Economy
Crypto Trading is Thriving in Africa Amid COVID Restrictions
The ongoing COVID-19 pandemic has affected many people around the world. Due to the restrictions brought upon because of the spread of the virus, many people globally had problems going on with their regular daily lives.
Among many regions and parts of the world that suffered due to the spread of the virus was Africa. Many of the countries in the region reported increasing unemployment numbers. In such an environment, many Africans found crypto investments and trading as a way out of the hardships.
Crypto allowed people in the region the opportunity to transact their money freely and within a few minutes without having to deal with huge transaction fees. While the regulatory framework around crypto in Africa is far from being established, people are still using cryptos very actively.
The interest of Africans in the crypto trading market is increasing every single day in the region and showing the highest adoption rate of cryptos around the world. In some countries of Africa, the regulatory agencies are very strict when it comes to crypto activities.
In fact, some of the governments have totally banned crypto activities, including trading and investing. But, such heavy regulations seem to not affect the popularity of cryptocurrencies in the region. In fact, the interest has increased even more after such strict regulations were adopted in some of the African countries.
Africa is using the cryptocurrency market for numerous different reasons, including for doing business, protecting their savings and funds, and also sending and receiving funds overseas.
Why is Crypto So Popular in Africa?
There are many reasons behind the huge popularity of the crypto trading market in Africa. One of the main reasons why so many people have decided to turn to cryptocurrencies in the region is that they have had enough bad experiences with fiat currencies and they want to protect their funds from the effects of inflation.
Another very important factor that supports the popularity of the crypto market is that it lets locals send and receive funds without having to pay a lot of commissions and fees. In the region, peer-to-peer transactions are especially popular.
People in Africa are using cryptocurrencies for all different reasons. There are some people who are using it as an asset to trade, while others use it for day-to-day activities, such as selling goods, saving up money, or sending money to others.
As the national currencies of numerous African countries continue to depreciate, the population of the region had to find a way out of the situation. For many, cryptocurrencies are one of the only opportunities to preserve their wealth, while also watching it grow.
Another reason why so many people are showing such interest in the crypto trading market in Africa is that the market has become very easy to access for people of all backgrounds. Today, thanks to the increasing number of crypto exchanges offered to African traders, getting started in the market is very simple.
All they need to do is to open an account with one of the available crypto exchanges in the region, deposit funds, and start buying and selling cryptocurrencies.
In fact, trading cryptos does not require as much attention from traders anymore. This lets traders in the region go on with their day while making profits. It is possible thanks to the crypto trading robots, which are able to analyze the market in a matter of minutes for traders and make profits for them.
For example, while using an automated bitcoin trading robot, you will be able to sit back and let the robot make profits for you. There are different types of robots available in the market, some of them are able to analyze the market and provide traders with trading signals.
On the other hand, there are trading bots that are able to actually trade cryptocurrencies for you and make profits. The majority of the crypto robots use API keys to connect with crypto exchanges, which is a safe way of automated trading.
Crypto Trading in Africa
The past few years have been very important for the further development of the crypto trading market in the region. Amid the worsening situation in terms of economy and local currencies, the popularity of cryptocurrencies further increased.
Another important factor for the increasing popularity of the crypto trading market in the region was the Covid-19 pandemic. The ongoing pandemic caused numerous jurisdictions in the region to adopt different types of restrictions to curb the spread of the virus.
Due to the restrictions, many people were left without jobs and lost their income. In this situation, the demand for the cryptocurrency trading market has increased dramatically.
However, although crypto trading is very popular in the region, the local regulations are far from being in favour of the crypto trading market. Many of the countries in the region have restricted trading cryptocurrencies altogether, while others have issued warnings against crypto trading.
But, even this did not get in the way of the further development of the market. Cryptocurrencies are becoming more and more popular in Africa every single day and the easier access to the market makes it even more attractive for local traders.
However, due to the local restrictions, people are mostly using P2P trading platforms to participate in the market. This made Africa one of the most active regions in terms of P2P crypto transactions.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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