This week has been a roller coaster ride for the naira, Nigeria’s currency. It started with the naira experiencing its worst run against the dollar in history, due to an acute dollar shortage in Nigeria. Dollar liquidity at the market dropped by two-thirds from a day earlier to $88.3 million, and the naira weakened 26% against the dollar on the official market.
Naturally, this caused a panic on social media, with many Nigerians expressing concern about the future of the currency. The Nigerian government responded with a plan to attract $10 billion of inflows in the coming weeks to help ease liquidity constraints and clear a backlog of arrears of matured forward contracts.
However, as we go into the weekend, it appears the naira has started to recover on its own, while the government is yet to implement its plan. Will curbing the naira's losing streak come cheaper than expected?
On Monday, October 30th, the naira weakened 26% against the dollar on the official market, touching its lowest closing price on record. It closed at 993.82 to the dollar from 789.94 in the previous trading day. Learn more.
Last week, Airtel Uganda, the second-largest telecommunications company in the country, had to sell over half of its shares in its initial public offering (IPO) to the National Social Security Fund (NSSF). Learn more.
During his visit to Nigeria last week, German Chancellor Olaf Scholz said Germany wants to import natural gas from Nigeria to secure and diversify its energy sources. Read more.
Wamide Animashaun’s journey from computer engineering to driving growth at tech startups is anything but conventional. It’s a story of multiple transitions and a series of epiphanies that have led her to where she is today, at the helm of ecosystem and partnerships at Propel. Read Wamide’s pivot journal here.
Nollywood, the Nigerian film industry, has grown rapidly and diversified. Some of the strategies that helped Nollywood achieve its early success have resurfaced in recent times. Read more.
The fashion industry in Africa is one of the most vibrant and dynamic sectors. In a recent report, UNESCO noted that the industry is rapidly growing, with a market value of over $31 billion and employing over 1.7 million people. Learn more.
More than just a contest, ABH has become a platform that empowers and connects some of the most innovative and impactful entrepreneurs in Africa – thanks to a network of brilliant mentors, judges, and partners behind the scenes. Learn more.
Kenya has inaugurated its first smartphone assembly plant to produce affordable 4G-enabled mobile phones, Neon 5 ‘Smarta’ and 6 ½ ‘Ultra’, tailored to Kenyan consumer needs. Read more.
Ivory Coast faces challenges selling cocoa export contracts for the 2024/25 season. Multinational companies are urging the Ivory Coast to lower prices, which have risen due to a supply shortage caused by bad weather. Read more.
A few days ago, Nigeria won a historic, long-running court case against a little-known energy company. Losing that case could have been dire for its economy. Yet, the victory has received an underwhelming response from the markets. Learn more.
Nigeria’s government is considering the alternative of imposing excise tax penalties on foreign exchange transactions done outside the official market window to stop the confusion of having multiple exchange rates in the country. Learn more.
In this week’s podcast, Chioma Ude shares insights on the business of the Nigerian movie industry and the advancements that led to its increased global appeal.
Press play👇to listen to a snippet of our latest podcast.
Ijeoma Onah discusses the intricacies of marketing and exporting Nollywood content globally.
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.
From medicinal wonder to Halloween candy, sugar has a bitter history. What's next for this addictive substance? Find out How the World Got Hooked on Sugar
