Second time's the charm? 💰🤔
#193: Love is in the air and so is the Naira.
Hello Venturer,
Welcome to the month of February. I’m glad you made through the 697 days of January. It seemed like it would never end, right? Remember how it began? From Mum Zee’s viral tweet to the ongoing AFCON tournament. Just like its phantom length, January had a lot to offer us. But I’m sure February has more for us. It is the month of love and surprise packages after all.
However, before we dive headfirst into planning thoughtful (romantic for some) gestures for our loved ones, a quick reality check. This week, we explore how the naira hit a new all-time low of N1,482.57 at the official markets. This is the second time the CBN is facilitating a steep devaluation of the naira in eight months and it appears to have an end goal; the CBN wants to lure investors into the market. You know what they say about money, it makes the heart grow fonder. Or is it absence that makes the heart grow fonder? Regardless, the underlying principle still applies. And the CBN is banking on this principle. But will it work? That, my friend, is the million-naira question.
Suotunimi Orufa
Staff writer, Ventures Africa.
What’s new?
Can Nigeria’s currency devaluation attract investors?
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Why is the Dangote refinery importing Crude from the US?
According to Reports, Dangote’s refinery will be importing crude oil from the US in the forthcoming months, with 2 million barrels of WTI Midland set for delivery by the end of February. Learn more.
What are the long-term implications as Niger, Mali, and Burkina Faso quit ECOWAS?
Over the weekend, the African political landscape took an unexpected twist when three West African nations- Niger, Mali, and Burkina Faso- led by the military juntas, announced their immediate exit from the Economic Community of West African States (ECOWAS), their regional group. Read more.
My pivot journal: Sandra Ubochi went from sales rep to DeFi expertise
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Netflix increased its subscribers and revenue amidst streaming wars and concerns
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The Financial Derivatives Company (FDC) once reported that at 55 years, the average Lagos resident would have spent six years in traffic. Find out more.
Can Nigerians adapt to a plastic-free future?
A circular that ended with “Bring your own plates” was Chicken Republic’s cheeky response to Lagos state’s sudden ban on styrofoam and single-use plastics. Learn more.
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Three years ago, the Central Bank of Nigeria (CBN) banned commercial banks from conducting cryptocurrency transactions. Read here.
Here are three big stories from Africa’s business and policy landscape you (probably) didn’t miss but should keep in mind this week: Read here.
The New Wave of Nigeria’s Soft Power
Soft power - To attract, persuade, influence, and shape preferences through culture. Nigeria has effectively done this through entertainment. Our music, films, and content transcend borders, commanding global attention. As master storytellers, we are leveraging new technologies to amplify our cultural influence. Read our latest magazine issue to learn more.
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