[What is Personal Income Tax (PIT)?]

It is now widely known that the new tax law has been approved, and beginning in January 2026, every Nigerian will be obligated to pay tax. The new tax law covers the company income tax, personal income tax, value added tax, etc. However, in this post, I'll be focusing on Personal Income Tax (PIT) and how to calculate it.


What is Personal Income Tax (PIT)?
It is the portion of your earnings you are obligated to remit to the government as tax.

What are the taxable incomes?
The taxable incomes cover most forms of your earnings and they include wages, bonuses, financial gifts, royalties, winnings, etc.

Tax band
The Nigerian Tax Act (NTA) 2025 introduces a set of income brackets that determine the rate at which personal income tax is applied and they are:

+	-------------	+	---------------------------------	+	-----------------	+
|	Band	|	Income Range (N)	|	Tax Rate	|
+	-------------	+	---------------------------------	+	-----------------	+
|	1	|	2,200,000	|	15%	|
+	-------------	+	---------------------------------	+	-----------------	+
|	2	|	9,000,000	|	18%	|
+	-------------	+	---------------------------------	+	-----------------	+
|	3	|	13,000,000	|	21%	|
+	-------------	+	---------------------------------	+	-----------------	+
|	4	|	25,000,000	|	23%	|
+	-------------	+	---------------------------------	+	-----------------	+
|	5	|	50,000,000	|	25%	|
+	-------------	+	---------------------------------	+	-----------------	+

How to calculate taxable incomes?
Under the Nigerian Tax Act (2025), the first ₦800,000 one earns is tax-free. It means if your annual income is ₦800,000 or below, you're not obligated to pay tax.

Lets take a look at some examples:
Musa earned ₦1,500,000 for the year. To calculate Musa's taxable income, deduct ₦800,000 from ₦1,500,000.
That is: ₦1,500,000 - ₦800,000 = ₦700,000 (Remember, the first ₦800,000 income is tax-free)
The next step is to compute the tax due using the applicable rate. Musa didn't make up to the amount (₦2,200,000) in the first tax band, but you will still apply the rate 15% to it. That is:
Musa's taxable income = ₦700,000 x 15% = ₦105,000
Musa is to pay ₦105,000 as PIT to the government.

Jane earned ₦5,000,000 for the year. To calculate her taxable income, deduct ₦800,000 from ₦5,000,000
That is: ₦5,000,000 - ₦800,000 = ₦4,200,000 (The first ₦800,000 income is tax-free)
The next step is to compute the tax due using the applicable rates.
Jane earned up to the amount (₦2,200,000), in the first tax band. Remove it and apply 15%. Whatever amount is remaining in Jane's account, apply the second tax band rate 18% to it. That is:
₦2,200,000 x 15% = ₦330,000
₦2,000,000 x 18% = ₦360,000
Jane's taxable income = ₦330,000 + ₦360,000 = ₦690,000
Jane is to pay ₦690,000 as PIT to the government.

Olumide earned ₦10,000,000 for the year. To calculate his taxable income, deduct ₦800,000 from ₦10,000,000
That is: ₦10,000,000 - ₦800,000 = ₦9,200,000 (The first ₦800,000 income is tax-free)
The next step is to compute the tax due using the applicable rates.
Olumide earned up to the amount (₦2,200,000), in the first tax band, remove it and apply 15 %. Whatever amount is remaining in Olumide's account, apply the second tax band rate 18% to it. That is:
₦2,200,000 x 15% = ₦330,000
₦7,000,000 x 18% = ₦1,260,000
Olumide's taxable income = ₦330,000 + ₦1,260,000 = ₦1,590,000
Olumide is to pay ₦1,590,000 as PIT to the government.

Emeka earned ₦50,000,000 for the year. To calculate his taxable income, deduct ₦800,000 from ₦50,000,000
That is: ₦50,000,000 - ₦800,000 = ₦49,200,000 (The first ₦800,000 income is tax-free)
The next step is to compute the tax due using the applicable rates.
Emeka earned up to the amount (₦2,200,000) in the first band. Remove it and apply 15%. He earned up to the amount (₦9,000,000) in the second tax band. Remove it and apply 18%.  He earned up to the amount (₦13,000,000), in the third tax band. Remove it and apply 21%. He earned up to the amount (₦25,000,000), in the fourth tax band. Remove it and apply at 23%. What is left in Emeka's account is ₦800,000. Remove it and apply 25% rate. That is:
₦2,200,000 x 15% = ₦330,000
₦9,000,000 x 18% = ₦1,620,000
₦13,000,000 x 21% = ₦2,730,000
₦25,000,000 x 23% = ₦5,750,000
₦800,000 x 25% = ₦200,000
Emeka's taxable income will be: ₦330,000 + ₦1,620,000 + ₦2,730,000 + ₦5,750,000 + ₦200,000 = ₦10,630,000
Emeka is to pay ₦10,630,000 as PIT to the government.

Deborah earned ₦200,000,000 for the year. To calculate her taxable income, deduct ₦800,000 from ₦200,000,000
That is: ₦200,000,000 - ₦800,000 = ₦199,200,000 (The first ₦800,000 income is tax-free).
The next step is to compute the tax due using the applicable rates.
It is the same as previous examples.  Remove the amount from the tax bands and apply the rates sequentially until you get to last tax band. Whatever amount is remaining in Deborah's account, apply the rate. That is:
₦2,200,000 x 15% = ₦330,000
₦9,000,000 x 18% = ₦1,620,000
₦13,000,000 x 21% = ₦2,730,000
₦25,000,000 x 23% = ₦5,750,000
₦150,800,000 x 25 = ₦37,700,000
Deborah's taxable will be: ₦330,000 + ₦1,620,000 + ₦2,730,000 + ₦5,750,000 + ₦37,700,000 = ₦48,130,000
Deborah is to pay ₦48,130,000 as PIT to the government.

Please note that under the NTA 2025, tenants are qualified for a rent relief, which is 20% of their rent and it is capped at ₦500,000.

Now, let's take a look at some examples with rent relief:
Example A:
If the rent is ₦500,000 and annual income is N2,000,000, the rent relief will be:
20% x ₦500,000 = ₦100,000.
To calculate the taxable income:
Subtract ₦800,000 (tax-free) and ₦100,000 (rent relief) from the ₦2,000,000 (annual income). Then, use the previous calculations above to calculate the personal income tax.

Example B:
If the rent is ₦1,000,000 and annual income is N4,000,000. The rent relief will be:
20% x ₦1,000,000 = ₦200,000.
To calculate the taxable income:
Subtract ₦800,000 (tax-free) and ₦200,000 (rent relief) from ₦4,000,000 (annual income). Then, use the previous calculation above to calculate the personal income tax.

Example C:
If the rent is ₦5,000,000 and annual income is N10,000,000.
The rent relief will be:
20% x ₦5,000,000 = ₦1,000,000
But under NTA 2025, rent relief is capped at N500,000. So the person can only receive N500,000.
To calculate the taxable income,
Subtract ₦800,000 (tax-free) and ₦500,000 (rent relief) from the ₦10,000,000 (annual income). Then, use the previous calculate above to calculate the personal income tax.

References:
1. https://share.google/Lk9qZ4b5ViToPr1Rs - [PDF]
2. https://www.pwc.com/ng/en/publications/the-nigerian-tax-reform-acts.html

A Trinidad man was ambushed by two gunmen and robbed of $85,800 in cash during an in-person crypto purchase on November 29. The attackers fled with the money and both men’s phones in a getaway car, as per a local media report. An expert told Decrypt that “wrench attacks” and related violence are now occurring roughly once per week worldwide.Two gunmen escaped with about $85,800 in cash after ambushing a crypto buyer during a parking-lot transaction in Trinidad, the latest in a spate of violent attacks targeting digital-asset holders worldwide.

The Arouca resident was sitting in his vehicle at a Superpharm car park on Trincity Central Road last Saturday evening when the robbery occurred, according to a report by local media Trinidad and Tobago Newsday. He gave his two-year Belmont associate a black bag filled with cash, money he intended to use to buy crypto. Moments after the money changed hands, two hooded figures carrying guns appeared at both car windows, knocked on the glass, and declared a holdup. The assailants then snatched the cash and both men's phones before escaping in a getaway vehicle.
Source

As I read the article, I had many thoughts.

The victim had known the buyer for about two years, and yet this happened. What does that tell you? That you can be screwed even if you've been trading with someone for a long time.

I hope this unfortunate incident serves as a deterrent to persons who indulge in physical trades. It is too risky. You can lose your fund, get seriously injured or even lose your life. If you do not want to use a centralised exchange for fear of your personal information falling into the wrong hands, use a DEX.

As some of us may already know, crypto exchange URLs were blacklisted during the Nigerian government saga with Binance. Their websites cannot be accessed through web browsers but only via their mobile applications. A few moments ago, I was just playing around, and I decided to visit the Binance website, and it opened up. I also tried other crypto exchange websites like Bybit, Bitget, and MEXC, and they all opened up.

Code:

https://www.binance.com/
https://www.bybit.com/en/
https://www.bitgetapp.com/
https://www.mexc.com/

It seems our ISPs have lifted the restrictions on crypto exchanges.

[Starting Sept 8, 2025]

We are updating Bybit P2P for the Nigerian Naira (NGN) market. Starting Sept 8, 2025, Makers posting NGN buy ads will be subject to transaction fees. This update is part of our ongoing efforts to maintain a fair and sustainable P2P trading environment.

Who is affected?
Bybit P2P trading involves two roles:

- Takers: Users who buy or sell cryptocurrencies by selecting existing advertisements on the Bybit P2P platform.

- Makers: Users who create and post advertisements to buy or sell cryptocurrencies.

Fees for Takers: Takers will continue to enjoy zero transaction fees on Bybit P2P. However, fees from third-party payment providers may apply based on the selected payment method.

Fees for Makers: Makers posting NGN buy ads will be subject to transaction fees based on their advertiser level.

The update mainly concerns traders who create ads on Bybit. The fees they will be charged for posting ads depend on their advertiser's level. General advertisers will be charged a fee of 0.3%, verified advertisers will be charged a fee of 0.275%, while block advertisers will be charged a fee of 0.25%. You can find the information about the fee structure here.

[Whale.io]

🐳 Whale.io nah di state-of-the-art casino and sport betting platform wia you fit bet with .TON, SOL, USDT & Bitcoin.. Awa unique selling points wey dey make pipo dey cut cap for us be say, we get very fast deposits and withdrawals and we no dey charge withdrawal fees except di transaction cost from blockchain and e dey vary depending on di network load. Good luck with your bet

Visit di "Games and Rounds"-Section here on di forum and try your luck to win for di weekly "Free Bets"-giveaways!

Awa most important features at a glance:

• Withdrawals dey very fast
• Up to 20% cash back
• Highest possible RTP in all awa games
• Awa community dey large with millions of players
• 1000+ different games - All popular games dey available
• Live Casino
• Sports Betting - Bet on all major and well-known sports
• Live Betting - Bet on live or even pre-match
• Cash out - Cash out your bets early if you no get mind
• Deposits dey very fast - E dey possible by di use of latest technology
• 24/7 support
• Instant rewards - Receive rewards based on your player level
• Licensed and trusted - Awa license nah from Curacao, awa large community trust us
• Earn money - Receive bonus payments thru awa refer-a-friend programs
• Daily competitions - For all awa social media channels
• VIP experience - You go notice am di moment you login

[My accounts are fully registered with the EFCC Special Control Unit against money laundering and bank fraud]

Whenever I wanted to sell my coins via P2P on an exchange, one of the things I normally do is to check the buyer's number of successful trades, feedback remarks, and advertiser's terms. Recently, as I wanted to trade, I was going through different buyers' profiles, and my eyes caught this in the buyer's terms: "My accounts are fully registered with the EFCC Special Control Unit against money laundering and bank fraud."

In terms of the number of successful trades and feedback remarks, the buyer ticked the boxes. However, I couldn't go through with the trade because of the warning, I decided to sell to another buyer. I don't know if the buyer gives the data of the users he trades with to the EFCC, but I just felt like not trading with him/her.

I'd like to ask if anyone has come across something like this, and what do you guys make of it?

[Darkwire mode of operation?]

I came across this open-source project called Darkwire and I thought it's worth sharing. It's still in the developmental phase and was submitted for the Hackathon Bitcoin 2025 conference. It tends to address some of the challenges faced by Bitcoiners who live in areas where internet connection is unavailable ^{[either nonexistent or infrastructures are damaged by natural disaster]} or controlled ^{[taken offline by the the authorities].}

Darkwire mode of operation?
It's designed for sending both Bitcoin transactions and simple text messages offline.



How do I send Bitcoin?
First, you'll have to specify the receiving address as well as the amount in the Darkwire GUI or local wallet managed by bitcoinlib and tap on "generate transaction." The system will generate a signed Bitcoin transaction in hexadecimal format, which is further fragmented into smaller packets and transmitted to a nearby node via radio.

How does Darkwire work?
Basically, Darkwire makes use of two key components: the Long Range Radio transceiver (LoRa) and microcontrollers (Ardoino UNO) to form a mesh of decentralized network. These are connected to multiple nodes that are within a distance range of 10 km or less, depending on the population density of the area. When a raw Bitcoin transaction is created, the Darkwire node receives the transaction and transmit it wirelessly. That is, it hops from node to node until it gets to an exit node(with an internet connection), where it is picked up and verified by a miner and broadcasted to the Bitcoin network.

Currently, Darkwire supports Bitcoin only but the developer plans to add Ethereum and Monero in the future.

References:

• https://github.com/cyb3r17/darkwire
• https://m.youtube.com/watch?v=vEsVZjViFdM
• https://decrypt.co/322192/project-send-bitcoin-without-internet-access

https://mempool.space/block/00000000000000000000b7070e88525e4064ab36df7cfbe34d785bbc6eb491ea

On friday, luck smiled on a solo miner who solved block 888737 that contains 2327 transactions using DIY FutureBit Apollo machine. The solo miner went home with the 3.125 BTC block reward and an extra 0.032 BTC from transaction fees.

This is a major win for the solo miner considering that Bitcoin mining difficulty has gone as high as 112.15T, making it very difficult to compete with large mining pools with immense computational power.

Binance was the go to exchange for many Nigerians when it comes to P2P trades but ever since the market was removed, other alternatives like Bybit, Bitget, Kucoin, Mexc have emerged.

Personally, I've only used Bitget after Binance and I've noticed that the exchange charges fee for P2P trade like in the screenshot below and this is something that was free in Binance.



I'd like to know your experiences in other exchanges offering p2p trades and which would you consider the best.

I'm not sure if this has been posted anywhere on the forum. So I felt the need to post it here in order to create awareness since Binance is a big exchange and some forum users may have some funds there, especially traders. If you live in europe and you've any of the non-MICA conpliant stablecoins such as (USDT, DAI, FDUSD, TUSD, USDP, AEUR, USTC, UST, or PAXG) on Binance, they will be delisted on 31 March 2025 and you're advised to swap to USDC, EURI or fiat.



https://cointelegraph.com/news/binance-delist-non-mica-stablecoins-eea-march-31

According to a popular Nigerian proverb "Fly wey no dey hear word na im dey follow dead body enter inside grave." What this means is, any one that doesn't heed to advice will one day come to a terrible end.

I believe some of us are already familiar with the warning not to flaunt our wealth online because of the dangers it pose. For those that are yet to heed to this advice, maybe this story would help you have a rethink.

An OnlyFan streamer, Amouranth some time last year tweeted about her crypto holdings, which was basically 211.04 BTC and 22.90 ETH.


https://x.com/Amouranth/status/1861163158640926776?t=DtwAQ91qp0_9va1Rs1miBg&s=19

As a result of displaying her crypto portfolio online, she was robbed at gun point at her home. She got beaten and also suffered some bruises but thank God she fended off the attack. Below is the video footage of the robbery captured by CCTV camera.
https://x.com/Amouranth/status/1896600968797561248?t=d6qtzi7fE9qWT2hjArPp7A&s=19

Are you doing it to show off? Think again. Do not put your life and that of your loved ones in danger. Be discreet with your crypto investment.

The true identity of Satoshi Nakamo is a mystery that some has tried to unravel in the past and failed. But here's a new one. I came across this tweet by Sean Murray on X where he made an interesting theory linking Jack Dorsey to Satoshi Nakamoto. Would like to know what you guys think.

"Jack Dorsey was:

• 1 of ~1,300 confirmed cypherpunks in 1996 (his UMR email).
• Wore an Adam Back t-shirt in the UMR yearbook. UMR students were called Miners.
• Was a CompSci & Math major with an interest in crypto.
• Member of ACM in 1997 to at least 1999.
• Created academic research paper submission & review software for Mira Digital Publishing.
• Known to use: OpenBSD, Windows, Mac, Linux.
• Confirmed to code in: C, Python, Java, Perl, PHP, OCaml, JoCaml, Lisp, ObjC and more.
• Still on the cypherpunk mailing list in 2000 under his dnet .com email.
• Wrote a manifesto about making a mark without leaving a trace in 2001.
• Subscriber to cryptome .org in 2001.
• Made a blog post where he jokingly says he is working on a network for drug traffickers.
• Posted a bio in 2003 that says he is into crypto, pseudonyms, 4am hacks, and more.
• Posted in 2003 that he is ending his dependence on the US dollar and creating a barter network.
• Referred to himself as Jak instead of Jack. Jak was his pseudonym.
• Jack, who was a sailor, tweeted on 8/17/08: Around the horn and home again, for that's the sailor's way". Bitcoin .org was registered the next day.
• Jack's twitter profile from Sept '07 - Jan '09 said he was a sailor.
• The original Bitcoin source code included an old sailor's adage. "Never go to sea with two chronometers; take one or three".
• The original Bitcoin source code documents are all timestamped as being created at exactly 4AM, just like Jack's bio.
• The original Bitcoin source code documents contain a brute forced example vanity bitcoin address that starts with NS17 (Nakamoto Satoshi 1/7 ). The documents were created 1/7/09.
• Satoshi accidentally logged into IRC on 1/10/09 using a real IP, revealing he was in California (where Jack was).
• The first bitcoin transaction took place on Jack's mom's birthday (1/11/09).
• Satoshi joined the bitcoin forum on Jack's birthday (11/19).
• Satoshi's last mined block was on Jack's dad's birthday (5/3/10).
• Satoshi told Hal in an email about vanity bitcoin addresses and showed him a SECOND one beginning with NS.
• Jack sends bitcoin to 4 addresses after Hal, including one that has jD2m in the middle. Jack lived at 2 Mint Plaza in San Francisco. Jack Dorsey 2 Mint (jD2m).
• Satoshi tells Martti Malmi that he is really busy with work. Jack was busy launching his next startup, Square (now Block).
• Satoshi tells people on the forum not to donate Bitcoins to Wikileaks on 12/5/10.
• Twitter is hit with a secret court order with a gag requirement to turn over everything it has about Wikileaks on 12/14/10.
• Satoshi stopped logging into the forum on 12/13/10 and never returned.
• Jack is made Executive Chairman of Twitter while remaining CEO of Square on 3/28/11 and he tweets that he is very busy with both.
• Satoshi sends his last email on 4/23/11.
• Twitter's tech lead suggests that Twitter might integrate bitcoin payments on 5/23/11.
• Jack Dorsey calls Bitcoin an Amazing Movement in September 2012 and said that Square would accept it if it became huge and accepted.
• Jack's best friend Alyssa Milano writes a novel (Hacktivist) in the Summer of 2013 about Jack, in which she places him as living a double life behind a famous pseudonym.
• Square announces Bitcoin acceptance on 3/31/14.
• Satoshi's gmx email is hacked on 9/8/14 and the hacker attempts to extort Satoshi by sharing that he knows about his connection to St. Louis, Missouri. Jack is from St. Louis.
• Alyssa Milano writes a 2nd novel about Jack (Hacktivist). In this one, Jack's famous pseudonym is hijacked and his software developed in a way that was not intended. The hijacker has a logo that looks almost exactly like Gavin Andresen's Bitcoin Faucet logo. It was released in installments with the first one going out on 7/29/15.
• Two weeks later on 8/15/15, Satoshi reappears on the bitcoin mailing list to address the bitcoin block size debates. People are shocked about Satoshi's return and some doubt it is really him but could not disprove it.
• On 10/15/15, Jack is made permanent CEO of Twitter, officially making him CEO of two companies.
• The last installment of Milano's novel about Jack is published, in which its ends by him returning as head to his social network.
• Square publishes a children's book in January 2018 to explain the "Legend of Satoshi Nakamoto" in which it makes its Satoshi character look like Jack.
• On 4/20/20 Lex Fridman asks Jack if he is Satoshi, to which Jack tells him that he wouldn't admit it to him if he was. This is in contrast to Nick Szabo, Adam Back, and Hal Finney all saying explicitly that they were not Satoshi.
• On 5/25/20 - 145 very old bitcoin addresses signed a message stating that Craig Wright was not Satoshi and that he was a liar and a fraud. The oldest bitcoin address that signed the message started with 1jak (Jack's old pseudonym) and the oldest that signed it contained HiSQ in the middle. SQ is the ticker for his company Square.
• In February of 2022 Jack starts wearing a Satoshi shirt, first on a Michael Saylor podcast and then at the Super Bowl.
• On 10/27/23, Jack said at a conference that "Bitcoin and Satoshi in 2009 was a combination of my childhood and my curiosity and everything that I aspired to be and everything I loved."
• Craig Wright's attorneys argue in early 2024 that if Craig Wright was not Satoshi "then the real Satoshi would have been expected to come forward to counter the claim." It did not dawn on them that the person countering the claim was Jack Dorsey, who was the basis for the COPA v Wright legal challenge to begin with. Jack Dorsey came forward to counter the claim.
• On 7/21/24 Jack wrote on Nostr, "I frequently imagine Satoshi sitting back somewhere and laughing at it all."
• On 8/28/24 Jack went on Nostr and thanked Hal Finney (now deceased) for his help.
• Jack parades himself around in a Satoshi shirt".

Source: https://x.com/financeguy74/status/1890850549035110558?t=AgtdtDexZZ022esNRyzFLQ&s=19

It looks like Bybit has succumb to pressure as a result of the continual breathing down of its neck by Indian regulators and will be terminating its services to Indian users starting from 12 Jan, 2025. So if you're a trader and you've funds in Bybit, start withdrawing now.

"At Bybit, our primary objective has always been to operate in full compliance with all applicable rules and regulations. Due to recent developments from Indian regulators and in continuation of previously implemented restrictions, we regret to inform you that, effective Jan 12, 2025, 8AM UTC, Indian users will temporarily be unable to open new trades or access any products on the Bybit platform. The only exception will be withdrawals, which will remain available for your convenience".
https://announcements.bybit.com/en/article/temporary-restriction-of-services-in-india-blt13f0abc8bb7ac9b2/

[The Securities Exchange Commission has reviewed its guidelines to prescribe three-year jail terms for Nigerian celebrities and social media influencers who promote cryptocurrency platforms and assets without labelling their posts as sponsored content]

Following numerous reported scams orchestrated by cryptocurrency platforms which were highly promoted by public figures with large followers, SEC has revised its guidelines to slap stiff sanctions on celebrities supporting the fraudulent crypto sites.

The Securities Exchange Commission has reviewed its guidelines to prescribe three-year jail terms for Nigerian celebrities and social media influencers who promote cryptocurrency platforms and assets without labelling their posts as sponsored content.

SEC has also mandated celebrities and influencers to do their due diligence in verifying that their crypto client is SEC-licensed and approved before promoting their contents.

Source: https://gazettengr.com/nigerian-sec-to-jail-celebrities-influencers-promoting-crypto-assets-without-sponsored-labels-for-followers/

I don dey hope for something like this for sometime now, especially after the creation of SABICOIN, though I no no whether na Sabinus get am or not but I dey happy for this news. E show say awa SEC don dey chuck eye for crypto matter and dem dey concern about well being of Nigerians. Many of awa celebrities and influencers no really care about their followers, wetin dem dey after na their pockets, so this one na nice move by the Nigerian SEC.

During an interview with Tusker Carlson early this year, president Putin said before the Russia/Ukraine war, that about 80% of Russia foreign trade was in US dollars and Euro. So the sanctions placed by the western countries made Russia to begin to look for ways to circumvent them and Bitcoin was the answer. As we know, recently, president Putin has signed crypto bill into law legalizing Bitcoin mining, as well as crypto taxation. He's also urged BRICS to adopt crypto. Today, during a speech at the world trade center in Moscow, he said nobody can ban Bitcoin. You can watch the video here.



We've many topics about Donald Trump on the forum and he's been putting in good words about Bitcoin. With the world leaders, US president-elect Donald Trump and president Vladimir Putin now pro Bitcoin, do you think this would have any effect on mass adoption?

Some of you might have come across mind blowing stories of how an investor turned few dollars into millions of dollars, simply by buying memecoins such as DOGECOIN, SHIBA or PEPE when they've not really gain popularity and later sold at a big marketcap. While this may seem very tempting to some persons, the bitter truth is that these investors fail to tell their audience how many times their hands were burnt and the losses they suffer.

Few days ago, a memecoin investor invested a whooping $1,000,000 dollars in MBAPPE coin and within an hour, his investment was brought down to $9,200 dollars when the scammer removed liquidity causing the price to plummet. Now, this is just one of many sad stories of investing in memecoins.

Imagine if the investor had invested in Bitcoin, no matter how deep the chart gets it will surely bounce back and there's certainty that he'll get his money back as well as some profit, but in this case his investment is gone and gone forever. My advice to newbies is that you shouldn't be carried away by memecoins because of the price swings. They are dangerous, not worth it and the risks outweigh the gains.

There is a popular saying that any thing good takes time and it's worth waiting for. The bull is around the corner, invest in Bitcoin instead and HODL.

[SOURCE]

Following di enactments of cybersecurity Act 2024, CBN don pass a circular with di date 6th may 2024 to all commercial, merchant, non-interest and payment service banks to start to dey charge 0.5% fee as cybersecurity levy. Initially, wen dem bin first pass di cybersecurity act in 2015, di levy be 0.005%, but according to dis new development, e don increase to 0.5%. For example, anytime you make a transaction of N1000, dem go collect N5 and if you make N100,000 dem go collect N500.

Transactions wey no dey included na tuition fees (primary, secondary and tertiary institutions), loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, intra-bank transfers between customers of the same bank, cheque clearing, letters of credit, “savings and deposits including long-term investments” like treasury bills, bonds and commercial papers.

Di deductions go take place within two weeks from di date wen dem pass di circular to all financial institutions.

SOURCE

[NB: Since there have been four Bitcoin halvings so far, there are only four rare epic sats and this is the first one ever sold.]

Some days ago the "Buy Bitcoin" sign was sold for over $1 million dollars and I thought I had seen it all... I mean the craziest and most expensive Bitcoin artifact ever sold, but I was wrong.

Also, few days ago, we witnessed the fourth bitcoin halving and many persons were willing to splash out ridiculous amount in fees just to get their transactions in the first halving block. ViaBTC mining pool was the first to mine the halving block 840,000 and according to bitcoinmmagazine, it has auctioned the first ever epic sat for 33.3 BTC, that's about $2.1 million dollars. Crazy right? If you were super rich, would you spend such amount of money on an epic sat?




NB: Since there have been four Bitcoin halvings so far, there are only four rare epic sats and this is the first one ever sold.

https://twitter.com/CommEX_com/status/1772227862449226126?t=lYFRhu5MGXIm_81IJmS22w&s=19

This is to bring to the notice of everyone that Commex exchange is winding down its operation. If you've any asset in the exchange, hurry now and transfer your funds to your personal wallet or other crypto exchanges if you're a day-to-day trader. According to news report, Commex exchange has started the suspension of some of it services and the website will be completely shutdown on 10th May 2024.

According to the suspension roadmap, CommEx will stop servicing futures trading on March 28 and will also start suspending peer-to-peer exchange from April 2. On April 23, CommEx plans to completely shut down the spot trading platform and suspend its website by May 10.

User accounts that retain assets after May 10, 2024 will be subject to an asset management fee of 1% of assets.

In 2004, under the leadership of the then CBN governor, Charles Soludo, a major reforms took place in the banking sector. The capital base was increased from 2 billion naira to 25 billion naira, and this led to series of merger and acquisition and brought about the total number of banks in 2004 from 89 to 25. Currently, the capital base are categorized into three; banks with regional, national and international license are required to have 10 billion naira, 25 billion naira and 50 billion naira respectively.

Well, the recent development is that the banking sector is about to undergo a recapitulation exercise again. At the moment there's no clear information about the new capital base, but it is estimated to be a 15 - fold increase that will trim down the number of banks further.

A new report from Ernst and Young estimates that 17 out of 24 banks might not meet the capital requirement from the CBN if it is increased 15-fold from its current N25 billion.

If the report is to be correct, that 7 out of 24 banks are going to have the required capital base to still be operational, which banks do you think are going to make the list and why?


• https://dailytrust.com/bank-recapitalisation-17-out-of-24-banks-might-not-meet-cbn-capital-requirements-report/#google_vignette

• https://www.google.com/amp/s/punchng.com/only-seven-banks-can-meet-cbn-recapitalisation-requirements-report/%3famp