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BUSINESS ROUNDUP: Bitcoin investors lose $65.23bn; Nigeria’s external reserves shed $393.8m; Other stories

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BUSINESS ROUNDUP: Nigeria to disconnect Togo and Benin; China displaces America. See other stories that made our pick

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:

  • Nigeria’s external reserves shed $393.8m
  • Naira slumps to exchanges at 485/$1
  • Dangote, shareholders lose over N200bn
  • Bitcoin investors lose $65.23bn

Summary:

The naira’s value has dropped even further in both the official and parallel markets at the end of trading on Friday.

At the black market, data shows naira sold for N485 per dollar on Friday. This represents a N0.1 or 0.21 percent depreciation from the previous rate of N484.00, which it has been trading at since May 14. Read more

This week hasn’t been good for shareholders of Dangote Cement, as the company has been in a losing phase, while trading on the manufacturer’s stock has been low, with investors appetite elsewhere.

Analysis of the company’s stock performance showed volume of shares traded within the last four days has dropped after Dangote Cement’s stock price rose to N215 per share last week Friday. Read more

The meltdown of bitcoin continues as the ripple effect from Elon Musk tweets keeps wrecking havoc on the cryptocurrency market value which has crashed to $751.12 billion.

The market valuation of bitcoin was over a trillion at the start of May, but since the Tesla founder tweeted about his company dumping bitcoin for another unnamed crypto, there have been panic selling among bitcoin holders. Read more

Nigeria’s external reserves continued its incessant free-fall for the ninth straight day, dropping by $393.8 million.

According to data obtained from the website of the Central Bank of Nigeria (CBN) on Monday, Nigeria’s foreign reserves stood at $34.57 billion on the 11th of May 2021, compared to $34.97 billion as of 4th May 2021. Read more

Read also: BUSINESS ROUNDUP: Airtel to lose $14m to naira devaluation; Nigeria attracts $195m healthcare investment; Other stories

On NSE ROUNDUP: Investors lose N2.11bn as Chams shareholders engage in selloff

At least N2.11 billion was cleared from the Nigerian stock market valuation after the equity capitalisation dipped slightly to N19.975 trillion at the close of trading on Friday.

The bourse ended business with N19.977 trillion equity capitalisation on Thursday.

The All Share Index slipped by 0.01 percent to drop from 38, 328.13 to 38,324.07 on Friday. Read more

On the tech scene, an edtech startup, Kobocourses, launched during the week. Leading the stories featured in the week, the new product is reportedly built for the growing community of content creators and coaches across Africa.

Also, credit management startup, BFREE raised a US$800,000 seed funding round during the week to scale its venture. Read full review

Remarks

Thanks for joining the roundup this week. See you next week for another serving. Don’t forget, for the latest news and updates from around the globe, keep reading Ripples Nigeria.

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