BUSINESS ROUNDUP: $14.19bn bitcoin traded in 24 hours; Nigeria’s external reserves now below $40bn; Other stories

Hello, and welcome to Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to the mainstream business activities, while not forgetting the tech/economy build up.

Here are the Headlines:

• $14.19bn worth of Bitcoin traded in 24 hours
• Nigeria’s external reserve now below $40bn
• GIGL integrates crypto wallet into propriety delivery app GIGGO
• CBN kicks off 100 for 100 policy, presents N23bn to 28 companies

Summary:

Bitcoin’s value increased by 2.10 percent during the week after a mini-slump in January.

The most valuable cryptocurrency asset traded below $40,000 for the most part of last month.

The rise in the value of Bitcoin above $40,000 earlier on Saturday, reflected the increasing confidence among investors in the crypto community amid threat from bonds’ rising yields.

Tough times await Nigerian currency, and its economy as for the first time in three months, Nigeria’s external reserve has fallen below the $40 billion threshold.

According to latest data published by CBN on Friday evening, Nigeria’s external reserves level as at Thursday, 3rd February 2022, had fallen to $39.98 billion.

This came about a day after Ripples Nigeria reported that the apex bank withdrew $400 million from the reserve in the month of January 2022.

Africa’s logistics giant and tech-first company, GIG Logistics, has launched a crypto payment gateway on its GIGGO app.

The development comes as the last-mile delivery company seeks to lead and drive inclusion in areas of ecommerce payment facilitation in Nigeria.

Ripples Nigeria had earlier reported in September, 2021 that the company, alongside GIG Mobility, was finalising the integration of a crypto wallet into the framework of its service app.

The Central Bank of Nigeria (CBN) has announced 28 companies as the first batch of beneficiaries for its 100 for 100 initiative designed to revitalize the Nigerian economy

The CBN Governor, Godwin Emefiele disclosed this at the formal launch of the initiative on Monday in Abuja.

Read also: BUSINESS ROUNDUP: CBN threatens loan defaulters; Airtel Africa overtakes Dangote Cement; Other stories

He said the “100 for 100 Policy for Production and Productivity (PPP) initiative is designed to provide loans up to N5bn to companies every 100 days with the core objective of boosting production and productivity”.

On NSE ROUNDUP: Investors lose N26.88bn as stock market slips to bearish zone

Investors at the Nigerian capital market lost N26.8billion following the dip in equity capitalisation by 0.10 percent on Friday.

This led to a drop in equity capitalisation from N25.50 trillion to N25.47 trillion at the close of the day’s business.

The All-Share Index was down by 49.88 basis points to close at 47,279.92 compared to 47,329.8 posted on Thursday.

On the tech scene this week, BitPowr, Yalla Fel Sekka, Moove, Casava, Amitruck, Nestcoin and Brimore were some of the names that made the headlines this week.

BitPowr enter into the crypto space with the launch of operations to provide blockchain API, wallet and digital assets infrastructure for businesses.

Also, Moove, a Nigerian mobility startup, banked US$10 million in debt financing during the week.

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