The Securities and Exchange Commission (SEC) said it has begun the implementation of the report of its Technical Committee on Commodity Trading Ecosystem.
The SEC’s Acting Executive Commissioner (Operations), Mr. Isyaku Tilde, made this disclosure when a delegation of the Commodity Brokers Association of Nigeria (CBAN), led by the Association’s Registrar, Alhaji saleh Kwaru, visited the Commission in Abuja, on Wednesday.
Tilde, who stood-in for the commission’s Acting Director-General, Mary Utuk, said SEC was ready to partner with the Brokers Association in that regard.
According to Tilde, “The aim of SEC is to have an efficient commodities exchange because right now that sector of the capital market is dormant. Part of the issues that the committee is trying to address is capacity building and public enlightenment campaigns. I believe that part of the things CBAN is doing is capacity building, which is one area where we can collaborate going forward.“
[Read also: Oando to defy SEC order]
The implementation is coming from the background of the recommendations of the Nigerian Capital Market Master Plan 2015-2025 for the development of a thriving commodity trading ecosystem.
According to the Committee’s report which published on SEC’s website, one of the recommendations is to build the capacity of stakeholders and the public on commodity exchange in order to bridge the existing knowledge gap.
The trading ecosystem is aimed at deepening the capital market and also increasing the number of product offering with the enhancement of agricultural and solid mineral production and spur economic development.
For an agrarian economy such as Nigeria, with solid mineral deposits and a heavy dependent nation on a single product for its foreign exchange earnings, the trading ecosystem will be necessary to engender the diversification of the nation’s economy.
Twitter CEO auctions his first-ever tweet on Twitter, bidding at $2.5 million
Jack Dorsey is auctioning his first-ever tweet on a website that sells tweets as non-fungible tokens.
Twitter CEO, Jack Dorsey is auctioning his first-ever tweet on Twitter “just setting up my twttr” on a website that sells tweets as non-fungible tokens (NFTs).
The tweet was listed for sale on ‘Valuables by Cent’ – a tweets marketplace that was launched three months ago. The tweet was first made in March 2006
The tweet received offers as high as $88,888.88 within minutes of Jack tweeting a link to the listing on” Valuables by Cent” on Friday.
Currently, bidding has reached $2.5 million (€2.1 million) indicating the potential in selling virtual objects that have been authenticated through blockchain technology.
The highest bid for the tweet — $2.5 million — came from Bridge Oracle CEO Sina Estavi. It topped cryptocurrency pioneer, Justin Sun’s $2 million bid.
The final buyer of the tweet will receive a certificate, digitally signed and verified by Jack Dorsey, as well as the metadata of the original tweet. The data will include information such as the time the tweet was posted and its text contents. Most of this information, however, is already publicly available.
According to Valuables by Cent’s terms, 95% of a tweet’s sale will go to the original creator while the remainder will go to the website.
What you should know
- NFTs is a unique digital certificate that states who owns a photo, video, or other forms of online media.
- Dorsey’s 15-year-old tweet is one of the most famous tweets ever on the platform.
- Bidding had reached $2.5 million (€2.1 million) on Saturday, indicating the potential in selling virtual objects that have been authenticated through blockchain technology.
- More people are currently bidding their tweets on the platform.
Bamboo’s current rate for buying U.S Stocks weakens to N492/$1
Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.
The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.
About two weeks ago, the Nigerian stock trading app offered an exchange rate of about N484 to $1.
The green-colored trading app known for allowing local-based Nigerians to invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.
That being said, Nairametrics’s most recent research observed Chaka. ng offers the lowest exchange rate charge of N480 to 1$, other Nigerian-based stock trading apps that include Throve and Risevest currently offer their clients N491.68 and N486 to $1 respectively.
In addition, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.
A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.
Consequently, a lot of Nigerians are flocking the New York Stock Exchange (NYSE) on the account it has about 2,800 companies listed, while the NASDAQ has about 3,300 stocks listed. This gives Nigerian investors numerous options where they can invest their money. It is also why the US economy attracts billions of dollars in portfolio investments annually.
Bamboo is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.
In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.
Nairametrics | Company Earnings
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- Abbey Mortgage Bank projects N51.08 million profit in Q2 2020.