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Investors, Government, Others to Rub Minds at Capital Markets Conference

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Capital Market Developments

By Aduragbemi Omiyale

The Nigerian Exchange (NGX) Limited has created an avenue for key stakeholders in the country’s capital market like regulators, government officials, investors and others to rub minds on how to deepen the space.

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These stakeholders will converge on Tuesday, November 30, 2021, at Transcorp Hilton Abuja for the inaugural NGX Capital Markets Conference with the theme The Future Ready Capital Market: Innovating for Nigeria’s Sustainable Recovery.

A statement from the exchange said Vice President Yemi Osinbajo will grace the occasion alongside the Speaker of the House of Representatives, Mr Femi Gbajabiamila; and others.

It was further stated that in compliance with COVID-19 protocols, in-person attendance at the conference is by invitation only, while interested persons who wish to attend online via zoom and YouTube can register at https://bit.ly/ngx-cmc2021.

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The event is sponsored BUA Group, Central Securities Clearing System Plc (CSCS) and NG Clearing, while the media partners are CNBC Africa, Proshare, Business Day and Nairametrics.

Speaking about the importance of the conference, the CEO of NGX, Mr Temi Popoola, stated that, “The Nigerian capital market plays a critical role in developing the Nigerian economy and, in proxy, the African economy.

“The challenges the capital market encountered during the pandemic have created an opportunity to drive sustainable wealth creation and economic development through policies that foster innovation and digitalisation, addressing severe societal challenges.

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“NGX is strategically positioned to invite stakeholders in the capital market to form partnerships that will foster the growth and development of the Nigerian economy.”

Chairman/CEO of BUA Group, Mr Abdul Samad Rabiu, on his part, disclosed that, “The initiative of the NGX to engage key stakeholders in the capital market is a commendable step to revitalising the economy and positioning it to attract greater global flows for sustainable economic recovery.

“We at BUA Group applaud NGX for this great initiative and are pleased to partner in taking this giant stride to chart a path for the future of a resilient Nigerian economy.”

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Also commenting, the MD/CEO of CSCS, Mr Haruna Jalo-Waziri, said, “I believe that yielding partnerships in the capital market will better strengthen the industry, create opportunities for more players and support innovation and digitalisation to better drive the Nigerian economy.”

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El Salvador Buys Additional 150 BTC as price Falls Below $50,000

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El Salvador Bitcoin

Many in the cryptocurrency community are now calling the President of El Salvador a Chief Executive Officer (CEO) as he has managed his country like a CEO would a company. He has now allocated his ‘company’s’ treasury into Bitcoin, as he aims to ‘Buy the dip’, anytime there is a price drawdown in the asset class.

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Today ‘CEO’ Nayib Bukele took to Twitter to announce that his ‘company’, El Salvador, just bought an additional 150 BTC, adding to the 100 BTC the Latin American nation bought when Bitcoin’s price fell below $60,000.

He stated, “El Salvador just bought the dip! 150 coins at an average USD price of ~$48,670 🥳 #Bitcoin 🎄” He further explained that he missed the bottom as Bitcoin traded as low as $42,874.62 according to coinmarketcap. He stated, “missed the f***ing bottom by 7 minutes.”

What you should know

This purchase puts El Salvador’s Bitcoin reserve at a total of 1,270 BTC, which is worth nearly $61.6 million at the time of writing. On the 26th of November, just 8 days ago, the President announced the purchase of 100 BTC.

The Salvadorean government game plan includes withdrawing unrealized BTC gains in U.S. dollars to fund various developmental projects while maintaining the overall value of the central reserve.

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President Nayib Bukele first announced that El Salvador would be making their first major BTC purchase on the eve of the country’s Bitcoin Law going into effect on Sept. 7, buying 200 BTC when the price was roughly $52,000. The nation has seen added 1,020 BTC, with the nation buying whenever there has been a major sell off in the price of Bitcoin.

Nayib Bukele has proposed several initiatives in the country around Bitcoin adoption and mining. The government has started construction of the infrastructure to support the state-issued Bitcoin wallet, Chivo, and recently unveiled plans to launch its own Bitcoin City at the base of a volcano, funded initially by $1 billion in Bitcoin bonds.

Conclusion

Since the adoption of Bitcoin as a legal tender, the Salvadoran government has been investing gains onto various infrastructure development projects. In mid-October, the President announced that the $4 million from the profits of their Bitcoin Trust will be used to construct a new veterinary hospital in the capital, San Salvador. Early November, Bukele announced that the surplus earned from the state’s Bitcoin Trust account will be used for constructing 20 new schools.

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However, Many Salvadorans have pushed back against the crypto initiatives, specifically protesting Bukele and Bitcoin. In September, residents marching through the capital city destroyed one of the Chivo kiosks and defaced the remains with anti-BTC logos and signs.

Source: NairaMetrics

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Superalgos is the go to hub for day traders – Luis Molina, CEO

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Luis Molina

The SA token is the native token of the Superalgos platform. It was recently launched on PancakeSwap, a decentralized exchange (DEX), under the ticker ‘SA’. The launch comes after four years of development with tens of thousands of downloads during the open beta phase as the community builds up liquidity pools for its native Superalgos token on the DEX.

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Molina says, “Our token is a community token and it represents how much you have contributed to the project. The difference between the SA token and other tokens is that others use their token to incentivize security for their respective networks while we don’t need security for our network because our token runs on someone else’s network. What we do is we use 100% of the incentivization power of each token to incentivize contribution to the platform. In the first four years, the contribution was in the form of codes to the codebase to create these tools. We are transitioning to allowing people contribute trading intelligence in the form of indicators, strategies and also signals. The platform will be set up where people will be running bots which produces signals for traders and putting them in the Superalgos network for everyone to benefit.”

Molina concluded by telling us more about the Superalgos application and how traders can benefit from the #1 platform on GitHub. He also gave hints about his top five cryptocurrencies. Click here to watch the full interview.

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Source: NairaMetrics

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