Everything Tech and Finance News & Guides
Nigeria’s telecom industry faces a tough choice: either raise prices to survive financially or risk sinking amidst economic challenges. As telecom operators grapple with mounting losses and regulatory constraints, finding a balance between affordability for consumers and financial viability becomes increasingly crucial.
Stanbic IBTC Holdings Plc has unveiled its Q1 2024 financial report, revealing remarkable growth in profits and income compared to the same period last year. The report highlights a substantial increase in pre-tax profit, driven primarily by a surge in interest income and robust performance across various segments.
The crypto market is alive with action! Bitcoin’s halving and Telegram’s integration of Tether payments have analysts re-evaluating their predictions. This week, keep an eye on Bitcoin (BTC) to see how it reacts to the halving, Tether (USDT) to see how Telegram integration impacts adoption, and Solana (SOL) as it continues its impressive run. Remember, this is not financial advice, do your own research before investing.
Tether, a stablecoin designed to match the value of the U.S. dollar, is experiencing significant growth in emerging markets where access to traditional currency is limited. CEO Paolo Ardoino notes a shift from pure cryptocurrency trading to Tether becoming the preferred digital dollar, particularly in countries like Argentina, Turkey, and Vietnam.
Experts met in Washington DC to talk about how Nigeria can get more money from people abroad. They want to make it cheaper for them to send money home and change some rules. Nigeria gets about $20.5 billion each year from these transfers. The new rules aim to make it easier and encourage more money to come in.
Dangote Petroleum Refinery, led by Chairman Alhaji Aliko Dangote, slashes diesel price to N1000 per litre from N1200, aiming to tackle Nigeria’s inflation woes. With diesel prices soaring over 50.20% year-on-year, the move signals a proactive effort to ease financial burdens on consumers and businesses.
Hong Kong’s approval of its first bitcoin and ether exchange traded funds (ETFs) signals a significant step towards embracing cryptocurrencies as mainstream investment tools. The move, facilitated by the conditional approval granted to several Chinese asset managers, underscores Hong Kong’s ambition to position itself as a global hub for digital assets, despite mainland China’s ban on cryptocurrencies.
The Naira-Dollar exchange rate surged by 7.7% to close at N1,142/$1, marking a 10-week high. Central Bank policies are credited for the boost, aiming to achieve a sub-N1,000 rate. Market activities intensified with a $281.3 million turnover, reflecting growing confidence in the Naira’s strength.
Insights from Ecobank’s Dr. Bunmi Bajomo on the challenges facing Nigerian banks in foreign currency competition in Africa, as highlighted during a webinar. She also talked about the implications of CBN policies and recapitalization efforts.
1 US Dollar (1$) today February 9th, 2024, in the Black Market Exchange rate (Aboki Fx) is equivalent to ₦1,495 (NGN – Nigerian Naira). This is today’s current black market exchange rate and it’s what you’ll get from Mallam’s, Abokis, and BDCs (Bureau De Change) all over the country. The black market exchange rate is … Read more