There are some nice questions in my piece explaining why lending rates are high in Nigeria.
Question: My bank in Lagos has increased the lending interest rate on my existing loan. Is that legal?
My Response: Yes, it is actually legal and it is universal. Sure, for years, Nigerian banks were simply quoting absolute percentages on consumer lending. However, in the last few years, as our fiscal policies become exceedingly convoluted, you quote thus, “Prime lending rate + bank interest rate”. The first component is a number determined by the Central Bank of Nigeria, the rate it lends to commercial banks. The second is what the bank has as its own interest rate. While the bank’s rate can be constant, the prime lending rate varies, as determined by CBN.
So, if your loan document has a clause which allows a bank to adjust the total interest based on the prime rate, and if the prime rate goes high, your interest rate goes up. Of course, if the prime rate drops, your interest rate should also drop (Good luck on that one though). (This type of loan is called a variable rate loan as the interest rate varies due to many factors including the prime rate. It is different from a fixed rate loan whose interest rate does not change.)
The real problem in Nigeria is that we do not have a standard loan sheet which brings clarity to consumers on what they’re accepting and agreeing on. That disclosure document should be pushed in the National Assembly.
Note: this practice is universal. See this credit card offer from Capital One Bank in the United States. Notice that “This APR [annual percentage rate] will vary with the market based on the Prime Rate.” So, as the prime rate set by the US Federal Reserve (US version of the Central Bank of Nigeria) varies, your interest rate moves.
So it’s been a fairly phrenetic week. Two things happened which gave me pause to write this piece.
The first was a discussion with contact in DRC who was looking to ‘explore synergies’. The second was with a fairly new blockchain enthusiast.
So, the contact in DRC has $10,000. He has some wild and vague notions of what he wants to do with that, but no clue as to how it is going to happen.
His requirements were fairly modest… He just wanted to have his own mix of artists, developers and community managers on tap…
He sort of wanted to be able to release (just 3-5) series of blockchain tokenized products… wasn’t too picky… something like Bored Apes, Cryptopunks and a third one with photorealistic futuristic images…
He wanted his own OpenSea, a Midjourney and a Decentraland. He then wanted a Pinterest style platform called ‘Share it’ where community show case various products from the release series, along with their Midjourney type creations.
He then wanted a modified LinkedIn, with a plugin feature called ‘Side Rap’ which sounded like a cross between WhatsApp and Twitter. Side Rap was more than a ‘DM’ plugin. It was supposed to be the ‘glue’ between his OpenSea, Midjourney, Decentraland and Share it, but anchored in his LinkedIn.
He was a small bit concerned that this might not be possible with $10,000
You think??
So I told him that’s definitely not possible.
He said, well , can you do some analysis, and tell me what it costs?
I told him, oh sure. Such costings to be even 65% accurate will take about 3 weeks sold work to do, and would probably cost you a lot more than even what you have available to invest in your project…
But hey.. I’m only getting 4 hours sleep a day over the next 5 days because of stuff I am doing with 9ja Cosmos, but if I just manage to stay awake, and not sleep at all, and work super fast, I can probably get that estimate to you in 4 days at no cost?
How does that sound?
To this, he simply replied ‘Oh Great’
He then went on to say, well, if the 10k went ‘unexpectedly shorter than planned’ he could ‘simply add in a token’ and spend that. ‘After all, the US prints trillions of extra dollars any time it feels like it’.
Well… my implied sarcasm obviously went way way over his head and the dialogue ended there.
Respect isn’t just about the lack of the use of swear words. He didn’t grasp that.
Now on to the second guy, the blockchain enthusiast.
Within the first few sentences of DM with me, he wanted to know if 9ja Cosmos had a coin or token, or was going to have one soon.
The important thing to note here, is just because you can do something, doesn’t mean you have to.
Since the advent of so many memecoins, Sh**coins, ‘Crypto Shilling’ and ‘Pump and Dump’ cycles, both ‘investor’ and product consumer communities are beginning to view start-ups and newer businesses who have a token in the plan as dubious with a capital D.
What is the real purpose of a token? Why does an ecosystem need one? This is a fair question.
If a business has its own stand-alone PoW blockchain, then we can see it can be difficult to operate in this case without a coin or token. Something needs to exist as a functional entity to incentivize miners to do what they do.
On the other hand, it’s hard to see how a token is an indispensable part of an architecture that isn’t much more than a ‘protocol’ with smart contracts.
It’s just one more distraction from focusing on development and improvement of ecosystem products.
There is absolutely no reason why the business can’t operate on the coin/token of the parent ecosystem.
When a start-up or early business owner insists on having a coin/token when it doesn’t seem operationally critical, then it goes as to what the motivation and agenda is.
The general acceptance of coins and tokens, and growing aversion to them is a bit subjective. Well established cryptocurrency will probably survive, and a small handful doing a lot better than surviving. A tide began to turn around the middle of 2021, and if an instrument existed before 2020, even better.
Already, authorities are starting to put pressure on exchanges on the number and types of instruments they carry.
In Nigeria, ‘419’ is a slang term that can loosely cover a wide range of commercially unethical or criminal behaviour. ‘419’ on Nigerian Statute, is the penal code for ‘Advanced Fee Fraud’ EFCC is a policing authority of FGN with an enforcement mandate on such matters.
Aave (AAVE); Avalanche (AVAX);Bancor Network Token (BNT);Basic Attention Token (BAT);Chainlink (LINK); Chiliz (CHZ); Compound Token (COMP);Cosmos (ATOM);Curve DAO (CRV); Enjin Coin (ENJ); Fantom (FTM);Filecoin (FIL);GALA (GALA); The Graph (GRT);Internet Computer (ICP);Loopring (LRC);Maker DAO (MKR); Republic (REN) ;Stellar (XLM) ;Sushiswap (SUSHI);Synthetix (SNX); Texos (XTZ), and Uniswap (UNI)
The situation for Nigerian entrepreneurs is compounded by the countrys’ poor rating by the ‘Three Horsemen of the Apocalypse’ – Moodys’ S&P and Fitch.
With pressure from regulatory authorities in US going as they are, it is hard to see an easy road for a new Nigerian coin or token to gain a listing on popular exchanges.
Zuga Coin is currently trading at $0.0153696 off a high of $187.70 in 2021, while AFEN is trading at $0.0002352 off a high of $0.08197, also in 2021 (source – Coingeko). A new token born in Nigeria is going to have things a lot harder in 2023.
My take is that in the current climate, unless the mechanics of a blockchain product ecosystem makes it impossible to operate without a coin or token, at present, every effort should be made to avoid having one.
There is no point in an otherwise great blockchain initiative or start-up being weighed down by a token that is doomed to perform like poop.
9ja Cosmos is here…
Get your .9jacom and .9javerse Web 3 domains for $2 at:
We all must have seen the video of Seun Kuti, a renowned Nigerian singer assaulting; slapping, pushing and aggressively malhandling a police officer in uniform which has been trending all day. In his defense, Seun Kuti claims that the police officer tried to “kill him” and his family members and that’s why he pounced on the officer in aggression to retaliate and defend himself. He (Seun Kuti) further stated that he has evidence to back up his claim of being assaulted first by the officer and he only decided not to press charges against the police officer because the police officer and his colleagues had apologized to him.
Contrary to this position of Seun, in the video circulating, the police officer was never seen to have retaliated or to even have lifted a finger on Seun to defend himself despite the aggravated assault Seun melted on him.
Well, let’s assume that Seun Kuti’s claim that the police officer tried to kill him is true, hence why he pounced on the officer; on no account should you attack an officer of law no matter whatsoever they did to you, especially the ones on uniform who can easily be identified as police officers on duty. It is a no go area. Assault on police officers is a felony punishable with at least 6 months jail term. Even resisting arrest or obstructing a police officer from doing his duty is as well an offense punishable by law.
Section 98 of the Nigerian Police Act of 2020 provides as follows;
“A person who assaults, obstructs or resists a police officer in the discharge of his duty, or aids or incites any other person to assault, obstruct or resist a police officer or other person aiding or assisting the police officer in the discharge of his duty, commits an offence and is liable on conviction”.
I can understand fully well and can as well fully relate that Nigerian police officers can be very reckless and abusive to innocent citizens but that should never warrant a citizen to revolt and assault a police officer publicly or privately just like we saw Seun Kuti doing. There are avenues that have been established to address personal grievances against police officers and the Inspector General of Police and the Police Service Commission in recent time have done so well in making sure that excesses of reckless police officers are put to check. We have recently seen numerous police officers who were caught extorting, assaulting and harassing people severely punished by the police authorities; some were suspended, others were demoted and some were outrightly dismissed.
I look forward to Seun Kuti being arrested and prosecuted so that others will not want to repeat what he did which will lead to constant assaults and physical attacks on our formidable police officers who have been risking their lives to protect us.
As the popularity of cryptocurrency continues to soar, more and more investors are looking to get in on the action. Chainlink is one of the fastest growing cryptocurrencies in the market, and if you’re interested in buying or selling it, you’ve come to the right place. In this comprehensive guide, we’ll walk you through everything you need to know about buying and selling Chainlink, including how to get started, the best exchanges to use, and tips for maximizing your profits. If you are a beginner and are looking for an ideal platform for crypto, bitindexai is an excellent choice.
Getting Started with Chainlink
Before you can buy or sell Chainlink, you’ll need to get set up with a cryptocurrency wallet. There are many different wallets to choose from, but we recommend using a hardware wallet such as Ledger or Trezor for maximum security. Once you have your wallet set up, you can move on to the next step: finding an exchange.
Choosing an Exchange
There are many different exchanges that allow you to buy and sell Chainlink, but not all exchanges are created equal. Some are more reputable than others, and some have higher fees or more limited trading options. Some popular exchanges to consider include Binance, Kraken, and Coinbase.
When choosing an exchange, it’s important to consider factors such as security, user experience, and the fees associated with trading. Some exchanges also have different trading options or features, so it’s worth doing your research to find the one that’s right for you.
Buying Chainlink
Once you’ve chosen an exchange, it’s time to buy Chainlink. The process may vary slightly depending on which exchange you’re using, but the basic steps are as follows:
Create an account with the exchange and complete any necessary verification steps.
Deposit funds into your account using a bank transfer or cryptocurrency deposit.
Find the Chainlink trading pair on the exchange.
Enter the amount of Chainlink you want to buy and confirm the transaction.
Your Chainlink will be deposited into your exchange wallet.
Selling Chainlink
If you’re looking to sell your Chainlink, the process is similar to buying. Here are the basic steps:
Log in to your exchange account and navigate to the Chainlink trading pair.
Enter the amount of Chainlink you want to sell and confirm the transaction.
Your funds will be deposited into your exchange account.
Withdraw your funds to your bank account or cryptocurrency wallet.
Tips for Maximizing Your Profits
Like any investment, buying and selling Chainlink comes with some risks. However, there are a few things you can do to minimize those risks and maximize your profits.
Do your research: Before buying or selling any cryptocurrency, it’s important to do your due diligence. Research the project, the team behind it, and the market conditions before making any decisions.
Set realistic goals: It’s important to have a plan and set realistic goals for your investments. Decide on a target price for buying and selling, and stick to it.
Diversify your portfolio: Investing in multiple cryptocurrencies can help spread out your risk and potentially increase your profits.
Stay up to date: The cryptocurrency market is constantly changing, so it’s important to stay informed about the latest news and trends.
Conclusion
Buying and selling Chainlink can be a profitable investment, but it’s important to approach it with caution and do your research. By following the steps outlined in this guide and keeping these tips in mind, you can maximize your chances of success and minimize your risks.
Are you interested in investing in Casper (CSPR) tokens? This guide will walk you through the steps to buy and sell CSPR tokens, including where to purchase them, how to store them securely, and how to sell them for profit. Perhaps, you have traded Bitcoin on platforms like this automated trading platform https://qumasai.org/
Choose a Cryptocurrency Exchange
The first step in buying and selling CSPR tokens is to choose a cryptocurrency exchange that supports this token. There are several exchanges that support CSPR, including Binance, KuCoin, and Gate.io.
To select the right exchange, you should consider the following factors:
Fees: Look for an exchange with low fees, especially if you plan to make frequent trades. Some exchanges charge a percentage of the transaction amount, while others charge a flat fee.
Security: Choose an exchange with a good reputation for security. Look for an exchange that uses two-factor authentication, stores funds in cold storage, and has a track record of protecting user funds.
Liquidity: A highly liquid exchange will allow you to buy and sell CSPR tokens quickly and at a fair price. Check the trading volume and order book depth to determine if an exchange has enough liquidity.
Create an Account
Once you have chosen an exchange, you will need to create an account. This typically involves providing your email address, setting a password, and completing a Know Your Customer (KYC) verification process. KYC is a regulatory requirement that helps prevent fraud and money laundering.
Deposit Funds
To buy CSPR tokens, you will need to deposit funds into your exchange account. Most exchanges accept deposits in fiat currency (such as USD or EUR) or in other cryptocurrencies (such as Bitcoin or Ethereum).
To deposit funds, follow these steps:
Navigate to the deposit page on your exchange account.
Select the currency you want to deposit.
Follow the instructions to transfer funds from your bank account or wallet to the exchange.
Buy CSPR Tokens
Once your funds have been deposited, you can buy CSPR tokens. To do so, follow these steps:
Navigate to the trading page on your exchange account.
Find the CSPR trading pair (such as CSPR/USD or CSPR/BTC).
Enter the amount of CSPR you want to buy.
Confirm the order details and submit the trade.
Store CSPR Tokens Securely
After buying CSPR tokens, you will need to store them securely. You can keep them in your exchange account, but this is not recommended as exchanges can be hacked or shut down.
The best way to store CSPR tokens is in a hardware wallet. A hardware wallet is a physical device that stores your private keys offline, making them much more secure than online wallets.
Some popular hardware wallets that support CSPR tokens include Ledger Nano S and Trezor.
Sell CSPR Tokens
If you want to sell your CSPR tokens for profit, you can do so by following the same steps as buying. Navigate to the trading page on your exchange account, find the CSPR trading pair, and enter the amount you want to sell.
Once the order is confirmed, the funds will be deposited into your exchange account. You can then withdraw them to your bank account or other cryptocurrency wallet.
Conclusion
Buying and selling Casper (CSPR) tokens is a straightforward process that requires selecting the right exchange, creating an account, depositing funds, and trading CSPR tokens. By following these steps and storing your tokens securely, you can invest in CSPR with confidence.
