It’s finally salary week. The odds are that you’re thinking about money this week, so we’ve decided to give you a rundown of some major money news and the Nigerian economy from this month.
Governor go, governor come
On September 15, 2023, President Tinubu sacked Godwin Emefiele and appointed Dr. Olayemi Cardoso as the new governor of the Central Bank of Nigeria. Cardoso assumed office on September 22 and will be the acting CBN governor till the Senate (which is presently on annual recess) confirms his appointment.
We pray that Nigerians enjoy their money during Cardoso’s time.
Dollar won’t let Naira breathe
On 21st of September, our dear naira took another slap and slid down further. It’s now quoted ₦1000 at $1 in the black market.
The dollar is so scarce now you might have to reach Yankee to get it.
Jumia’s math isn’t math-ing
Africa’s well-known e-commerce company is an unprofitable business. TechCabal exclusively revealed that in the first six months of 2023, Jumia made $94.8m in revenue. Now it’s $63.7m shorter. Every $100 they earn takes $167 from them.
This is a horror story, chale.
Tinubu at NASDAQ
In a bid to attract investors to Nigeria, President Tinubu went to pitch at the world’s second-largest stock exchange, the National Associations of Securities Dealers Automatic Quotation System (NASDAQ), New York, on September 20th.
The president spoke well of the country, calling it a “bubbling market” and urging investors to bring cash into our economy. BAT joins African leaders like Nigeria’s Goodluck Jonathan and Tanzania’s Kikwete, who have rang the NASDAQ closing bell.
Wally delivers the U.S’ message to Nigeria
In an exclusive interview with ARISE NEWS, Wally Adeyemo, the United States Deputy Treasury Secretary, says the U.S. is ready to help Nigeria downsize its debt. He even said there’s so much money Nigeria will make as soon as the economic reforms President Tinubu talks about are made.
Good talk. But Wally speaking is speaking for whom’s interest: U.S. or motherland Nigeria?
Nigeria collects World Bank loan
Nigeria just borrowed a whopping loan of $700m from the World Bank. The FG said it’s to help educate young girls in the country. This is the third loan BAT’s government has collected since $750m (for our power sector) on June 9 and another $500m (for women’s empowerment) on June 22, 2023.
This debt is too huge o.
Yo. Here’s major Zikoko news about our upcoming Burning Ram Meat Festival; it’s coming soon! Be on a lookout.