Daily Bells Newspaper, Author at Business Bells — Page 12 of 31

Author: Daily Bells Newspaper

  • CBN’s Digital Currency To Kick Off  Before End of 2021 – Bankers’ Committee

    CBN’s Digital Currency To Kick Off  Before End of 2021 – Bankers’ Committee

     

    The Director-Information Technology Department, Central Bank of Nigeria, Mrs Rakiyat Mohammed, has said that the banking regulator will launch a digital currency before the end of 2021.

     

    Muhammed disclosed this during a press briefing on the Bankers’ Committee meeting on Thursday.

     

    “As I said before the end of the year, the Central Bank will be making special announcement and possibly launching a pilot scheme in order to be able to be able to provide this kind of currency to its populace,” she said.

     

    She said about 80 per cent of central banks in the world were exploring the possibility of issuing central bank digital currency and Nigeria could not be left behind.

     

    For over two years now, she added, the CBN had been exploring technology and had made tremendous progress.

     

    Explaining what the Central Bank digital currency would be, she said there were currently two forms of money in the country.

     

    She added, “We have in two forms in Nigeria as of now, there are the notes and there are the coins.

     

    “So the Central Bank currency is to be the third form of money which means just as we have electronic money, digital money is not new in Nigeria.

     

    “Just as we are about the third or fifth in the whole world as far as advancement in the use of digital money is concerned.

     

    “So this is going to compliment the coins and cash that we have.

     

    “The Central Bank digital currency will just be as good as you having cash in your pocket and even as you have the cash in your pocket, you are going to have the cash on your phone.”

     

    She said the Central Bank was looking at different use cases such as remittances.

     

    The director said, “We all know how money has to travel for someone to send money from Nigeria to abroad and it is a huge money in Africa.

     

    “We also know that recent report by EfiNA was that our target was to achieve 80 per cent financial inclusion. We are about 60 per cent and at the rate at which we are going, we are not going to meet this target.

     

    “Central Bank digital currency will accelerate our ability to meet this target.”

     

  • Jumia Marks 9th Anniversary with 60% discount, Partners Unilever, Xiaomi, Others

    Jumia Marks 9th Anniversary with 60% discount, Partners Unilever, Xiaomi, Others

     

    Nigeria’s leading e-commerce platform, Jumia, is celebrating nine years of e-commerce journey with a sales campaign aimed at celebrating customers, sellers, and partners on its platform.

     

     The campaign will run from June 11th until 27th, 2021.

     

    Jumia’s 9th anniversary which also doubles as the anniversary of e-commerce in Nigeria, since the e-commerce giant paved the way for online shopping, is offering 60% discount in a sales campaign tagged “Celebrating You”, aimed at celebrating new and loyal consumers.

     

    The discount will apply to categories such as Electronics, Beauty, Fashion, Phones & Tablets, Groceries, Appliances and many more.

     

    Partners for this campaign include over 11,000 sellers on the Jumia Nigeria platform and international brands such as Unilever, Xiaomi, Nivea, Reckitt Benkisser and Infinix.

     

    Jumia Nigeria CEO, Massimiliano Spalazzi said: “It has simply been an amazing journey. If I went back to how we started and where we are, being the number one e-commerce company in Africa and in Nigeria, it makes us very humble. We believe that e-commerce has played an even more important role in people’s life and to celebrate the achievement and to better serve our consumers and sellers, that is why the slogan for our 9th anniversary is ‘Celebrating You’.”

     

    For the anniversary window, customers will enjoy up to 60% off on a diverse list of brands across categories including Groceries (Unilever, Nestle, Coca-Cola, Carrefour), Sanitary & Hygiene (Reckitt Benckiser, P&G, Henkel, GSK), Beauty (l’Oreal, Maybelline, Garnier, Nivea), Phones (Samsung, Xiaomi, Nokia, Huawei), Electronics (Intel, HP, Philips, Sony), lifestyle (Playstation 4) and many more.

     

    “The anniversary will be celebrating you as our consumer, employee, seller, logistics partner, celebrating you as our client and those in the ecosystem and our environment for which we make life better every day,” Spalazzi added.

  • Twitter Has Reached Out To Us For ‘High-Level Negotiation,’ Says FG

    Twitter Has Reached Out To Us For ‘High-Level Negotiation,’ Says FG

     

    The Federal Government says the management of tech giant, Twitter, has reached out for dialogue.

     

    The Minister of Information and Culture, Lai Mohammed said this on Wednesday while addressing State House correspondents after the Federal Executive Council.

     

    He said Twitter reached out to the Federal Government on Wednesday morning for ‘high-level discussion.’

     

    He declared that the ban has so far been very effective following reports of Twitter’s huge financial losses running into billions.

     

    The Information Minister maintains that Twitter has been a platform of choice for separatists to thrive and would be disallowed from operating until it is duly registered, licensed, and operates within regulations.

     

    When the Minister was asked about the law under which Nigerians who violate the Twitter ban would be prosecuted, Lai refrained from answering and asked that the Attorney General of the Federation provide answers.

     

    Speaking concerning the discussion at the FEC meeting chaired by President Muhammadu Buhari, Mohammed insisted on the ban and asked politicians to rise beyond various divisions and queue behind the country’s decision to ban the microblogging site.

     

     

    – Tax Payment and Registration –

     

    Minister Lai Mohammed also spoke concerning the payment of tax by tech giants in the country.

     

    He explained that most of the OTT and social media platforms operating in Nigeria do not have offices either do they pay taxes for the billions earned.

     

    Henceforth, the Federal government has resolved to ensure other social media platforms like Facebook and Instagram be registered in the country and adverts have been published to this effect.

     

    The information minister, despite criticism by Human Rights groups, insists that freedom of speech has not been stifled as a result of the ban.

     

    He maintained that other social media platforms are still available for use. 

     

  • Buhari Receives First Made-In-Nigeria Phone

    Buhari Receives First Made-In-Nigeria Phone

     

    President Muhammadu Buhari on Wednesday took delivery of the first ever Nigeria-made cellphone called ITF Mobile.

     

    The product was presented to him by Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, just before commencement of the week’s Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja.

     

    Introducing the product to the President, Adebayo said it was produced by the Electrical/Electronics Technology Department of the Industrial Training Fund’s (ITF) Model Skills Training Centre, using locally sourced components.

     

    “Twelve indigenous mobile cell phones produced by the Model Skills Training Centre of the Industrial Training Fund; an agency under Ministry of Industry Trade and Investment was launched.

    “It gives me great pleasure, Mr President, to present you with one of the phones,” Adebayo said.

     

    Also before the start of the FEC meeting, Buhari also presided over swearing-in ceremony of a Commissioner each for the National Population Commission (NPC) and the Federal Civil Service Commission (FCSC).

     

    Those sworn-in were Wakil Bukar as Commissioner of the Federal Civil Service Commission (FCC) and Mohammed Dattijo Usman as Commissioner of the National Population Commission (NPC).

     

    Bukar is to replace the FCC Commissioner from Bauchi State while Usman replaces the NPC Commissioner from Niger State.

     

    Representatives from the two States died recently.

  • FG, Twitter in Talks Over Suspension

    FG, Twitter in Talks Over Suspension

     

    The Ambassador of the United States of America to Nigeria, Mary Leonard, on Monday, confirmed that Nigeria is in discussion with Twitter over suspension of its operations in Nigeria.

     

    Leonard said this during a closed-door meeting with the Minister of Foreign Affairs, Mr Geoffrey Onyeama, ambassadors and representatives of the United States, the United Kingdom, Canada, Ireland and the EU in Nigeria.

     

    Onyeama had said the suspension of Twitter was in the interest of national security and peace.

     

    He stressed that the objective of the ban was to advocate for a responsible use of social media platforms that would not destabilize the peace and unity of the country.

     

    Reacting, Leonard thanked the Minister for inviting them for the meeting and expressed satisfaction that the federal government and Twitter were in talks.

     

    She said the representatives were Nigeria’s strong partners on issues of security and they recognise the daunting task on the issues of security that confronts the country.

     

    “We recognise that there are issues of irresponsible use of social media, but we remain firm in our position that free access to the ability to express self is very important and perhaps more important in troubled times,’’ NAN quoted her as saying.

     

    She said many of the things Onyeama referred to, including incitements and violence, were crimes the Nigerian government had legitimate right to prosecute.

     

    Leonard urged the federal government to use its judicial processes within the scope of respect for human rights and the rule of law to restrain such behaviours. 

  • Imported Vehicles: NAJA Reveals How Nigeria Lost 50% Duties In 5 years

    Imported Vehicles: NAJA Reveals How Nigeria Lost 50% Duties In 5 years

     

    For five consecutive years, the federal government has lost half of its revenue accruing from duties paid on imported vehicles as 50 per cent of vehicles in Nigeria come in illegally through the closed borders and seaports without payment of duties to the government treasury,  investigations by the Nigeria Auto Journalists Association (NAJA) has revealed.

     

    The economic sabotage, which gained traction in the first quarter of 2016, when the land borders were shut by President Mohammadu Buhari regime, is perpetrated by either influential people/dealers who hand out signed documents to the Customs or bribe their way to clear the vehicles without due process.

     

    In connivance with unscrupulous government officials, some dealers are treated as sacred cows and they are quick to get away with anything at the ports.

     

    NAJA checks revealed that the illegal business does not stop at sea ports alone; similar dealings have been reported in major land borders across the country, including: Kpobe (Ogun State), Ijowu (Ogun State), Seme (Lagos State), Idiroko (Ogun State), Shaki (Oyo State), Daura (Katsina State), Baga (Borno State) etc.

     

    It would be recalled that the Nigeria Customs Service (NCS) had in September 2019 raided some top car marts in Lagos.

     

    The comptroller general’s Strike Force and officers attached to the Federal Operations Unit (FOU), Zone ‘A’, Ikeja stormed Berger along Apapa-Oshodi Express Road and other premises across the state.

     

    Many of them were closed on the orders of the CG Service, Col. Hameed Ali (rtd), for allegedly retailing smuggled vehicles in the shops.

     

    Major car dealers including Affordable Cars Limited, Carlink Limited, Ineh Mic Autos, Globe, Coscharis, Skymit, Arrowhead Motors, Wonder Wheels, Auto Point, among others were raided. Showrooms in other states, including, Sokoto, Katsina were equally affected.

     

    The second hand vehicles dealers were not spared as most of their showrooms were equally closed too due to reasons that have to do with documentation.

     

    Commenting, Remi Olaofe, the executive secretary, Nigeria Automotive Manufacturers Association, (NAMA) said “you can’t say there is no smuggling in Nigeria; our borders are porous and we have done everything we needed to do to improve it, by shutting down the borders, but they are still porous.

     

    Olaofe said it is a fallacy to say for every vehicle coming into the country, appropriate duties are being paid.

     

    Stating that NAMA has proffered solution to the menace, Olaofe said that with their portal and that of  the National Automotive Design and Development Council (NADDC, it will be 100 per cent impossible for anybody to import a vehicle and not properly register in Nigeria because the portal will indicate that the appropriate amount of money is not paid.

     

    “It is just as simple as that, but for the reason best known to the operators and the players in that market, they have refused to allow that portal to work”, he said.

     

    Advising that  vehicles must be registered for them to be driven on the road, Olaofe added that “You can’t be driving a vehicle that is not registered. To know this, they should go to the licensing office because the licensing office can not license a vehicle without first clarifying from the portal and that clears the vehicle. If that is not there, we have what is called the BIN number, will throw up a red flag”.

     

    Explaining further, Olaofe said “I don’t represent the (FBU) Fully-Built Vehicle, mine advocacy is for us to shut our doors against the FBUs. Assembling of vehicles in Nigeria is what I represent” .

     

    Confirming that the duty waiver for vehicles have been adjusted, but there is no difference in the rate of vehicles, the executive secretary said  “We are saying that it is not duty that is affecting the rate we are paying as transportation fare, but the factors are the cost of fuel, infrastructure, security on the road, wear and tear, replacement of these spare parts and the conditions of the vehicles. They bring a lot of junks into this country”.

     

    “Africa Bilateral Free Trade Agreement has taken off, where is Nigeria in the scheme of things? Assembly plants are now moved to Ghana, what do we stand to benefit? Toyota, Hyundai and co are being assembled in Ghana, are those for Ghana economy? They are for Nigeria economy”,  Olaofe added.

     

    Kunle Jaiyesimi, Deputy Managing Director, Massilia Motors, dealers of Mitsubishi brand of vehicles said most car dealers, including Masillia Motors are still selling their old stock and that his company had stocked up to December for the 2021 business.

     

    According to him, car market has really shrunk and that dealers have not really made major decisions in 2021 in terms of vehicle imports.

     

    Jaiyesimi said “to the assemblers, they are not happy with the Finance Act; it’s making the locally assembled vehicles uncompetitive compared to the Fully Built Units. For instance, Fuso and Canter (Mitsubishi) that we are assembling, it is cheaper to bring them in as FBU than locally assembling them. And that has affected our production lines.

     

    Jaiyesimi who is also the Chairman, Auto Group of the LCCI proffered solutions, saying that “the only way for us have some gain on the assembly line is for govt to remove the import duty or reduce it. If they cannot remove it, they can bring it down to five per cent” .

     

    The DMD said that, for now, they are charging 40 per cent (35 per cent import duty and five per cent for levy) on passenger cars for FBU; 10 per cent on (Semi Knocked Down (SKD) and 10 per cent on FBU buses.

     

    He argued that whatever duty reduction the government has put in place for them to enjoy is being wiped off by the exchange rate fluctuations,stressing that the CBN is not supporting vehicle importers at SKD or FBU level.

     

    Rather, he informed that stakeholders rely on the black market to pay their suppliers.

     

    ” Once you are getting your FX from the black market, whatever gain that is coming from the import duty reduction is lost in the over 25 per cent increase in the FX rate”, Jaiyesimi added.

     

    Further investigations however, show that both new vehicle dealers and second hand vehicles merchants are deeply involved in this business of short-changing the government.

     

    A key member of the United Bergers Motor Dealer Association (UBMDA), Chike Ejogu who spoke to this paper, said that dealers evade Apapa ports because of the high duties paid to clear the vehicles there.

     

    According to him, that is the major reason why dealers resort to smuggle in vehicles at cheap rates,in order to make big gains.

     

    Ejiogu said “the whole thing worsened in early 2016 when the land borders were closed. Before the closure we used to pay N74, 000 and N96, 000 for small cars while we were paying about N170, 000″ for big vehicles like SUVs”.

     

    Ejiogu revealed that about 5,000 vehicles are smuggled through the Idiroko land border every month.

     

    Chairman, Allen B Motors Nig Limited, Lawal Azeez told NAJA that car smuggling has caused the government a fortune.

     

    According to the auto dealer, reduction of duties paid to the government will help to discourage smugglers from their illegal operation.

     

    Meanwhile, efforts made to get statistics of imported vehicles from various auto companies proved abortive.

     

    Figures from Kia were not available as of the time of filing this report. Although, Coscharis was also approached for the statistics but the auto firm is yet to respond as at the time of filing this report.

     

    The story is basically the same at West Star Associates Nigeria Limited, sole distributor of Mercedes-Benz vehicles in Nigeria. 

     

    While different regions of the world make available sales statistics on a regular basis, Mercedes-Benz representatives in Nigeria always turn down request for sales statistics. 

     

    When contacted, a source promised to make necessary contacts within the company and get back. The source did not get back as at press time at the weekend. 

     

    However, for the first quarter of 2021, despite the challenges associated with Covid-19, Mercedes-Benz Cars sold 590,999 passenger cars across the world driven by China and United States  retail sales as well as strong demand for plug-in hybrids and all-electric vehicles

     

    One of the implications of vehicle smuggling or duty evasion, NAJA checks revealed is that the vehicles of these illegal auto dealers are sold easily at cheap prices because they never pay the right duty to get them into the country. Consequently, the genuine dealers are left to suffer the outcome as they cannot sell vehicles lower than the actual cost of bringing them to the showrooms.

  • Onion Marketers Stop Supply to Entire South From Monday Over N4.5bn Loss

    Onion Marketers Stop Supply to Entire South From Monday Over N4.5bn Loss

     

    The Association of Onions Producers, Processors and Marketers of Nigeria (OPMAN), has threatened to stop the supplying of Onion to the entire Southern part of Nigeria unless certain conditions laid down by the association is met.

     

    The association disclosed that about N4.5 billion worth of Onions and properties were destroyed by suspected hoodlums across the Southern States in the last few months in addition to loss of lives of members of the association without any compensation.

     

    The National President of the association, Alhaji Aliyu Isa, disclosed this while addressing newsmen after the emergency meeting of the association held in his office in Sokoto.

     

    He called on State Governors to urgently collaborate with the federal government to set up a committee to look into the root causes of the numerous attacks on  members of the association, or face total consequences.

     

    “Reference to the national executive meeting held today, we are here to report to the members of the public that following the incident that happened in Aba, Abia State, Shasa in Oyo State and Mbaise local government area of Imo State respectively which results to the loss of; in Aba, three members, destruction of about 30 trailers and 9 unitily cars, 50 stores and 10,000 bags of Onions including other valuables.

     

    “During the last #EndSARS protests, other people were compensated leaving out our members. And In Shaha where we lost 27 lives, 5 trailers, 5,600 bag of Onions, 12 utility cars and other valuables.

     

    “Also, in February, this year, in Imo State, two trucks of Onions were lost worth about N13,000,000. The above problems resulted to our earlier action to suspend the supply of foodstuffs to the Southern States in February through our parent union.

     

    “After full deliberation by the executive of members of this association and the failure of government to respond to our cry, we have thereby reached these decisions.

     

    “We are calling on the state and federal government to restore law and order in the state. We also called on the good people of the Southern part of Nigeria to live with the Hausa community in peace, as we are only their for our lawful businesses.

     

    “We also called on state government to collaborate with federal government to set up a committee to investigate the incident that leads to the loss of lives and properties of our members.”

     

    He however said if the government failed to adhere to the demands of the association, “we are shutting down the supply of Onions to the entire South by Monday, June 7, 2021.

     

    “There will be no truck that will off-load Onions by 12midnight of Friday 11th June, 2021,” he added. 

  • Telcos Finally Block Twitter Following FG’s Order

    Telcos Finally Block Twitter Following FG’s Order

     

    Telecoms operators in Nigeria have blocked Twitter in Nigeria, a day after the Federal government announced its indefinite suspension.

     

    Twitter users in the country woke up on Saturday unable to access the microblogging websites while some navigated the hurdle using Virtual Private Networks (VPN).

     

    The Association of Licensed Telecommunication Operators of Nigeria (ALTON), an industry group, confirmed it had received directives from the Nigerian Communications Commission (NCC), the industry regulator, to suspend access to Twitter.

     

    The President of ALTON, Gbenga Adebayo, made this known in a statement on Saturday.

     

    Mr Adebayo noted that the association wished to confirm that its members had received formal instructions from NCC, the industry regulator, to suspend access to Twitter.

     

    “ALTON has also conducted a robust assessment of the request in accordance with internationally accepted principles.

     

    “Based on national interest provisions in the Nigerian Communications Act, 2003, and within the licence terms under which the industry operates; our members have acted in compliance with the directives of NCC, the industry regulator.

     

    “We will continue to engage all relevant authorities and stakeholders and will act as may be further directed by the NCC, ” Mr Adebayo said.

     

    He said the association remains committed to supporting the government of the Federal Republic of Nigeria and upholding the rights of citizens.

     

    He, however, said as an industry, ALTON endorsed the position of the United Nations that the rights held by people offline must also be protected online.

     

    He noted that this included respecting and protecting the rights of all people to communicate, to share information freely and responsibly, and to enjoy privacy and security regarding their data and their use of digital communications.

     

     

    Civil War Tweet

     

    The Federal Government of Nigeria on Friday announced the indefinite suspension of Twitter in the country.

     

    The Minister of Information and Culture, Alhaji Lai Mohammed,

    announced the suspension in a statement issued by his office in Abuja.

     

    He cited the persistent use of the platform for activities that are “capable of undermining Nigeria’s corporate existence.”

     

    The Federal Government has also directed the National Broadcasting Commission (NBC) to immediately commence the process of licensing all OTT and social media operations in Nigeria.

     

    The government had announced the suspension barely 48 hours after the microblogging site deleted a post by Mr Buhari referencing the country’s civil war, and threatening to treat those attacking government buildings “with the language they understand.”

     

    His comments received condemnation from Nigerians.

     

     

     

    -‘Repressive action’ –

     

    Amnesty International on Friday condemned the move, calling on Nigeria to “immediately reverse the unlawful suspension”.

     

    “This repressive action is a clear attempt to censor dissent & stifle the civic space,” Human Rights Watch researcher Anietie Ewang said.

     

    Twitter said that the move was “deeply concerning”.

     

    “We’re investigating and will provide updates when we know more,” the company said in a statement.

     

    The UK’s deputy high commissioner in Nigeria, Gill Atkinson in reaction to the suspension said “any action taken by government must be measured, proportionate and not suppress basic freedoms.”

     

    Nigeria in 2019 had announced it would tighten regulations on social media to fight fake news and disinformation, sparking concerns over freedom of expression.

     

    Several countries including China and Turkey have come under fire for putting restrictions on social media platforms such as Twitter.

     

    In February Twitter condemned Myanmar for blocking access to its platform as part of a crackdown on social media, days after a coup that saw Aung San Suu Kyi and other civilian leaders jailed.

     

  • Five Ways To Remain Connected As #TwitterBan Takes Effect in Nigeria

    Five Ways To Remain Connected As #TwitterBan Takes Effect in Nigeria

     

    The ban on Twitter appears to have taken effect hours after the announcement with many Nigerians unable to access the latest messages on the microblogging site on Saturday morning.

     

    The Nigerian government on Friday announced it has indefinitely suspended the operations of Twitter in the country.

     

    This decision came two days after Twitter deleted a controversial post by President Muhammadu Buhari referencing the country’s civil war, and threatening those who attack government properties “with the language they understand”.

     

    The federal government based its decision on the “persistent use of the platform for activities that are capable of undermining Nigeria’s corporate existence.”

     

    However, authorities did not clarify how and when the ban would start, but on Saturday morning, many Nigerians are unable to access new information on the microblogging site.

     

    This action by the government has left many Nigerians no choice but to engage the services of Virtual Private Network (VPN) providers as an alternative option to access Twitter and other social media networks.

     

    A VPN is a secure tunnel between your device and the internet.

     

     VPNs protect you from online snooping, interference, and censorship.

     

    Here are some VPN providers you can pick from;

     

    1. ExpressVPN

     

    Ranked No 1, by Tom’s Guide, for its intuitive apps, great speeds, reliability and wide device support. You can also use Tom’s Guide offer to claim 3-months Free usage.

     

    1. Surfshark

     

    The app is nice and intuitive, and offers one-touch connection to the best server. It’s got all the essential features like a kill switch, a selection of protocols and auto-connect.

     

    1. Hotspot Shield

     

    Offers a fast, effective mobile VPN experience with a simple yet powerful interface and great connection speeds.

     

    1. NordVPN

     

    Nord’s apps are a sound choice for those looking to stay secure on the go and will make sure you are safe when connecting to public Wi-Fi. Check out NordVPN review for more info.

     

    1. IPVanish

     

    A VPN choice for beginners with a configurable interface, which makes it an ideal client for those who are interested in learning how to understand what a VPN does under the hood. It also has multiplatform flexibility.

     

    While free VPNs are a popular option for discount shoppers, it is advisable to pay for reliable technologies that encrypt your data while you browse online. If you absolutely must use a free VPN, use the free trial deals or introductory versions of paid VPN services.

     

  • Naira Hits N502/$1 at Parallel Market

    Naira Hits N502/$1 at Parallel Market

     

    The naira, on Friday, fell at the parallel market to N502 to the dollar as speculations continue to hamper forex market operations.

     

    At the importer & exporter (I&E) window, it traded moderately to close at N411.12 per dollar.

     

    The local currency, which closed at N499 to a dollar on Thursday, lost N3 at midday trading Friday, according to data on abokiFX.com, a website that collates parallel rates in Lagos.

     

    It also depreciated against Pound and Euro, trading N710 and N608, respectively.

     

    Recently, the Central Bank of Nigeria (CBN) had made efforts to ease naira against other foreign currencies and unify the country’s forex (FX) rates.

     

    In 2017, it introduced the I&E window to improve foreign exchange market mechanisms, deepen market liquidity, and ensure prompt execution and settlement of all FX transactions.

     

    After its meeting on Tuesday, members of the Association of Bureau De Change Operators of Nigeria (ABCON) declared ‘Operation No Street Trading” to stop the hawking of foreign exchange.

     

    Aminu Gwadabe, ABCON president, said the market would return to normal as the ongoing speculative behaviour was hampering the market operations.

     

    He also said all market participants would work together to lower the foreign currency rate.