S28: Data Protection Bill & Floating Exchange Rate

Introduction

we have to have a heart to heart talk this morning

1. Data protection Bill

2. Floating Exchange rate

among many activities happening in this new dispensation.

Data protection bill

when we talk about data, we mean your information, and when we talk about your information, it boils down to two things

1. Ownership

2. Authenticity

with the two been mentions, one thing is paramount to you.

1. Proof.

if this act is implemented well and in workmanship like manner. this bill gives you the full right to

1. how you share your information to people

2. how you hold people who hold your information accountable

3. how important it is for organisation that needs your information should behave when they are requesting for it and how they intend to share it.

the in and out of the data protection bill is just beckoning on one thing

Blockchain technology is what is written all over the data protection bill

it singnifies the readiness of Nigeria and its preparation for a well positioned web3 technologies. what catches my attention is the data security section of the data protection bill

Q1: does Nigeria institution have the technological capability to adapt to this effect.

This is an opportunity for developers in the web3 space to develop solutions for banking institution, immigration and driver license agencies.

possible solution that can be developed

1. zero-knowledge proof

2. Token gating solution

   1. access control to events, bars, club etc.

Q2: what are the possible risk this data protection will expose you to?

Q3: How do we educate the people of their right to this Bill?

Q4: What could have been done differently?

Q5: Do you think Nigeria is right for this kind of Bill especially with the level of fraud & technological readiness? Q6: Even though Nigeria just passed this Bill, developed countries have had same bills in the past, yet data breaches increases at the rate of 10 - 25% year on year, How ready are we to achieve this.

Let's talk about accessing your data

their are big data companies that help other institutions proof the existences of an identity e.g. when you open an account in the bank, you supply them your Identity, they will contact big data companies like verify me to proof if the claim is true and the ownership is valid.

Big Question: why will institutions pay big data companies or third party verification platform to proof your existence or the validity of your identity when they can pay it to you directly.

Floating Exchange rate

before we talk about the float of exchange rate, lets talk about activities in the space that the past govt. have tried to use to tighten the de-valuation of our local currency. knowing fully well that the more Nigerian demand for dollar over Naira both traditionally and internationally, then the dollar gains against Naira using the functions of demand and supply.

Q1:what are the instance of Nigerians demanding for dollar

1. Schooling - payment of tuition fees

2. Medication - payment of medical bills or going for treatment abroad

But then we have tried to control this in the past by.

1. imposing a spending limit on Dollar, which impair some technological problems and also give birth to solution like virtual dollar card that allow you to by pass this limit.

2. encourage the conversion of your dollar to naira with a cashback incentive of N5/$

Let's talk about the floating exchange rate

1. what is floating exchange rate and what are your thoughts on it.

2. the parity in buying & selling of Dollar is pegged at ₦1, the black market will buy for less and sell for more. does this mean people will turn to banks for FX rather than the banks?

3. some speculators believe that this changes will increase national debt. putting us more in difficult situation, do you agree? if so, how so?

4. one of the highest controversials of this news is that it will prompt more investors inflow to nigeria's fertile land, how possible is this .?