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BUSINESS ROUNDUP: Oil prices rise; Naira gains against dollar; See other stories that made our pick

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, mainstream business activities while not forgetting the tech/economy build up.

Here are the Headlines:

  • Minister orders NIPOST to halt implementation of new license fees
  • Oil prices rise on weak dollar
  • Naira gains against dollar at I&E window
  • Nigeria spends $1.4bn to import chemicals –Research institute

Summary:

The Minister of Communication and Digital Economy, Dr Isa Pantami has ordered the Nigeria Postal Services (NIPOST) to halt its implementation of an increase in licensing fees, as such a move was never approved.

The Minister of Communication and Digital Economy, Dr Isa Pantami has ordered the Nigeria Postal Services (NIPOST) to halt its implementation of an increase in licensing fees, as such a move was never approved. Read more

Oil prices rose Friday on the back a weaker dollar although the aggravating feud between the world’s two most advanced economies, United States and China, hurt trade.

Brent crude climbed 10 cents to $43.41 per barrel at 14:23 West Africa Time, while U.S. West Texas Intermediate (WTI) crude added 18 cents at $41.25 a barrel. Nigeria’s premium oil grade, Bonny Light, went 49 cents up to close at $44.12 per barrel at Thursday’s session while another major oil grade, Qua Iboe, climbed 71 cents to $44.41. Read more

States dollar on Thursday at the over-the-counter spot market widely used by investors, closing at N388, 0.07% or 17 kobo higher than the rate at which it closed a session before, which was N388.36.

The rate of exchange for both currencies has been immobile for a couple of days as market turnover in the I&E window took a free fall below the pre-pandemic levels and the liquidity crunch across various segments of the foreign exchange market deteriorate further. Read more

Nigeria’s spending on chemicals from abroad came to $1.4 billion in 2019, the National Research Institute for Chemical Technology said Thursday.

Read also: BUSINESS ROUNDUP: Inflation climbs to 12.56%, Nigeria loses $454m in weeks; See other stories that made our pick

Jeffrey Barminas, Director General of National Research Institute for Chemical Technology, Zaria, revealed during an interactive session with the Senate Committee on Science and Technology that chemical importation was eating away into the revenue of Africa’s largest economy increasingly by virtue of its import-oriented culture. Read more

On NSEl ROUNDUP: Liquidity hits 6-week high despite largely bearish trade

The NSE’s transaction size crossed the 1.350 billion shares mark this week on sustained upward momentum in activities in three fortnights of trade.

Yet, market the atmosphere was overwhelmingly beclouded by a bearish sentiment fed by the greater willingness to recoup investment than to build it.

The market posted losses Monday through Wednesday until it found relief on Thursday, which was however suppressed by Friday’s loss. Read more

MEANWHILE, Nigerian Fintech startup, Rise was, during the week, shortlisted to participate in the US-based Techstars & Western Union Accelerator. Although, Rise falls in a class below high ranking Fintech players such Opay, Flutterwave, Carbon, and Paga; the shortlist will see the startup gain access to funding and mentorship opportunities with the U.S. initiative.

Given this opportunity, especially the mentorship clause and financial benefits of about US$120,000 awaiting Rise, as a prospective participant, the startup files amongst others that might disrupt the Nigerian Fintech space in the nearest future.

More so, founder and chief executive officer (CEO) Eleanya Eke has noted that his platform would leverage the experience of this established global player in boosting its ability to connect to the best investments. Ripples Nigeria will keep an eye on Rise to see if this milestone will snowball into increasing market shares.

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

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