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 closes week stronger to the dollar
- Nigerian govt moves against fintech firms
- Nigeria’s stock market in red zone as investors lose N78bn
- LG to quit smartphone business
Naira closed the week stronger to the dollar after four days of trading at the I&E window of the foreign exchange market.
Naira had opened the week weaker to the dollar after Tuesday’s trading at N410.50, but on Friday data posted on the FMDQ Security Exchange where forex is officially traded showed naira exchange at N409.00. Read more
Months after the Central Bank of Nigeria (CBN) banned cryptocurrency trading in the country, the Securities and Exchange Commission (SEC) has also called on the Nigerians to desist from patronizing Fintech platforms who facilitate trading on foreign stocks.
According to a statement on Thursday evening, SEC described the platforms as illegal, and warned capital market operators to stop giving support to the online investment trading platforms. Read more
South Korea’s electronics giant, LG, will discontinue its smartphone business in Nigeria and other countries in the third quarter of the year.
In a statement published on its website on Monday, LG said it wants to redirect its investment. The company said the sales of phones would continue until inventory has been exhausted, added that production of phones would stop by July 31. Read more
The Nigerian stock market returned from the Easter holiday on a negative note following the dip in the market capitalization at the close of trading on Tuesday.
The equity capitalisation further fell from N20.36 trillion to N20.28 trillion at the close of business on Tuesday. The All-Share Index dipped by 0.39 percent to drop from 38,916.74 recorded on Thursday to 38,766.61 today. Read more
On NSE ROUNDUP: investors gain N20bn in Nigeria’s stock market
The Nigerian stock market continued its slow growth with the market capitalisation increasing from N20.28 trillion to N20.30 trillion at the close of business on Thursday.
The All- Share Index also increased by 0.07 percent to settle at 38,799.83. This was higher than 38,774.03 ASI reported on Wednesday. Read more
On the tech scene, Nigerian tech players continue to prove to the world the smartness in their vision to take on the world, winning pitches and featuring in global hackathons.
During the week, Nigeria’s ScholarX featured as a winner of the GSMA £250,000 grant, an initiative dedicated to promote mobile internet adoption and digital inclusion.
Also, in a bid to empower founders within the Southwest region, Nigerian innovation centre, PREMIER Hub launched the third edition of the I-startup Southwest 3.0 and the first edition of the Lagos startup challenge. Read full review
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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