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BUSINESS ROUNDUP: Naira falls against major African currencies; CBN to introduce digital currency for Nigeria; Other stories

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Nigeria retains position, scores lower in global competitiveness index

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:

  • Tesla founder, Musk missing as Bitcoin investors form mining council
  • CBN to introduce digital currency for Nigeria
  • ECOWAS adopts resolution on single currency regime
  • Naira falls against major African currencies

Summary:

The Economic Community of West African States (ECOWAS) Parliament on Thursday adopted a draft resolution on the macro-economic convergence and stability pact.

The move is aimed at achieving a single currency for the West Africa sub-region.

The resolution was adopted during the ECOWAS Parliament’s First Ordinary Session in Abuja following deliberations on the reports of the Joint Committee on Macro-Economic Policy and Economic Research and Committee on Administration, Finance and Budget. Read more

Bitcoin institutional investors have formed a cryptocurrency group, North American Bitcoin Mining Council. However, Tesla founder, Elon Musk, was not listed in the membership of the council.

In a statement released by the investors, the billionaire’s involvement in the council would be restricted mainly to education as he has been invited to teach about Bitcoin. Read more

The Central Bank of Nigeria (CBN) is finalising plans to roll out its own digital currency before the end of the year.

This was disclosed by CBN Director, Information Technology, Rukiyat Mohammed, at a virtual media briefing at the end of a Bankers Committee meeting on Thursday.

According to him, CBN has been exploring the technology for over two years and has made tremendous progress. Read more

On Tuesday, the South African Rand, Ghanaian Cedi, Egyptian pounds and Kenyan Shilling all climbed against the Nigerian Naira.

Data from Google finance provided by Reuters showed Naira fell to the South African Rand by 0.13 percent to close at N30.40 from N30.36 it opened the week on Monday.

Read also: BUSINESS ROUNDUP: Naira crashes to N500 per dollar; Twitter founder to invest in Bitcoin wallets amid crash; Other stories

Similarly, one Ghana cedi rose from N70.53 when trade began on Monday to N70.79 on Tuesday. Read more

On NSE ROUNDUP: Cutix gains highest as CWG shareholders suffer from sell off

Less shares were sold at the Nigerian capital market this week as the number of deals were cut down, but the value was higher compared to that of last week. In a market data from the Nigerian bourse, a total of 1.058 billion shares valued at N12.831 billion, were exchanged in 17,854 deals this week by investors on the floor of the Exchange.

Last week, a total of 1.082 billion shares valued at N9.548 billion that exchanged hands last week in 17,933 deals. Majority of this week’s investments went into the Financial Services Industry by measure of volume. It led the activity chart with 714.677 million shares valued at N5.951 billion traded in 9,718 deals. Read more

On the tech scene, during the week, we learnt that Nigerians using social media platforms such as twitter, Facebook, Google, Skype and Netflix will now have to pay tax for services rendered.

Also, we saw the launch of a new “made in Nigeria” mobile phone built by Nigerians, the ITF team.

The week won’t be complete without mentioning the continued battle between the Federal Government and the American micro-blogging website, Twitter, with moving on to open an official handle on Indian alternative, Koo. 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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