Cryptocurrency Bitcoin made its debut on a major bourse Sunday, opening at $15,000 per unit at the Chicago board options exchange.
Around 23:20 GMT, the price of the currency had risen to $15,940 dollars on a futures contract scheduled for settlement on January 17 according to data provided by the Chicago board options exchange (Cboe).
A futures contract is a financial product that allows investors to bet on whether the currency’s price will rise or fall.
It is the first opportunity for professional investors to invest in bitcoin.
Many are way of embracing bitcoin because it has no central bank backing it and no legal exchange rate.
The first twenty minutes of trading saw volatility, with the price rising to $16,600 per unit before going down.
Bob Fitzsimmons, a futures manager at Wedbush Securities, told AFP approximately 150 trades were made in the first few minutes.
“It’s quiet,” he said.
Its price was $15,250 in pre-opening trades that took place 45 minutes before the official start, Fitzsimmons added.
This was still far short of its highs of $17,000 on other non-regulated online platforms last week.
The Cboe website was down at the time of the debut on Sunday.
Nigeria’s leading broadcaster, Channels Television, on Wednesday, closed trading at the Nigerian Stock Exchange.
This was part of a week-long line up of events to celebrate the station’s 21st anniversary.
Channels Television began the daily reportage of the domestic stock market and the entire financial markets in April 1996, just about a year after it started operations.
Over the past two decades, the broadcaster has been an integral part of Nigeria’s market evolution, and development, covering the automation of the stock market, the banking sector, and the ongoing transformation of the entire financial system.
The closing gong was sounded by the Chairman of the Channels Media Group, Mr John Momoh, at 2:30 pm.
Mr John Momoh in his address of welcome, said, “today is a great day for us. It is a very significant day in the sense that it is serving as a pivot for the celebration of our 21st anniversary”.
According to him, “it is the first time on this stage, not the first time on the floor, I have been here 20 years ago, in 1996.
“It is more like déjà vu for me.”
He went on to assure the Nigerian Stock Exchange of continued partnership in order to realise the kind of economy that the nation envisions.
CEO Nigerian Stock Exchange, Oscar Onyema, also congratulated the management and staff of Channels Television for its efforts over the years and for emerging as the best Television Station for the year, for over 10 years.
A lecturer from the Pan Atlantic University, Dr Austin Nweze today (Thursday) described Nigeria’s economy as the “reverse” of what is obtainable in other parts of the world.
Commenting on the increase of price on products and services during the Christmas period, Dr Nweze recounted his time as a student in Canada where “Christmas time is the best time to get things cheap; really really cheap”.
He said that there were usually so many discount, as “so many items are discounted just for the period” insisting that the end of the year should be “the best time to shop”.
He noted that in such climes, the Christmas period is regarded as “spending time” after saving from January to November period, which is regarded as “saving time”. He added that “even the stock exchanges feel the impact of the expenditures that go on during Christmas”.
He went on berating the discount tactic employed by retail and wholesale marketers in Nigeria.
“They will pretend to give discounts, but what they usually do is to increase the price first of all, and then (maybe) return it to a normal level or higher than the normal” maintaining that ‘’it is not supposed to be”.
Noting that a service economy is imperative, he berated the low impact manufacturing has made to the Nigerian economy which he pegged at 2.4 to 3 per cent compared to the United States of America’s 80 per cent.
Dr Nweze, quoting statistics from the International Trade Centre, said that by 2050, 80 per cent of the minimum global work force would be in services, which means “that you have to move from production to service” adding that “even when you are producing, you are also providing service; they work hand in hand”.
He further noted that Nigerians do not produce, he said “we consume too much” because “nobody is thinking of producing anything here,” a situation which he said also “extends to policy making”.
He advised policy makers to stop indulging in the habit of making policies that would not benefit the people because of the mode of operation used in implementing the policy. He said: “they make policies to encourage businesses, but they use the other hand to collect it back through interest rates”.
He said that if given the opportunity to run the economy, he would not “worry about inflation” but he would “make sure that the productive capacity of the nation; businesses are producing at the optimal level”.
He further said that he would look at other areas in the country and put in place a “factor-endowed based development strategy” to see what could be done to encourage production and manufacturing.
President Goodluck Jonathan has met with his United States counterpart, Barack Obama.
The meeting which took place in New York, ahead of the opening of the 68th session of the United Nations was centred on the need to tackle international terrorism.
President Jonathan who expressed appreciation over the U.S. support asked the international community to unite and deploy all resources to fight terrorism, with a recent attack on Kenya by the Somalian group Al-Shabaab.
“You experienced such recently and we still experience it in Nigeria, so I feel the pains of President Kenyatta, to get that level of attack, and that is why we maintain that “terror anywhere is terror on all of us”
“So we call on the global leaders to come together and fight terror”
President Barack Obama while welcoming President Jonathan described Nigeria as a critical partner of the United States in Africa.
“I’ve had the opportunity to speak with President Kenyatta directly, about the terrible tragedy that has happened in Nairobi
“We are providing all the cooperating we can, as we deal with the situation that has captivated the world, I want to express personally my condolences to Kenyans and President Kenyatta who lost two family members to the attack.
“But to the Kenyan people, we stand with them against this terrible outrage that occurred, we will provide them with whatever large enforcement support that is necessary and we are confident that Kenya, which has been a pillar of stability in Eastern Africa, will rebuild”.
After his meeting with President Obama, President Jonathan flanked by the Finance Minister Okonjo-Iweala, Petroleum Minister Diezani Allission Madueke and Nigeria’s Stock Exchange Commission D.G, Arunma Oteh, proceeded to the New York Stock Exchange (NYSE) where he rang the closing bell for trading.
The Governor of Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi and the Director General of the Securities and Exchange Commission, Arunma Oteh, have both made a case for government to compel foreign companies in Nigeria to list the nation’s stock exchange.
Capital market operations came up for discussion during one of the interactive sessions at the final day of the 18th NationalEconomic Summit in Abuja and the issue of listing for multinational companies on the Nigerian Stock Exchange was of particular interest to participants.
The CBN Governor had in his remark noted that there would be no First Bank PLC or any of the big banks like United Bank of Nigeria (UBA) if the Federal Government did not introduce the indigenization policy in 1979.
He further cited examples of Asian tiger nations such as Malaysia, which has stringent rules for any international company to operate in the country without an overwhelming local ownership.
Ms Otteh, in her argument, claimed that there’s a lot of economic sense if the foreign based companies come to the stock market.