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Just in: FG declares Thursday October 1, public holiday

Thursday, October 1, has been declared a public holiday by FG

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The Federal Government has declared Thursday, October 1, 2020, as a public holiday to mark the country’s 60th Independence Anniversary.

The Minister of Interior, Rauf Aregbesola, who made the declaration on behalf of the Federal Government, congratulated all Nigerians on the celebration of the country’s Diamond Jubilee while giving assurances of the government’s commitment to the socio-economic transformation of the country.

This disclosure was contained in a statement which was issued on Tuesday, September 29, 2020, and titled, ‘FG Declares Thursday, October 1, 2020, Public Holiday to Mark Nigeria’s 60th Independence Anniversary’ and signed by the Permanent Secretary of the Ministry of Interior, Georgina Ehuriah on behalf of the Federal Government.

According to the statement, the minister praised Nigerians for the feats in the economy, education, the creative sector, amongst others.

The statement also quoted Aregbesola as saying, “Though celebrating sixty years of independence really calls for pomp and pageantry, but with the global COVID-19 pandemic, which has forced all nations in the world to think and act cautiously, we cannot avoid the imperative of a low-keyed celebration at this time.”

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It added, “While wishing Nigerians a fruitful independence celebration, he reminded them of the fact that our founding fathers, in spite of the differences in faith, tribe and tongue came together for Nigeria’s independence.”

 

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Coronavirus

COVID-19 Update in Nigeria

On the 31st of October 2020, 162 new confirmed cases were recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 62,853 confirmed cases.

On the 31st of October 2020, 162 new confirmed cases were recorded in Nigeria, having carried out a total daily test of 3,008 samples across the country.

To date, 62,853 cases have been confirmed, 58,675 cases have been discharged and 1,144 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 625,510 tests have been carried out as of October 31st, 2020 compared to 620,758 tests a day earlier.

COVID-19 Case Updates- 31st October 2020,

  • Total Number of Cases – 62,853
  • Total Number Discharged – 58,675
  • Total Deaths – 1,144
  • Total Tests Carried out – 625,510

According to the NCDC, the 162 new cases were reported from 14 states- Gombe (54), FCT (35), Lagos (26), Ogun (12), Plateau (10), Rivers (10), Kaduna (4), Ekiti (3), Edo (2), Osun (2), Bayelsa (1), Imo (1), Ondo (1), Oyo (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 21,238, followed by Abuja (6,088), Plateau (3,640), Oyo (3,448), Rivers (2,820), Edo (2,666), Kaduna (2,652), Ogun (2,043), Delta (1,814), Kano (1,747), Ondo (1,667), Enugu (1,314),  Kwara (1,069), Ebonyi (1,049), Katsina (952), Gombe (937). Osun (928), Abia (898),  Borno (745), and Bauchi (713).

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Imo State has recorded 617 cases, Benue (493), Nasarawa (482), Bayelsa (413),  Ekiti (335), Jigawa (325), Akwa Ibom (295), Anambra (277), Niger (274), Adamawa (257), Sokoto (165), Taraba (146), Kebbi (93), Cross River (87), Yobe (82), Zamfara (79), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

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The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

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Market Views

Zoom is 3 times bigger than Nigeria’s Stock Market Capitalization

Zoom sported a market valuation of $131 billion, compared to the Nigerian Stock market with a value standing at $42.1 billion. 

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The world’s fastest-growing video conferencing service company, Zoom, has seen its market valuation rocket past $130 billion—more than 3 times the value of the Nigerian Stock Exchange.

Zoom has attracted high demand growth for its service, especially since COVID-19 changed the way the world works. As one of the pioneers of modern work-from-home tools, millions of organizations around the world have adopted the application as their preferred communication tool in the workplace, particularly video conferencing.

READ: Zoom reports a surge in profit of 3,300%

READ: How Apple lost over $500 billion in 12 trading days

What we know: At the time of drafting this report, Zoom sported a market valuation of $131 billion, compared to the Nigerian Stock market with a value presently standing at $42.1 billion (N16 trillion), using the official exchange rate of N380 to $1.

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  • Zoom’s enviable performance began in early 2020, when it printed a market capitalization of just $19 billion. While Zoom posted $1.35 billion in revenue over the past 12 months, the Nigerian Stocks bourse, in comparison, printed a market capitalization of $39.1 Billion (N14.87 trillion) at the end of January, according to data obtained from Nairalytics (financial data arm of Nairametrics).
  • The bullish run got intensified for the tech company, particularly in Q2 that ended  August 31, when it posted an impressive earning result of $663.5 million in revenue (far beating analysts’ prediction of $500.5 million)—and it still firing on all cylinders.
  • Such gains seen in Zoom’s stock price have added so much wealth to its investors, that Zoom founder, Eric Yuan, has seen his own fortune rise more than 551% year to date, with a valuation put at about $23.2 billion, according to data seen from Bloomberg Billionaire Index.

READ: Nigeria’s records 6.1 percent tax to GDP as tax base for VAT rise to N23.7 trillion

READ: COVID-19: How CBN policies helped prevent the collapse of the Nigerian economy – Oscar Onyema

Eric Yuan is presently the chairman and CEO of Zoom Video Communications, the world’s biggest provider of video conferencing software to the business.

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On the other hand, Nigerian stocks also defied expectations and produced positive returns, with every month in the third quarter, printing positive returns as buying pressure increased across the market spectrum. The Nigerian stock market’s performance was triggered by the Industrial Index emerging as the biggest gainer, up by 8.14% followed by the most liquid index, banking index (10.08%), and the Consumer Index printing (2.74%), still market capitalization hovered below $40 billion.

READ: Nigeria imported N1.28 trillion “used vehicles”, motorcycle in one year, up by 42%

Zoom has now boosted its revenue forecasts to $690 million for the present quarter (through the end of October), and also increased its financial guidance for the full fiscal year, through Jan 2021, to about $2.4 billion in revenue, up from $623 million for the year through January 2020, as it takes into account the demand for remote work solutions for businesses reaching a record high.

The exponential valuation seen in the world’s biggest video company had been enhanced by the fact that a significant amount of businesses and individuals now work remotely, on the bias of the world’s most disruptive biological pathogen COVID-19’s continued spread, triggering global investors to increase their buying pressure on the American communications technology company, which is barely less 10 years old in operation.

READ: MTN shareholders have made approximately N1 trillion since April 2020

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Bottom-line: Covid-19 may have caused a lot of damage to the global economy since it was declared a pandemic in the first quarter of the year, but not for remote working app companies like Zoom, Slack, and Microsoft Teams.

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  • The US stock markets assign significant value to companies that can grow exponentially, as they believe these are companies that will continue to dominate the future of work.
  • Just like US tech stocks, stocks on the Nigerian Stock Exchange have also gained significantly in the latter part of this year.
  • However, rather than gaining from higher revenues growth, they have relied on Meffynomics (lower interest rate in a high inflation economy) to attract portfolio inflows from local investors.

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Cryptocurrency

Rich investors are moving cryptos at an alarming rate

Over $1.5 billion worth of Bitcoins have been transferred from one point to another in more than 15 transactions.

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Rich investors are moving cryptos at an alarming rate, Bitcoin, BTC, cryptocurrency,Cryptocurrencies and its usage in Africa

Wealthy investors have lately intensified their moves at an astronomical rate, with the prevailing price seen at the world’s flagship crypto hovering above $13,000.

At the time of writing, over $1.5 billion worth of Bitcoins has been transferred from one point to another in more than 15 transactions less than 5 hours ago, as tracked by Nairametrics, thus giving a signal that wealthy investors are definitely up to something.

The most recent price movement captured by Nairametrics showed a BTC whale moving about $34 million worth of cryptos to Coinbase, the world’s most valuable crypto exchange company.

READ: Two strange Bitcoin whales transfer $290 million worth of Crypto

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READ: Ripple owners say XRP will be worth $100

Why you should know: In the crypto-verse, traders, or global investors who own large numbers of BTCs are typically called Bitcoin whales. This means a Bitcoin whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.

The number of large entities owning BTCs recently reached an all-time high amid Bitcoin’s ascension. By October 25, the number of large entities owning over 1000 BTCs increased to 2,231.

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Whales could be anticipating a strong medium to long-term Bitcoin price trend, and are choosing to hold on to BTC in expectation of a bull market.

READ: 2 TRON whales transfer over 120,000,000 TRX

READ: Dual citizenship firm opens office in Nigeria for millionaires, charges over $1 million

What this means: much of the recent increase can be attributed to wealthy entities withdrawing their BTC from exchanges. Apparently, this is not new wealth; rather, it represents a change in the way Bitcoin whales are choosing to hold their coins.

Explore the Advanced Financial Calculators on Nairametrics

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  • That said, it’s critical to note these large entities are on record highs amid last week’s price ascension. Statistics obtained from BitcoinCharts revealed that Bitcoin whale addresses actually control a much higher 7,902,469 BTC, or 42% of the total supply.
  • That brings an affirmative bias that these large entities’ movements are trajectory to price movements at unprecedented levels.
  • This is an indication that more high-net-worth individuals are entering the space to invest in Bitcoin, in expectation of $BTC price appreciation.
  • Bitcoin accumulation has been on a constant upward trend for months. 2.6M $BTC (14% of supply) are currently held in accumulation addresses.

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