downloaded app in the U.S.

Despite its primarily Chinese interface, American users are joining the platform. Other platforms like Lemon8, another ByteDance app, are also experiencing increased downloads.

Corporate Negotiations and Speculations

In response to the impending ban, discussions have emerged about potential buyers for TikTok’s U.S. operations.

Chinese officials are reportedly considering allowing Elon Musk, known for his positive connections with China and ownership of the social media app X, to invest in or take over TikTok’s U.S. operations.

Implications for Users and the Tech Industry

A ban on TikTok would have significant implications for its users and the broader tech industry. Users would lose access to a platform integral to social interaction, entertainment, and commerce.

Competing platforms like Instagram’s Reels, YouTube Shorts, and Snapchat may benefit by attracting TikTok’s user base and advertisers.

As the January 19 deadline approaches, the future of TikTok in the U.S. remains uncertain. The outcome will depend on legislative decisions, potential corporate negotiations, and the broader geopolitical context.

Users and stakeholders are advised to stay informed about developments in this evolving situation.

The Nigerian government, through the Debt Management Office (DMO), has introduced two new savings bond offers designed to attract individual and institutional investors while providing tax-free returns.

The first offer is a two-year bond with an annual interest rate of 17.23 percent, set to mature in January 2027.

The second is a three-year bond offering a slightly higher interest rate of 18.23 percent per year, with maturity in January 2028.

According to DMO’s notice, these bonds have unique advantages. Both are tax-free under Nigerian tax laws, meaning investors won’t pay personal or corporate taxes on the returns.

They are also open to large-scale investors, including pension funds and trustees, making them suitable for individuals and institutions alike.

The bonds are affordable, with each unit priced at N1,000. The minimum purchase is N5,000, while the maximum investment is capped at N50 million.

These savings bonds are backed by the Federal Government of Nigeria, which guarantees both the repayment of the principal and the interest.