Federal Government has suspended its plan to obtain $22.7 billion external loan due to current realities in the global economic landscape. This was disclosed by the Minister of Finance, Mrs. Zainab Ahmed on Monday.
At the 2020 International Conference on the Nigerian Commodities Market, which was organised by the Securities and Exchange Commission (SEC), the minister explained that the government would not go ahead with the loan, even if the lawmakers in the National Assembly approved it.
Why it matters: The decision of the government was taken as market indices do not support external borrowings at the moment. “The parliament is still doing its work on the borrowing plan. One arm of the parliament has completed theirs and the other arm is still working and it is a process that is controlled by the parliament itself, so we are waiting.
“However, we are not going out immediately because the market indication is not in favour of external borrowing at this time. Even if we get approvals we will defer it and watch the market and go out only when the timing is right,” she said.
Details: Ahmed insisted that the government was not relenting on its plans to diversify the country’s economy, adding that unfolding events of the past few months, the coronavirus pandemic and the oil price war, had further reinforced the resolve to diversify the national economy.
According to her, the current challenges in the global economy had brought to the fore the need for the country to develop a non-oil attitude to everything. She said, “Government planned to prioritize expenditure in favour of major capital expenditures that would have a greater impact, and which would create job and visibility and also enhance the ease of doing business in the country.”
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 Trove 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
Access our Live Feed portal for the latest company earnings as they drop.
- Seplat falls into a loss in FY 2020
- 2020 FY Results: Cornerstone Insurance Plc reports a 61.1% decline in profit
- Ellah Lakes increases operating expenses by 33.36% in HY 2020
- 2020 FY Results: Nigerian Breweries reports a 54.3% decline in profits in 2020
- Abbey Mortgage Bank projects N51.08 million profit in Q2 2020.