Naira on Monday strengthened across foreign exchange market segments as demand for dollars by the end users moderated. At the parallel market, popularly called black market, naira appreciated by 0.26 percent as the dollar traded at the rate of N758 on Monday as against N760/$ on Friday. In April, the naira gained 0.67 percent to …
Ahead of the release of the Gross Domestic Product (GDP) on Wednesday, by the National Bureau of Statistics (NBS), some members of the Monetary Policy Committee (MPC) have highlighted leading indicators of a possible decline in GDP and employment growth in the first quarter (Q1) of 2023. GDP refers to the total market value of …
The Financial Derivatives Company (FDC) predicts that Nigeria’s GDP will decline to 1.2 percent in the first three months of 2023 compared to 3.52 percent in Q4 2022. The financial institution said in its monthly economic update published May 19 that the forecasted decline in Nigeria’s Q1 GDP will largely be tied to the effect …
Nigeria’s banking sector assets rose by 25.34 percent (N9.98 trillion) between the end of February 2022 and 2023, driven largely by balances with the Central Bank of Nigeria (CBN)/banks, FGN bonds, Treasury Bills and credit, according to members of the Monetary Policy Committee (MPC) in their personal statement at the last meeting in March, 2023. …
“Whoever wins this election, loses.” Those were the words a foreign diplomat who has lived in Nigeria for 20 years used in depicting the arduous task ahead of Nigeria’s next leader and it is the reason many believe President-elect Bola Tinubu must hit the ground running from day one. Tinubu, whose victory is still being …
A curious tale is unfolding in Nigeria’s fintech scene. It all began on an eventful Friday, April 28, 2023, when Payday, a well-known startup offering virtual card services, sent out an email to its users. The message carried a mix of reassurance and caution, informing customers of upcoming changes to their card services. While promising …
There has been a new discovery in Zimbabwe. A discovery that could become of great economic significance to the country if all goes well. Invictus Energy, an A-listed company from Australia has recently confirmed the presence of light oil, gas condensate, and helium at its Cabora Bassa project in Zimbabwe. The company has provided assurances that helium …
Three women fund managers from Nigeria, Kenya and South Africa have been selected to receive Visa’s grant funding from the African Women Impact Fund Initiative (AWIF), a collaboration between Standard Bank and the United Nations Economic Commission for Africa (UNECA). SME.NG (Nigeria), Altree Capital (Kenya) and Maia Capital (South Africa) are the selected recipients and …
It is an election season across some African countries. Nigeria has taken the lead to conduct its Presential and State elections within one month – amid heated controversies of corruption, conflicts and bigotry. According to local news, only 1,553 of the total 15,307 candidates who participated in the general elections were women. A decline from 2,968 …
On Monday, March 13th, Naspers took an axe to its venture capital fund, Naspers Foundry, putting the kibosh on R1.4 billion (~$77 million) in funding. Henceforth, the fund’s portfolio companies and any additional investments shall be tended by Prosus Venture. The Foundry was born in October of 2019, when Naspers’ South Africa CEO, Phuthi Mahanyele-Dabengwa, …