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Central Bank of Nigeria Participates in High Profile Forum in Houston on Optimizing Remittances to Nigeria

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HOUSTON, Oct. 31, 2024 /PRNewswire/ — The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), Nigerian banks, and International Money Transfer Operators (IMTOs), participated in a pivotal forum titled “Optimizing Remittances to Nigeria: A Vision for the Future” in Houston, Texas. The event, which brought together members of the Nigerian diaspora, business leaders, investors, and top executives from Nigerian banks to explore strategic pathways for enhancing remittance flows, a vital component of Nigeria’s economic stability and growth.

We are looking at remittances going beyond remittances for consumption, but remittances for investment – Philip Ikeazor

The forum, which is part of CBN’s ongoing efforts to engage Nigerian diaspora communities, featured insightful panel discussions and presentations that explored current challenge and opportunities in the remittance ecosystem. Senior representatives from Nigeria Inter-Bank Settlement System Plc (NIBSS), United Bank for Africa, First Bank, Zenith Bank, Providus Bank, Fidelity Bank, and First City Monument Bank, alongside key stakeholders from the CBN, outlined how the CBN’s forward-thinking reform agenda is reshaping Nigeria’s financial ecosystem and driving positive outcomes for Nigerians both at home and abroad.

In his opening remarks, Muhammad Sani Abdullahi, Deputy Governor of Economic Policy, CBN, laid the groundwork for the forum, emphasizing the Bank’s commitment to “strengthening macroeconomic fundamentals to create an enabling environment where the private sector can thrive and generate quality jobs for Nigerians.”

The sessions highlighted the importance of leveraging remittances as a strategic tool for financial alliances and promoting diaspora-led investments. The CBN emphasized the pivotal role the Nigerian diaspora plays in national development through investments to build the economy. “We are looking at remittances going beyond remittances for consumption, but remittances for investment,” stated Philip Ikeazor, Deputy Governor, Financial System Stability, CBN

The forum was well-attended, with a selective group of participants from the Nigerian diaspora including industry leaders, diaspora entrepreneurs, and financial experts. Attendees engaged in discussions about digital innovation, the role of Nigerian banks in expanding remittance services, and the need for deepened collaboration with the diaspora.

“You have so many people here that are the diasporans that you need, that you need to cultivate, that should be partnering with you. The strength of partnership is incredible” – Dr Kase Lukman Lawal, Chairman, Unity National Bank 

A key highlight of the forum was the introduction of the Non-Resident Bank Verification Number (NRBVN) by the Nigeria Inter-Bank Settlement System (NIBSS). This new digital platform simplifies Know Your Customer (KYC) verification for Nigerians in the diaspora and foreign investors, features real-time monitoring of remittance transactions and ensures compliance with the highest global AML best practices. Premier Oiwoh, MD and CEO of NIBSS, described the NRBVN as a collaborative tool designed to enhance remittance flows and boost diaspora BVN enrollment.

The forum also included an interactive session, where members of the diaspora voiced their experiences and expectations regarding the financial services industry in Nigeria. Their feedback will be integral to shaping future policies and enhancing the customer experience for all Nigerians sending money home.

“Remittances today are about 4% of GDP of Nigeria. The banks are ready to build the partnerships that will make remittances increase in Nigeria. And what is important is working with IMTOs, working with Fintechs, working with CBN, so we can clear the challenges around remittances into Nigeria, and ensure that we begin to have a rise in inflows,” expressed Dr. Oliver Alawuba, GMD/CEO, UBA PLC & Chairman, Body of Banks’ CEOs in Nigeria

The CBN reaffirmed its commitment to creating an enabling environment for remittances by working closely with banks and financial institutions to deliver secure, efficient, and cost-effective solutions.

For more information about the Central Bank of Nigeria’s efforts to optimize remittances, please visit: https://www.cbn.gov.ng/ or contact: contactcbn@cbn.gov.ng

About the Central Bank of Nigeria
The Central Bank of Nigeria (CBN) serves as the country’s sole monetary authority, tasked with regulating and overseeing Nigeria’s monetary and financial systems. Established by an Act of Parliament, the CBN’s mandate includes ensuring monetary and price stability, issuing legal tender, maintaining external reserves to protect the international value of the naira, promoting a sound financial system, and acting as banker and economic advisor to the Federal Government of Nigeria.

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SOURCE Central Bank of Nigeria

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As 2025 IRS Mileage Rate Hits 70 Cents, Expert Warns: Ditch Risky Apps for Secure Paper Tracking

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Gig economy expert Ed Ryder warns against the risks of mileage tracking apps, and advocates using paper-based tracking methods instead. He introduces The Big Mileage Form, a secure alternative developed over two years to meet the specific needs of food delivery gig workers. Ryder highlights recent tech failures, like the July 2024 global IT outage, to underscore the vulnerabilities of digital solutions. The press release also mentions Ryder’s significant mileage deduction using his form and directs readers to GigCoach.net for additional resources, including a consumer tutorial to drive better food delivery outcomes and a gig coach training program.

PHILADELPHIA, Dec. 22, 2024 /PRNewswire-PRWeb/ — As the IRS announces a standard mileage rate of 70 cents per mile for 2025, gig economy expert Ed Ryder, who has completed over 10,000 deliveries with his own car using major food delivery platforms, urges fellow gig workers to reconsider their mileage tracking methods. While acknowledging the convenience of digital solutions, Ryder advocates for a return to secure, paper-based tracking to protect valuable mileage deductions.

With the mileage rate at 70 cents, accurate tracking is crucial for gig workers and small business owners. Mileage apps seem convenient, but they risk data loss from outages, glitches, and cyber attacks. Many overlook these significant dangers.

“With the mileage rate increasing to 70 cents, accurate tracking is more crucial than ever for gig workers and small business owners,” says Ryder, creator of The Big Mileage Form. “While mileage tracking apps seem convenient, they come with significant risks that many overlook. Network outages, app glitches, and cyber attacks can jeopardize months of data.”

Ryder points to the July 2024 global IT outage as a prime example of technology’s vulnerabilities. “A faulty software update caused mass airline disruptions and impacted other industries, catching major corporations off guard. This incident highlights that even in our digital age, software isn’t infallible. For me, I simply won’t trust mileage tracking apps with my most important tax deduction.”

To address these concerns, Ryder developed a comprehensive, paper-based solution. “I spent two years perfecting The Big Mileage Form, tailoring it to the specific needs of food delivery gig workers,” he explains. “At 11×17 inches, it provides ample space for detailed record-keeping and, crucially, it’s immune to software glitches, data breaches, and ransomware attacks.”

Ryder’s meticulous paper-based record-keeping resulted in a mileage deduction exceeding $19,000 on his 2023 federal taxes. “All my business-related miles are thoroughly documented on paper. I’m fully prepared to defend this deduction in case of an audit. This level of confidence is what I aim to provide other gig workers.”

“In today’s digital age, sometimes the most secure solution is the simplest one,” Ryder concludes. “My form not only ensures data security but also prepares users for potential IRS audits. It’s time to reconsider the old-fashioned, but reliable pen-and-paper method.”

For those interested in learning more about effective mileage tracking and other aspects of gig work, Ryder offers valuable resources on GigCoach.net. These include a tutorial for consumers titled ‘Fair Deal Delivery,’ which provides insights on how to improve food delivery outcomes. Additionally, experienced food delivery couriers can explore Ryder’s gig coach training program. Visit GigCoach.net to access these resources and learn more about The Big Mileage Form.

Media Contact

Ed Ryder, Match Experiment LLC, 1 484-493-8740, hello@ideamaned.com, gigcoach.net

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SOURCE Gig economy expert Ed Ryder

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DATA BREACH ALERT: Edelson Lechtzin LLP Is Investigating Claims On Behalf Of Ascension Health Customers Whose Data May Have Been Compromised

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NEWTOWN, Pa., Dec. 22, 2024 /PRNewswire/ — The law firm of Edelson Lechtzin LLP is investigating claims regarding data privacy violations by Ascension Health (“Ascension”). Ascension learned of suspicious activity on or about May 8, 2024. To join this case, go HERE.

About Ascension Health

Ascension is a prominent non-profit health system in the nation and operates under Catholic principles.

What happened?

On or about May 8, 2024, Ascension detected unauthorized activity in its computer systems. Ascension initiated an investigation, which included retaining consulting cybersecurity experts and notifying the FBI. The investigation determined that between May 7 and 8, 2024, a cybercriminal accessed files containing personal information about Ascension’s patients and employees. This information included names, medical records, payment details, insurance information, government identification numbers, and other personal data such as dates of birth and addresses. Approximately 6 million individuals have been affected by this data breach.

How can I protect my personal data?

If you receive a data breach notification, you must guard against possible misuse of your personal information, including identity theft and fraud, by regularly reviewing your account statements and monitoring your credit reports for suspicious or unauthorized activity. Additionally, you should consider legal options for mitigating such risks.

Edelson Lechtzin LLP is investigating a class action lawsuit to seek legal remedies for customers whose sensitive personal and patient data may have been compromised by the Ascension data breach.

For more information, please contact:

Marc H. Edelson, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492
Email: medelson@edelson-law.com
Web:  www.edelson-law.com 

About Edelson Lechtzin LLP
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving data breaches, our lawyers focus on class and collective litigation in cases alleging securities and investment fraud, violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and catastrophic injuries.

This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so counsel does not represent you unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing now. Your ability to share in any potential future recovery does not depend on serving as lead plaintiff.

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SOURCE Edelson Lechtzin LLP

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Earth’s pulse monitored: a review highlights remote sensing time series progress

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As urbanization accelerates and environmental dynamics shift, the need for accurate and timely terrestrial monitoring has never been more urgent. A review has introduced a novel approach to remote sensing time series analysis, integrating multi-source data to enable near real-time monitoring. This innovative methodology promises to transform environmental conservation and urban planning by providing unprecedented insights into terrestrial changes and offering a more precise understanding of environmental dynamics.

GUANGZHOU, China, Dec. 22, 2024 /PRNewswire-PRWeb/ — An international team of researchers from South China Normal University, the University of Connecticut, and the Chinese Academy of Sciences has made a significant breakthrough in remote sensing. Their review, published (DOI: 10.34133/remotesensing.0285) in the Journal of Remote Sensing on December 11, 2024, addresses key challenges in remote sensing, such as incomplete data and noise interference. The team’s new time series analysis technique leverages advanced data reconstruction and fusion methods, significantly enhancing the precision and efficiency of remote sensing for monitoring environmental changes.

The research team has developed an advanced time series analysis technique that combines deep learning algorithms with traditional remote sensing methods to integrate data from various remote sensing sources. This innovative approach allows for the extraction of subtle patterns from large, complex datasets, which is crucial for monitoring critical environmental parameters such as land use and vegetation health. Unlike conventional techniques that struggle with incomplete or noisy data, this new methodology offers enhanced accuracy and more reliable insights into terrestrial dynamics, paving the way for more effective environmental monitoring.

Central to the study’s success is the integration of Long Short-Term Memory (LSTM) networks and Generative Adversarial Networks (GANs) to address the challenges posed by missing or noisy data. The LSTM networks capture temporal trends over time, while the GANs generate synthetic data that mimics real-world observations to fill gaps and correct for atmospheric distortions. This dual approach has resulted in a cleaner, more accurate time series dataset, which was validated against independent ground truth measurements. The researchers demonstrated significant improvements in key vegetation indices, such as the Normalized Difference Vegetation Index (NDVI), setting a new benchmark in the field of remote sensing.

Experts in the field have lauded the study’s potential to revolutionize remote sensing applications. They see the method as a transformative tool for enhancing high-resolution monitoring and extending its coverage, particularly in agricultural surveillance, urban planning, and environmental management. “This method represents a crucial advancement in our ability to monitor environmental changes,” says Professor Fu. “As it evolves, it could play a key role in addressing climate change and other global challenges.”

The methodology’s future applications are vast, especially in global environmental monitoring and supporting sustainable development goals. By integrating multi-temporal data from Landsat and Sentinel-2 satellites, the team has created a framework for accurate and continuous terrestrial analysis. As computational power advances and algorithms improve, this technology is expected to become a vital tool for natural resource management, disaster response, and climate change mitigation. In the years to come, it could provide critical data to help policymakers address pressing environmental issues on a global scale.

References

DOI

10.34133/remotesensing.0285

Oiginal Source URL

https://doi.org/10.34133/remotesensing.0285

Funding information

This work was supported by the National Nature Science Foundation of China (grant numbers 42425001 and 42071399).

About Journal of Remote Sensing

The Journal of Remote Sensing, an online-only Open Access journal published in association with AIR-CAS, promotes the theory, science, and technology of remote sensing, as well as interdisciplinary research within earth and information science.

Media Contact

George Hua, Chuanlink Innovations, 1 8656606278, TranSpread1@gmail.com, http://chuanlink-innovations.com/

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SOURCE Journal of Remote Sensing

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