With the COVID-19 pandemic still raging on and upsetting markets, Bitcoin has outperformed the Nigerian stock market and even most global equities; only performing worse than gold. Investors attribute Bitcoin’s performance to bets/bids that have been made to hedge against inflation.
In 2020, Bitcoin has only posted a loss of around 5%, compared to respective drops of 17.5% and 18% for the Nigerian and MSCI All-Country World Index. With a market capitalization of over $126 billion as at April 22, 2020, it is much bigger and more liquid than the Nigerian stock market (market capitalization less than $31 billion dollars —N11.793 trillion est. April 21, 2020).
Like stocks and other riskier assets, Bitcoin climbed up in the wake of massive stimulus packages launched by fiscal authorities and central banks around the world last month to ease the economic damage caused by the COVID-19 outbreak.
In addition, with a supply pegged at 21 million, its rarity gives it an intrinsic value and protects it from global central banks’ moves or policies that encourage inflation.
However, in 2020, bitcoin performed poorly against popular safe havens like gold. Just last month alone, Bitcoin slumped more than 35%, showing that gold has proven far more resilient than Bitcoin
Bitcoin which is notorious for high price swings, has found its use as a means of digital payment and scared off institutional investors such as pension funds. It has however attracted hedge and quant traders, who make money on short-term price swings.
As its volatility soared, major cryptocurrency exchanges saw huge movements in volume last month. Many speculators sold off the cryptocurrency (like other assets) to raise money.
“I’m long gold, I’m long bitcoin – we are seeing a monetization of debt like we have never seen in our lifetimes,” Novogratz said in a Monday interview with Bloomberg TV. “To me in the long run, that has to make hard assets look better.”
COVID-19: Jason Njoku and wife test positive
iROKOtv CEO and wife have contracted the novel coronavirus.
Jason Chukwuma Njoku, the co-founder and CEO of iROKOtv and his wife has tested positive for COVID-19. However, Mrs. Mary Njoku is feeling well.
Jason, disclosed this via his Twitter handle stating that “My enemies are hard at work in 2020. Mrs. Njoku and I tested positive for Covid-19. I’m not feeling great, but Mary is well. Literally no idea how I caught it. But we shall see this pass too.”
The media mogul did not reveal if his children caught the virus too.
My enemies are hard at work in 2020. Mrs Njoku and I tested positive for Covid19 😩. I'm not feeling great but Mary is well. 😷🤢. Literally no idea how I caught it. 🤷🏾♂️. But we shall see this pass too🙏🏾. pic.twitter.com/tnsP1BCPBB
— JasonNjoku (@JasonNjoku) October 28, 2020
UK High Commission reopens visa application centres in Nigeria
Days after it was shut down, United Kingdom High Commission in Nigeria has announced the reopening of its visa application centres.
The United Kingdom High Commission in Nigeria has announced the reopening of its visa application centres in the country.
This comes some days after the high commission had shut down its visa application centres in Victoria Island, Lagos and Abuja over the outbreak of violence arising from hijacked #EndSARS protests against police brutality and extra-judicial killings, which led to the loss of lives, vandalization, and looting of public and private assets across the country.
The disclosure was made by the High Commission in a statement through a tweet post on its official Twitter handle.
The High Commission, however, noted in its statement, titled, “Update on UK visa application centres in Nigeria” that its centres would not open on Thursday due to the public holiday in Nigeria, in honour of the Eid-El Malaud celebration.
The statement from the UK high commission, partly reads, “Our TLS contact visa application centres are now open in Nigeria. Following the recent closures, we are working hard to process all outstanding applications.’’
“We thank you for your continued patience and understanding. Please note Thursday, October 29, is a public holiday in Nigeria and our Visa application centres will be closed.”
The reopening of the visa applications centres after they were shut about a week ago is due to the gradual return of peace and order to some of those trouble spots, following the intervention of security agents.
The UK High Commission had been very critical of the outbreak of violence in the country, especially the shooting of unarmed protesters at Lekki Tollgate by alleged military personnel, and asked the government to thoroughly investigate the incident and ensure justice is done.
In its statement, the High Commission said, “We remain concerned by acts of looting and violence in Nigeria and urge security services use restraint as the order is restored. Working with all stakeholders, judicial panels of inquiry must investigate all incidents, including Lekki and ensure accountability for crimes.”
What you should know
The Judicial Panel of Inquiry set up by the Lagos state government to handle all cases of police brutality in the state have also been mandated to conduct an inquiry into the shooting of unarmed protesters last week.
Amnesty International earlier said that 12 people were allegedly shot dead by the police and army at two locations during the hijacked protests.
Explore Data on the Nairametrics Research Website
Please see below 👇🏼 for an update on UK Visa Application Centres in Victoria Island, Abuja & Lagos.
— UK in Nigeria🇬🇧 (@UKinNigeria) October 26, 2020
Nigeria’s Ngozi Okonjo-Iweala close to being announced as new DG of WTO
Ngozi Okonjo-Iweala is expected to be announced as the new DG of the World Trade Organisation.
Nigeria’s former Finance Minister, Dr. Ngozi Okonji-Iweala, is close to being appointed as the new Director-General of the World Trade Organisation (WTO).
According to Reuters, a group of ambassadors also known as “troika” has proposed Ngozi Okonjo-Iweala to lead the WTO giving her a clear path to becoming the first woman to head the WTO since it started 25 years ago. The three ambassadors are thought to wield significant powers in determining what is a very “intricate and opaque” process.
Most Nigerian Media houses have already announced NOI as the winner of the process even though this is yet to be made official by the WTO.
The winner for the role of DG of WTO is expected to be announced formally by the WTO later today.