What is Bitcoin and Who created Bitcoin ?

Bitcoin is a cryptocurrency, a form of electronic cash. According to Wikipedia, it was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin blockchain network without the need for intermediaries. It is powered through blockchain technology.

Is Bitcoin real money?

Bitcoin is not a money that the government declared to be a legal tender i.e. it is not fiat money and does not have ties to any government. It is a cryptocurrency and can be used as payment or for investing purposes. Many mainstream companies and even some governments accept Bitcoin as payment.

To buy bitcoin in Nigeria at an affordable rate,

Visit: www.cryptonaira.ng

The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, has increased the ex-depot price of Premium Motor Spirit, also known as petrol, to N155.17 per litre from N147.67 per litre Punch reports,

The PPMC disclosed this in an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali.

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The memo, a copy of which was seen by our correspondent, said the new ex-depot price would take effect from Friday.

The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots.

In its PMS price proposal for November, the PPMC put the landing cost of petrol at N128.89 per litre, up from N119.77 per litre in September/October.

It said the estimated minimum pump price of the product would increase to N161.36 per litre from N153.86 per litre.

The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, in a telephone interview with our correspondent, said the over N7 increase in ex-depot price would translate into an increase in pump prices.

He said, “The implication of the increase in the ex-depot price is that there is going to be an increase in the pump price. We are expecting the pump price to range from N168 to N170 per liter.

“Crude oil price is going up,” he said, noting that the Federal Government has fully deregulated petrol prices.

Following the deregulation of petrol prices in September, marketers across the country adjusted their pump prices to between N158 and N162 per litre to reflect the increase in global oil prices.

Petrol price band had also risen from N121.50–N123.50 per litre in June to N140.80-N143.80 in July and N148-N150 in August.

The Minister of State for Petroleum Resources, Timipre Sylva, said in September that the government had stepped back in fixing the price of petrol, adding that market forces and crude oil price would continue to determine the cost of the product.

The Dangote group has reacted to a recent report published on Bloomberg that their cement company was solely exempted from the Land Border Closure by the Nigerian government.

The report revealed that Dangote Cement was still able to export products despite the land border closure put in place by the Federal Government thus gaining an ‘unfair’ advantage.

Read Also: Meet Mariya Dangote: Dangote’s Daughter

Responding to the development in a statement sent to POLITICS NIGERIA, signed by Timilehin Oyedare, the cement giant disclosed that the report was ‘misleading’.

“Contrary to reports by Bloomberg that Dangote Cement was granted sole approval to export cement through the land borders, information has emerged that other companies also got approval to export through the land borders. Nigerian Customs Service has reportedly revealed that a gas company have also received presidential approval to move goods across the land borders.”

“Joseph Attah, the spokesperson for Nigerian Customs Service, was said to have clarified on phone from Lagos.”

“Dangote Cement and other companies in July, 2020 got partial special dispensation to export their products with certain sequence of crossing at Ilela land border in Sokoto State and Ohumbe land border in Ogun State, the company clarified.”

The Group Chief, Branding and Communications, Dangote Group, Mr. Anthony Chiejina, said the report is misleading and mischievous because it focused only on Dangote Cement as the sole beneficiary of the partial special dispensation.