Omicron virus could spell trouble for Nigeria’s exchange rate 



Global markets are currently spooked over the likely effects of the newly discovered Omicron Covid-19 variant, first discovered in southern Africa. On Friday, MSCI global stocks benchmark fell to its lowest in over a year, crude oil prices also tumbled 13%, lowest since September while cryptocurrencies led by Bitcoin crashed below $55k.

The reaction to the virus is also not limited to the financial market as global leaders also scrambled to close their borders in a bid to contain its spread.

The United States, United Kingdom, Israel, Saudi Arabia, South Korea have all issued travel limits from passengers from southern Africa where the virus is thought to have originated. Israel went a step further to close its borders to foreigners after it discovered the case.