CBN: No Plan to Convert Bank Customers’ Foreign Currency into Naira

Your Morning Snippets – August 03, 2021

On this day in 1914, two days after declaring war on Russia, Germany declares war on France, moving ahead with a long-held strategy, conceived by the former chief of staff of the German army, Alfred von Schlieffen, for a two-front war against France and Russia. Hours later, France makes its own declaration of war against Germany, beginning World War I.

Happening in the Markets

Bitcoin: $38,617.49
Ethereum: $2,486.65
Gold: $1,814.60
Crude Oil: $71.57
Naira/US Dollar: N411.58/$ (NAFEX) | N510/$ (Parallel)

Happening in the Homeland

MTN to invest $1.5 billion in Nigeria, to execute FG’s road tax credit scheme [Punch]

Telecommunications giant, MTN Nigeria Plc, has concluded plans to invest $1.5 billion (N617 billion) over the next 3 years to expand broadband access in Nigeria. Read more

NNPC plans policy guidelines for divesting IOC partners [Punch]

The Nigerian National Petroleum Corporation has said it would outline policies to guide partners (International Oil Companies) of the corporation who wish to divest from joint ventures or the Nigerian oil and gas industry. Read more

Nigerian startups raise $276.5m in seven months [PremiumTimes]

Nigerian startups raised $276.5m in the first seven months of 2021. This is based on fund announcement analysis of TechCrunch and TechCabal. Read more

CBN: No Plan to Convert Bank Customers’ Foreign Currency into Naira [ThisDay]

The Central Bank of Nigeria (CBN) yesterday dispelled speculations that it was planning to convert the foreign exchange (FX) in domiciliary accounts of bank customers into naira. Read more

Happening In Foreign Lands

Anti-Ark ETF to Bet Against Cathie Wood’s Flagship Fund [Bloomberg]

Those who think Cathie Wood’s hot hand is cooling may soon be able to express that view via an exchange-traded fund. The Short ARKK ETF would seek to track the inverse performance of the $23 billion Ark Innovation ETF — the largest fund in Ark Investment Management’s lineup — through swaps contracts, according to a filing Friday with the U.S. Securities and Exchange Commission. Read more

Twitter partners with AP and Reuters to address misinformation [Techcrunch]

Twitter announced today it’s partnering with news organizations The Associated Press (AP) and Reuters to expand its efforts focused on highlighting reliable news and information on its platform. Read more

Zoom reaches $85 million settlement over user privacy, ‘Zoombombing’ [CNBC]

Zoom Video Communications agreed to pay $85 million and bolster its security practices to settle a lawsuit claiming it violated users’ privacy rights by sharing personal data with Facebook, Google and LinkedIn, and letting hackers disrupt Zoom meetings in a practice called “Zoombombing.” Read more

Bolt valued at $4.75 billion as Uber rival aims to push into on-demand grocery delivery. [CNBC]

European ride-hailing firm Bolt said Monday it has raised 600 million euros ($713 million) in fresh funding, as it looks to push into the rapidly growing online grocery delivery industry. Read more


U.S. Treasury suspends government retirement, health fund payments as debt limit resets
FG to Make Cash Transfer to 200,000 Senior Citizens Impacted by COVID-19
Airtel Africa receives $200 million for its mobile money operations from QIA at a $2.65 billion valuation
Nigeria receives 4m doses of Moderna COVID vaccine from US
Bill Gates and Melinda French Gates are officially divorced following 27-year marriage

Learn the Lingo

What is Earnings Season?

Earnings season refers to the months of the year during which most quarterly corporate earnings are released to the public. Earnings season generally occurs in the month immediately following the end of each fiscal quarter. [Investopedia]

Request an Invitation to the #ThriveTribe

We are currently inviting a select group of about 50 people to join the pilot launch of our financial education community, which we’ve dubbed the #ThriveTribe.

The #ThriveTribe is designed to be financial education hub with a weekly line up of learning events that will provide you with everything you need to know to become the Chief Financial Officer of your life. One of the best parts of being part of the #ThriveTribe is the discounts you would get from partner financial services firms.

If you are interested in joining our paid community, kindly request an invitation

And we will share the joining details.

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