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BUSINESS ROUNDUP: Bitcoin investors lose $2,000 as gold pushes crypto aside; African startups raise $500m in three months; Other stories

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Nigeria ranks a step higher in Foreign Direct Investment Projects to Africa

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:

  • Manufacturers spent over N143bn on fuelling generators in two years
  • African startups raise $500m in three months
  • Bitcoin investors lose close to $2,000 as gold pushes crypto aside
  • Naira creeps close, gains against the dollar

 

Summary:

Against the backdrop of epileptic power supply, manufacturers in Nigeria spent a total of N143 billion generating their own electricity in 2019 and 2020.

The figure was disclosed by Manufacturers Association of Nigeria (MAN) in its second half economic review seen by Ripples Nigeria.

According to MAN, generating alternative power in 2020, cost its members, N81.91 billion. This is 33 percent more when compared to the N61.38 billion spent in 2019. Read more

The last 24hours have been one hell of a battle between cryptocurrency Bitcoin and Gold, as both assets struggled to be the most valuable asset amongst investors.

Bitcoin had thrown the first punch after overtaking Gold, with a price valuation of $54,260, at the time, a kilogram-size gold cost $54,763. This made Bitcoin the most valuable asset to investors. Read more

African startups have raised $546 million from investors in the first three months of the year. The figure was higher than the total amount raised by the startups in the first six months of 2019 and 2020.

MaximeBayen, a Senior Venture Builder who carries out daily surveys on investments secured by African startups disclosed this on its Twitter handle. Read more

After hitting two consecutive days of low, on Wednesday, the naira crept to a gain at the Investor and Exporter window.

Data from the FMDQ Security Exchange where forex is officially traded showed that Naira gained N0.87 or 0.21 per cent to close at N411.13 from N412.00 it closed on Tuesday.Although at the parallel market Naira remained at N482 to a dollar according to Data from Abokifx.Read more

READ ALSO: BUSINESS ROUNDUP: US SEC nominee disagrees with CBN on bitcoin; Naira plunges further against US dollar by N2.33; Other stories

On NSEROUNDUP:Zenith Bank, Eterna suffer massive sell-off, as market closes week in red

During the just concluded trading week, over 1.67 billion shares worth N23.54 billion exchanged hands in 21,732 deals.

This shows less activities occured in the capital market when compared to last week’s trading, which saw 2.09 billion shares valued at N29.74 billion passed around in 24,238 deals.

According to data from NSE, Financial Services, Consumer Goods and Industrial Goods were the most active industry by volume. Financial Services topped the chart with 1.200 billion shares, valued at N10.27 billion, traded in 12,518 deals.Read more

Remarks

Thanks for joining the roundup this week. See younext 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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