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All you need to know about the e-Naira set to be launched on October 1

The Central Bank of Nigeria (CBN) is set to launch the eNaira on October the 1st. Let us take a closer look at the eNaira, what it means for you, and how you can position to take advantage of its launch. What is the e-Naira? The e-Naira will be a digit representative of the paper Naira currency issued by the Central Bank of Nigeria. The eNaira will be a “complementary” legal tender in Nigeria, having the same exchange value as the Naira, and maintain a “parity of value” with the Naira. The e-Naira will not earn any interest to holders. The e-Naira is built on a blockchain open ledger technology. Creating the eNaira on the blockchain means you cannot have a duplicate or fake eNaira. Each eNaira note will be unique. Is the e-Naira a Stablecoin? A stable coin is a cryptocurrency backed by reserves. The keyword is reserves, but what kind of reserves? Stable coins are backed by holding an equal equivalent of FIAT money like the US dollar. FIAT means government-issued but usually not backed

In 12 Words Warren Buffett Just Gave the Best Life Advice, but It Takes Courage to Follow

 Warren Buffett. Here's why associating with folks who are better than you are at a skill will take you far in life. A new CNBC interview with billionaires Warren Buffett and his business partner, Charlie Munger, sheds light on their six decades of friendship. Buffett and Munger built Berkshire Hathaway from a single textile mill into a $650 billion powerhouse. And they've never had an argument. Why? They admire each other's strengths. Near the end of the episode, Buffett offered this advice to anyone who wants to lead a successful life or career: It's better to associate with people who are better than you are. As I've come to know many influential CEOs and entrepreneurs in my career as a communication expert, I realize just how powerful Buffett's advice is--and why it's hard for most people to follow. Here's how to start taking Buffett's advice to build the life you've always imagined. 1. Set aside your ego. This is the hardest step to take, an

South Africa born man became richest person in the world

Elon Musk, the outspoken entrepreneur behind Tesla Inc. and SpaceX, is now the richest person on the planet. A 4.8% rally in the electric carmaker’s share price Thursday boosted Musk past Amazon.com Inc. founder Jeff Bezos on the Bloomberg Billionaires Index, a ranking of the world’s 500 wealthiest people. The South Africa-born engineer’s net worth was $188.5 billion at 10:15 a.m. in New York, $1.5 billion more than Bezos, who has held the top spot since October 2017. As chief executive officer of Space Exploration Technologies Corp., or SpaceX, Musk is also a rival to Bezos, owner of Blue Origin LLC, in the private space race. The milestone caps an extraordinary 12 months for Musk. Over the past year his net worth soared by more than $150 billion in possibly the fastest bout of wealth creation in history. Fueling his rise was an unprecedented rally in Tesla’s share price, which surged 743% last year on the back of consistent profits, inclusion in the S&P 500 Index and

Vitafoam’s full year profit rises by 72%, proposes N876 million dividend

Vitafoam Nigeria Plc said its after-tax profit for the year ended 30 September 2020 grew by 72% to N4.108 billion as improved revenue and lower cost of sales boosted gains. The mattress maker disclosed in its financial statements for the review period obtained from the website of the Nigerian Stock Exchange (NSE) on Monday that turnover climbed by 5.21% to N23.445 billion, up from the N22.283 billion reported in the corresponding period of 2019. Profit before tax advanced from N3.496 billion to N5.647 billion, representing a 61.5% increase. Profit after tax was up by 72.1% from N2.387 billion to N4.108 billion. Vitafoam’s improved earnings drew strength from the diversification of operations and streams of income following the establishment of new plants across West Africa. “Vitafoam Group’s expansion drive to Sierra Leone has begun to yield positive outcome by way of market penetration and acceptance of our products. The factory in Sierra Leone is already turning out products of high

Billion-Dollar Wealth Manager Skybridge Capital Plans to Launch a Bitcoin Fund

In mid-November, a filing registered with the U.S. Securities and Exchange Commission (SEC) had shown that the investment firm Skybridge Capital may invest in crypto assets like bitcoin. Over a month later, Skybridge Capital filed another registration form with the U.S. SEC (Form D) as it plans to launch a bitcoin fund. The wealth management firm run by Anthony Scaramucci, Skybridge Capital, is launching a bitcoin fund called the Skybridge Bitcoin Fund L.P. The news of the Skybridge’s fund stems from a Form D Securities and Exchange Commission filing. The New York-based company manages over $9.2 billion assets under management (AUM) and the filing shows it wants to manage a bitcoin (BTC) fund for accredited investors. According to the filing submitted on December 21, 2020, it will be for accredited investors who can purchase $50k or more. It’s a pooled investment and hedge fund, and as for the issuance-size Skybridge has declined to disclose. Further, the Skybridge Bitcoin Fund will

Why Bitcoin Is Falling, And What It Means

Cryptocurrencies are the new “golden child” in some investing circles. Bitcoin is the new hot commodity so to speak. But is it new revolution, or just a new signal of market speculation? The answer may be both. Let’s explore this. In the aggregate, the market seems to have made some temporary conclusions about Bitcoin. To be clear, this is an evolution. As Bitcoin and crypto as financial instruments take on a life of their own, I see a recent pattern. Bitcoin is behaving as a proxy for taking investment risk. In other words, its price is being driven not by fundamental value, but by folks on the hunt for a near-term profit. How else do you explain the gyrations of the past few years? After all, this is alleged to be akin to a currency. The only currencies whose values hop around like Bitcoin are from emerging nations in the 1970s. That is, where the only consistent thing was instability. Bitcoin was at one point rationalized as the new gold. In other words, it was where investors

Sensex ends at new all-time high after gaining 154 pts

Equity benchmark Sensex climbed 154 points to end at a fresh all-time high on Monday, tracking gains in ICICI Bank, L&T and Kotak Bank amid persistent foreign fund inflows and a largely positive trend in global markets. After touching its record intra-day peak of 46,373.34 during the day, the 30-share BSE index ended 154.45 points or 0.34 per cent higher at 46,253.46. Similarly, the broader NSE Nifty rose 44.30 points or 0.33 per cent to close at a record 13,558.15. It hit a lifetime high of 13,597.50 during the session. ONGC was the top gainer in the Sensex pack, rallying around 5 per cent, followed by L&T, NTPC, ICICI Bank, Sun Pharma, HCL Tech, Titan and Kotak Bank. On the other hand, M&M, Bajaj Auto, Tech Mahindra and Bajaj Finserv were among the laggards. Domestic equities remained firm and witnessed fresh record highs mainly supported by continued rebound in PSU banks, said Binod Modi, Head-Strategy at Reliance Securities. Barring auto, most of the sectoral i

Bitcoin jumps, shy of all-time high of $20,000

Bitcoin jumps, shy of all-time high of $20,000 The world’s most popular cryptocurrency has gained about 160 percent this year. Bitcoin hit $19,000 on Tuesday for the first time in nearly three years and was just shy of touching an all-time high of just less than $20,000. The world’s most popular cryptocurrency has gained about 160 percent this year, fuelled by a demand for risk-on assets amid unprecedented fiscal and monetary stimulus, hunger for assets perceived as resistant to inflation, and expectations that cryptocurrencies would win mainstream acceptance. Bitcoin has gained more than 37 percent in November alone. Analysts have said Bitcoin can rise during periods of uncertainty; the cryptocurrency has at times strongly gained during the coronavirus pandemic and amid the US election.

10 valuable currencies in Africa

African currency was originally formed from basic items, materials, animals and even people available in the locality to create a medium of exchange. This started to change from the 17th century as European colonial powers introduced their own monetary system into the countries they invaded. Since the advent of legal tender in the form of paper or polymer notes and ditching the old trade by barter system, currencies have continued to remain a fundamental factor in analyzing the strength of the economies of nations across the globe. Here is the current list of top 10 highest currencies in Africa,   1. Libyan Dinar (1 USD – 0.77 LYD) Libyan dinar is known for its vast deposit of crude oil, which accounts for 95% of the nation’s total export earnings and 60% of its GDP. Libya sits at the top with the most stable currency in Africa. The country was made quite famous by its late leader Muammar Gaddafi. Although ravaged by war, its standard of living is not as bad as the oil sector. Compared