BUSINESS ROUNDUP: Naira value drops by N1.10 to the dollar; Bitcoin market cap slumps after over $7,000 wiped off; 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:

• Naira value drops by N1.10 to the dollar
• Revenue of US firms in Nigeria fall by 26.5% in 2020
• Bitcoin market cap slumps after over $7,000 wiped off
• One in 35 graduates in Nigeria is jobless

Summary:

No respite yet for Naira at the foreign exchange (FX) market, two weeks after the introduction of a new FX policy tagged “Naira 4 Dollar” scheme by the Central Bank of Nigeria (CBN).

Naira at the Investor and Exporter window on Friday closed the week, trading at N410.05 per dollar. This represents a slump by 0.26 percent or N1.15 when compared to the rate of 408.90 it opened on Monday, 15 March. Read more

Profit of American companies in Nigeria fell by 26.5 percent in 2020 to N1.08 trillion from N1.47 trillion recorded in 2019.

The figures were disclosed by Dipo Faulkner, the President of the American Business Council during the presentation of the association 2020 in-house survey –titled Nigeria Economic Impact Survey. Read more

Two days after smashing the $60,000 mark, bitcoin’s market capitalisation has slumped to its lowest in the third week of March.

The most popular cryptocurrency had been trading high on Sunday, March 14, 2021, before it came crashing down. Read more

At least one in 35 Nigerian graduates are unemployed in Nigeria, the National Bureau of Statistics (NBS) has revealed in its Labor Force Statistics released on Monday

The graduates include, holders of Nigeria Certificate In Education (NCE), Ordinary National Diploma (OND), nursing certificate, Higher National Diploma (HND), Bachelor of Science(Bsc) degree, Masters of Science(Msc), Doctorate (PhD) and also professor certificate. Read more

On NSE ROUNDUP: Investors lose N45.33bn. WAPIC, NEM among top gainers

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

Investors at the Nigerian Stock Exchange (NSE) lost N45.33 billion at the end of the trading activities on Monday.

Activities ended at the bourse with equity capitalisation standing at N20.17 billion, lower than the N20.22 trillion recorded on Friday.

The All Share Index (ASI) fell by 0.22 percent to hit 38,561.84 ASI on Monday. Read more

On the tech scene, the week was majorly characterised by funding rounds as notable Nigerian startups raised capital from various VCs.

Delivery logistics company Kwik raised $1.7 million pre-Series A round while Kuda bank, on the other hand, raised a $25 million Series A.

Also, the week saw the acceptance of a Nigerian startup into a Toronto accelerator programme where Plentywaka, a bus hailing sector player was accepted by the Toronto accelerator Techstar. 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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