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US SEC nominee disagrees with CBN on bitcoin
Naira plunges further against US dollar by N2.33
Emefiele accuses IMTOs of forex diversion
Summary:
The Central Bank of Nigeria (CBN) on Saturday introduced a new incentive to encourage inflow of Diaspora remittances into the country.
The CBN’s Director of Trade and Exchange Department, Saleh Jubrin, who announced the scheme tagged: “Naira 4 Dollar Scheme,” in a circular to banks in the country, said it would allow all recipients of Diaspora remittances to be paid N5 for every one dollar received. Read more
The nominee for United States’ Securities and Exchange Commission (SEC), Gary Gensler, has described bitcoin as a catalyst for change.
Vanguard News
Investors await Trumpet for derivative trading
On
By Sola Oni
Capacity building is one of the statutory functions of the Chartered Institute of Stockbrokers (CIS), even as the high-profile Institute is on a definitive journey towards changing its name to reflect the wider duties of stockbrokers. With the Theme: “ Derivative Markets, Instruments and Contracts”, the Institute held a two-day successful virtual training on Wednesday, February 24 and Thursday, February 25.
The accomplished facilitators, including the Registrar and Chief Executive of the Institute, Adedeji Ajadi, are all stockbrokers. The Institute operates a Continuing Professional Development (CPD) programme annually. The Nigerian Stock Exchange whose Chief Executive Officer, Oscar Onyema, is not only a stockbroker but global derivative trader does a lot of trainings. This implies that human capital is never a threat to trading in derivatives on The Exchange.
While Nigeria bans cryptocurrencies, Tesla buys bitcoin big
The electric car maker says it will start accepting payments in bitcoin for its products.
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At a time the Nigerian government is banning cryptocurrency-related transactions, the electric car maker, Tesla, has revealed it bought $1.5 billion worth of bitcoins.
The company said in a filing with the United States’ Securities and Exchange Commission, on Monday that it bought bitcoin for “more flexibility to further diversify and maximize returns on our cash.”
The company, owned by the world’s richest man, Elon Musk, said it will start accepting payments in bitcoin for its products. It, however, warned investors of the volatility of the digital currency.
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We’re back with another update on recently-introduced tax legislation. As discussed last week, we continue to see bills reintroduced that expired at the end of the last session. Two of the more interesting proposals include repealing New York’s estate tax and another so-called “millionaire’s tax.” We’ve also been following the proposed tax changes in the Governor’s Budget proposal that came out earlier this week (see here, here, and here), and next week we’ll dedicate our update to an overall summary of the Budget proposals.