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Home Blog Page 6012

Serving Innovators of Nations

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Thank you young people. I know many have not received confirmation from Admin after your Tekedia Mini-MBA or Advanced Diploma payments. My team is working hard and will revert shortly. We do receive tons of payments after salary days  and today is one of those days. They will revert in hours. But note that we have an automatic payment option. But it does not matter, either way, we will serve.

As always, I thank you all for the confidence in enrolling at Tekedia Institute. For everything I have done professionally, this is the most exciting. Today, one innovator just invited me to speak in an event where they are launching a new product which was incubated while in our program. He received funding and through our AWS partnership, got $10k.

How did he speak the language of business? He attended where innovators co-design and co-share to advance the wealth of nations and cushion shared prosperity for all.

Come to the Institute and join if you have not. We have free ebooks and other courses which can keep you engaged before your session begins. Our language is innovation and we speak the words of business growth.

A Good Memo by the Central Bank of Nigeria

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The Central Bank of Nigeria (CBN) has updated its policy and we need to commend the apex bank. In a memo dated Nov 30, 2020 (see below), the bank reversed its policy, making it possible that remittance can be wired into a domiciliary account in Nigeria, with the recipient having access to the money in the foreign currency (say US dollars). 

In an earlier directive, the bank had removed that flexibility, pegging it around N388 per US$1, and that necessitated an uncommon rally against the Naira in the global currency market, hitting close to N500 per dollar. What happened was simple: people moved out of the formal system, and went informal and that pulled tons of supply in the local market.

“Please be advised that the applicable exchange rate for the disbursement of proceeds of IMTOs, for the period Monday, November 30th to Friday, December 14, 2020, is as follows.

  • IMTSOs to banks – N388/1USD

  • Banks to CBN –  N399/1USD

  • CBN to BDCs – N390/1USD

  • BDCs to end-users Not more than N392/1USD

  • Volumes of sale for each market is USD10,000.00 per BDC”, from a Central Bank of Nigeria (CBN) circular.

But CBN has done the right thing; now, Western Union and others need to update. As I write, Western Union is still offering N385 per US dollar with no option for the recipient receiving in foreign currency in Nigeria. I am not sure it has a market opportunity under the new policy from the apex bank.

When we write here sometimes, some take it as criticizing governments. No way, we are just offering opinions, giving back feedback on how their policies are affecting We The People. If you read deeper with an open mind, there is no animosity or agenda: we just want a working Nigeria. If we do not provide feedback, governments may even struggle to know how their policies are affecting our lives.

 

For members asking for the implication of the new Central Bank of Nigeria (CBN) policy, this comment explains everything. Simply, CBN has made it possible to increase the supply of dollars, moving the equilibrium point in the supply and demand of the US dollars.

Prof, the directive on remittance on flexibility to receive cash or get lodged in DOM account is entirely a reversal of an old policy enacted around 2015 or so.It is actually a massive move now.What they reversed from recent pronouncement is flexibility for export proceeds owners and owners of balances in DOM account to use funds as they so wish.

I believe Naira will land at 390-395 eventually at the parallel market.

What the new policy on remittance did was to create millions of sellers feeding the parallel market in combination with export proceeds inflow element that has traditionally met demand in that market.

Banks will feel the impact of this IMTO remittance tweak and new remittance start ups operating on Naira settlement model for arbitrage may be unable to pay in dollar, hence may just die off.

Good policy changes for the FX market in my view.

Thank You India from Tekedia Mini-MBA

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Thank you to the good people of India. We are having the largest registration in percentage growth from India right now.  I want to thank Krishna V. and all others for the support. Tekedia Institute Mini-MBA is the best way to understand the African markets, and we will continue to deepen our capabilities to justify this confidence.  Great India, we are here to co-learn, co-share on the mechanics of markets with the best in the game.

Join the largest management training institute in Africa today – join here.

Italy Fines Apple $12m As EU Bloc Amplifies Antitrust Regulation

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Italy’s Competition Authority (AGCM) said on Monday it had fined Apple €10 million ($12 million) for “aggressive and misleading iphone commercial activities”.

The regulator said in a statement that the tech company failed to clarify that it’s under certain circumstances, when it advertised several iphone models as water resistant.

“The message did not make it clear that this property can only be found under specific conditions. For example, during specific and controlled laboratory tests with the use of static and pure water, and not under normal conditions of use of the devices by consumers,” AGCM said.

It added that Apple put out a disclaimer, saying that its phones were not covered by a warranty if damaged from liquids. And clients who were misled thus to damage their phones were not provided with any support.

The fine has added to the many cases Apple has recorded in Europe this year. In November, consumer rights activist Max Schrems filed a formal privacy case against Apple, arguing that the tech giant violated privacy regulations with the ID that iphone smartphones generate that helps advertisers track users for targeted ads.

The case was filed against Apple in Spain and Berlin through Schrems’ non-profit privacy rights organization Noyb.

Apple in September introduced a new policy with the launch of iOS14, which impacted existing IDFA. The advertising industry assigns a unique code to each device called Identification for Advertisers (IDFA). Advertisers use IDFAs to determine if their ads are effective, especially when the ad has been served in multiple places.

The new policy means that advertisers will be required to ask for users’ permission before they could be allowed to harvest personal data for targeted ads. Alternative to this procedure will require setting up a completely new advertising account to run campaigns for iOS users.

The idea behind the tool is to improve user privacy by stopping advertisers from using other identifiers to track users, and allowing users to reset the IDFA at will.

In its argument, Noyb said generating the IDFA could breach EU privacy laws because it was created without the user’s “knowledge or consent.” The privacy rights group argued that while users are given control over whether to reset the identifier, and allowed to prevent individual apps from accessing it, they cannot prevent it from being generated in the first place.

“EU law protects our devices from external tracking,” said Stefano Rossetti, a privacy lawyer at Noyb. “Tracking is only allowed if users explicitly consent to it. This very simple rule applies regardless of the tracking technology used. While Apple introduced functions in its browser to block cookies, it places similar codes in its phones, without any consent by the user. This is a clear breach of EU privacy laws.

“With our complaints we want to enforce a simple principle: trackers are illegal, unless a user freely consents. The IDFA should not only be restricted, but permanently deleted. Smartphones are the most intimate device for most people, and they must be tracker-free by default.”

Although Apple denied any of the claims, saying the allegations are “factually inaccurate”, Noyb’s lawsuit and Italy’s fine underline a new scrutiny movement that is garnering momentum in Europe against American tech companies.

Apple said the objective of the new policy has been only to protect the privacy of users by giving them more control to choose what happens in their devices.

“Our aim is always to protect the privacy of our users and our latest software release, iOS 14, is giving users even greater control over whether or not they want to allow apps to track them by linking their information with data from third parties for the purpose of advertising, or sharing their information with data brokers,” it said.

The EU private law is regulated by General Data Protection Regulation (GDPR), which places the jurisdiction to act in the hands of the Irish data protection authority due to the location of the company’s EU’s HQ. Apple is hoping to prove the case is unfounded with GDPR. But Noyb’s complaint is based on the older e-privacy directive, which means that Germany or Spain could decide whether to directly fine Apple if it is found guilty.

The iOS 14 came under heavy criticism from other companies like Facebook which said “it will disproportionately affect Audience Network… and impact advertisers’ ability to serve targeted ads”.

However, Apple has come under the spectacle of European regulators following its winning of the appeal of a $15 billion EU imposed tax fine in July, and each country in the bloc is discovering antitrust concern one at a time.

Closure Session

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Tekedia is offering a 50% discount to current co-learners for Edition 4 (you pay N25k or $70) or 2021 annual package (N50k or $140). Register here. For members asking for project experiences, Tekedia capstones which award a different certificate, separate from Tekedia Mini-MBA, is available. We have many tracks therein. Learn more here. We have […]

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