• The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, recently stated that there was no direct exposure to Silicon Valley Bank in Nigerian banks‘ bond portfolios.
• The CBN has stringent guidelines such as a non-performing loans ratio of 4.2% and a capital adequacy ratio of 13.7%, which the governor believes makes for a „very safe“ banking system.
• According to Emefiele, depositors‘ funds are given priority over shareholders, and since 2003 no Nigerian depositor has lost money due to a failed bank.
Banking Crisis: Nigerian Banks Not Directly Exposed to SVB
The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, recently reviewed the bond portfolios of Nigerian banks and found that none had any direct exposure to Silicon Valley Bank (SVB). He added that CBN’s prudential guidelines help create a “very safe” banking system in the country.
Priority Given To Depositors
Emefiele went on to explain how CBN’s guidelines ensure only healthy banks are allowed to operate in Nigeria. These include having an average non-performing loan (NPL) ratio of 4.2%, capital adequacy ratio at 13.7%, liquidity ratios, and loan-to-deposit ratios at 43% and 52% respectively. He also mentioned how depositors are given priority over shareholders and since 2003 no Nigerian depositor has lost money due to a failed bank situation.
Central Bank Guidelines
Apart from NPLs, capital adequacy ratio, liquidity ratios, and loan-to-deposit ratios; other regulations enforced by CBN include minimum capital requirement for all banks operating in Nigeria as well as regular monitoring by their risk management division for compliance with these measures and soundness indicators before granting licenses or renewing existing ones for operators in the sector.
Strict Enforcement Of Regulations
In addition to these measures employed by CBN, they also have strict enforcement policies against defaulting financial institutions, with sanctions ranging from fines or suspension/revocation of licenses depending on severity levels associated with each case reported or discovered through audits conducted by their risk management division regularly throughout the year on all players within the sector including deposit money banks (DMBs) & Payment Service Providers (PSPs).
The review conducted by Governor Godwin Emefiele clearly shows that Nigerian financial institutions were not directly exposed to Silicon Valley Bank – this is due to strict regulations imposed by Central Bank Of Nigeria which creates an overall ‚very safe‘ banking system within the country where depositors funds are prioritized over shareholders‘.
• Ethereum developers announced that the blockchain is scheduled to upgrade on April 12, in 27 days, which will include the implementation of Beacon chain push withdrawals.
• This will enable network validators to support withdrawal operations following the ruleset change, as well as optimize fees through EIP-3651, EIP-6049, EIP-3860 and EIP-3855.
• The developers have been testing the upgrade on several testnets and completed Goerli testnet upgrade on Tuesday ahead of Shapella’s activation on mainnet.
Ethereum Upgrade Scheduled for April 12
Ethereum developers announced that the blockchain is scheduled to upgrade on April 12, 2023 in 27 days. This upgrade is known as Shanghai-Capella or Shapella and will include the implementation of Beacon chain push withdrawals. The latest Ethereum upgrade was originally planned for this month but was postponed until April 12th.
Beacon Chain Withdrawals & Fee Optimization Enhancements
The Beacon chain contract holds 17,680,535 ether at the time of writing worth $29.33 billion using today’s Ethereum exchange rates. Push withdrawals will be enabled via a new ’system-level‘ operation type according to Ethereum Improvement Proposal (EIP) 4895 architecture which is ‚push‘-based rather than ‚pull‘-based meaning withdrawals must be processed in the execution layer as soon as they are dequeued from the consensus layer.
In addition to push withdrawals, Shapella will also include fee optimizations such as limiting initcode size to 49152 and applying an extra gas cost of 2 for every 32 byte chunk of initcode according to EIP 3860 documentation.
Testing & Final Preparations Ahead of Mainnet Launch
The development team has been conducting testing of the upcoming upgrades on several testnets prior to its launch on mainnet with Goerli testnet being upgraded successfully last Tuesday marking an important step towards activating Shapella on mainnet.
Implications & Benefits Of Upgrade
The upcoming upgrade marks an important milestone for Ethereum offering numerous benefits both in terms of increasing its scalability by enabling quicker transactions and improving security with improved consensus algorithms while also providing network validators with more options when it comes to withdrawal operations following rule set changes as well better fee optimization options resulting in lower costs for users who interact with contracts deployed onto Ethereum blockchain platform.
Overall this is an exciting development for Ethereum ecosystem ensuring it remains competitive within cryptocurrency space while offering additional features and benefits which can be leveraged by its users making it more attractive compared to other blockchains currently available in market place .
• Hexa, a 3D modeling company, has raised $20.5 million in its latest funding round to facilitate the task of bringing products into the metaverse.
• It will allow the company to expand its current workforce involved in engineering and business tasks, to improve the workflow of the company.
• The tech has different uses like creating complete metaverse stores and helping gaming engines like Unity to populate their assets for third parties.
Hexa Raises $20.5 Million
Hexa, a 3D modeling company, has raised $20.5 million in its latest funding round to facilitate the task of bringing products into the metaverse. This new injection will ostensibly allow the company to expand its current workforce involved in engineering and business tasks, to improve the workflow of the company.
The Series A funding round was participated by Point72 Ventures, Samurai Incubate, Sarona Partners, and HTC. This investment will allow Hexa to extend its current workforce to tend to a growing number of customers seeking its services which tripled this year.
Hexa’s process consists in taking real products to metaverse worlds through semi-automatic modeling using AI algorithms and engineers that transform catalogs of 2D images into 3D assets that can be used by different platforms such as stores or gaming engines like Unity for third-party experiences.
Hexa wants to differentiate itself from other players in three key aspects: ease of use, quality of 3D conversions, and support; providing an edge over other companies that have to build products from scratch with high fidelity models aligned with source imagery for compliance at pixel accuracy level or better.
Hexa is working with stores like Macy’s, Logitech, and Unity thanks to this investment that allows them to grow their workforce and operations while providing innovative solutions for their customers