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Nigeria Has Introduced e-Niara A Digital Version Of Their Paper Currency Niara

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e-Niara Can Used For Payment Of Salaries Goods And Services

The Central Bank of Nigeria has unveiled a digital currency built on blockchain technology. There can’t be any fake or duplicates of the e-Niara. The digital version of the Nigerian niara is being issued and regulated by the central bank of Nigeria only.

The e-niara works just like airtime recharge cards. People wanting to send money through e-niara would have to buy airtime recharge cards of the same amount of the money they would want to send and load them on their account. Then transfer it as credit to the recipient. The recipient can redraw physical cash of the credit sent by going to any phone card retailer. The mobile retailer then redeems the call credits and pay cash.

The e-Niara is the first digital money to be issued through a government entity in Africa. The digital currency is expected to bring the majority of Nigerian population who don’t have bank account but uses Mobile phone into the formal financial economy.

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Togo Reduces Indicative Prices For Cocoa And Coffee

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Source: togofirst.com

From May 16 to 31, the indicative price to the producers of superior quality cocoa has been set at CFA905 ( $1.46) per kg, down 6% compared to the price set for the first two weeks of the month, knowingly CFA960 ($1.55).

Similarly, the price of Healthy Robusta coffee has been reduced from CFA860 ($1.39) to CFA845 ($1.36) per kg (-1.7%).

The new indicator prices were disclosed by Togo’s Coordination Committee for the Coffee and Cocoa Sectors (CCFCC) which noted that they are determined based on global rates and calculated in relation to the July 2022 deadline.

Between March 31 and May 16, 2022, the price of cocoa dropped by 6% while that of coffee rose by 1.8%, from CFA830 ($1.34) to CFA845 ($1.36).

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McDonald’s Plans To Sell Its Russia Business After Three Decades

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Source: time.com

 McDonald’s — an icon of U.S. lifestyle and capitalism — has put its Russia business up for sale as it works to leave the country completely.

McDonald’s said Monday that it has started the process of selling its Russian business, which includes 850 restaurants that employ 62,000 people, making it the latest major Western corporation to exit Russia since it invaded Ukraine in February.

The fast food giant pointed to the humanitarian crisis caused by the war, saying holding on to its business in Russia “is no longer tenable, nor is it consistent with McDonald’s values.”

The Chicago-based company announced in early March that it was temporarily closing its stores in Russia but would continue to pay employees. On Monday, it said it would seek to have a Russian buyer hire those workers and pay them until the sale closes. It did not identify a prospective buyer.

CEO Chris Kempczinski said the “dedication and loyalty to McDonald’s” of employees and hundreds of Russian suppliers made it a difficult decision to leave.

“However, we have a commitment to our global community and must remain steadfast in our values,” Kempczinski said in a statement, “and our commitment to our values means that we can no longer keep the arches shining there.”

As it tries to sell its restaurants, McDonald’s said it plans to start removing golden arches and other symbols and signs with the company’s name. It said it will keep its trademarks in Russia.

The first McDonald’s in Russia opened in the middle of Moscow more than three decades ago, shortly after the fall of the Berlin Wall. It was a powerful symbol of the easing of Cold War tensions between the United States and Soviet Union.

McDonald’s was the first American fast food restaurant to open in the Soviet Union, which would collapse in 1991. McDonald’s decision to leave comes as other American food and beverage giants including Coca-Cola, Pepsi and Starbucks have paused or closed operations in Russia in the face of Western sanctions.

Corporations from British energy giants Shell and BP to French carmaker Renault have pulled out of Russia, taking a hit to their bottom lines as they seek to sell their holdings there. Other companies have stayed at least partially, with some facing blowback.

McDonald’s said it expects to record a charge against earnings of between $1.2 billion and $1.4 billion over leaving Russia.

Its restaurants in Ukraine are closed, but the company said it is continuing to pay full salaries for its employees there.

McDonald’s has more than 39,000 locations across more than 100 countries. Most are owned by franchisees—only about 5% are owned and operated by the company.

McDonald’s said exiting Russia will not change its forecast of adding a net 1,300 restaurants this year, which will contribute about 1.5% to companywide sales growth.

Last month, McDonald’s reported that it earned $1.1 billion in the first quarter, down from more than $1.5 billion a year earlier. Revenue was nearly $5.7 billion.

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Rihanna Announces Launch of Fenty Beauty In Africa

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Rihanna Introduces Fenty Beauty In Africa

Robyn Fenty, popularly known as Rihanna, has announced the official launch of Fenty Beauty in Africa. The singer, entrepreneur, and soon-to-be mother on Tuesday, May 10, 2022, announced her interest in the African market via a post on her Facebook page.

The official announcement from the famous the American-based beauty mogul and entrepreneur reads; “I’ve been waiting for this moment!! fentybeauty & FENTY SKIN are finally dropping in AFRICA!!!”. Botswana, Ghana, Kenya, Namibia, Nigeria, South Africa, Zambia, Zimbabwe…we comin at ya May 27th and that’s just the beginning!!! #FentyAfrica”

Rihanna’s dream had always been to create a brand that fits all women from different parts of the world, and she seems to have done so quite effectively.

The music artist started the project first in 2017. However, what started with humble or little beginnings has since transcended its initial boundaries, reaching millions around the world, including in Africa.

Recall that the Fenty beauty merchandise had been labeled “Nigeria’s favorite cosmetic brand” of the year in 2021. According to Tajmeeli, a popular cosmetic surgery education site, Fenty Beauty was the most searched for cosmetic in Nigeria, thereby making it the most loved cosmetic product in the country.

Rihanna gained the title of Forbes’ richest female singer in August 2021 after the brand, in which she owns 50% of the shares, produced revenues of $550 million in its first year, significantly more than other celebrity-endorsed makeup lines.

According to Forbes, Rihanna is now worth $1.7 billion, making her the world’s wealthiest female artist and second only to Oprah Winfrey as the richest female entertainer. Her fortune, however, is not due to her singing. The value of Fenty Beauty, of which she now owns 50%, accounts for the majority of her riches (an estimated $1.4 billion).

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