A tale of two currencies💴
Hello Venturer,
It's the weekend again and you're bound to have some plans. Yours could be outside, but as for me, I'm staying indoors. In any case, we'll both spend some money this weekend, no matter how little. I think the term 'little' is ill-suited in this situation because the price of everything except the air we breathe has skyrocketed. Truly, adulthood na scam.
The Naira attained an infamous status last month, falling to its lowest point in history, trading for N720 per $1. Indeed, its unpredictability has turned many Nigerians into economists. There are speculations that N1000 could trade for $1 before the end of the year if the economic outlook does not improve.
Meanwhile, in East Africa, there is a spotlight on the Zambian Kwacha. Unlike Nigeria, it is for a good reason. The Kwacha is now the world’s second-best performing currency and the 6th most powerful currency in Africa. Surprisingly, the Kwacha was one of the worst-performing currencies in 2020. Hopefully, this would be the Naira's tale in a few years.
Adekunle Agbetiloye
Staff Writer
What's new?
How the Zambian Kwacha became the world’s second-best performing currency.
Zambia’s economic progress has become the talk of the continent today. But there’s more focus on how the Zambian kwacha is now the world’s second-best performing currency and Africa’s 6th most powerful currency. It’s not out of place that the world is surprised by this sudden growth because the Zambian kwacha was one of the worst performing currencies in 2020. Read more.
Companies that started operation during a recession
The world is experiencing a global recession. By the IMF and the World Bank’s standards, this means the average global citizen has experienced a drop in real income in a year. While the periods of recession pose difficult times for a country and its citizens, they also create an avenue for increased innovation and technological advancements. Read more.
How Lagos is creating a thriving ecosystem for tech startups
Africa is a hotbed of technological innovation and talent. This is evident in the increase in digital skills and the large number of tech startups that have sprung up in less than a decade. These new technological skills and innovations require an enabling environment to thrive, and governments bear the responsibility to create this environment. Read more.
My Pivot Journal: From customer service representative to product management.
Stephanie Osaji is one woman that is graced with the gift of eloquence, it’s no surprise she excelled as a customer representative in one of Nigeria’s major commercial banks. An English Language graduate, she tried her hands at writing and journalism immediately after school. It turned out not to be her forte. Today, Osaji is solving customer problems as a product manager and founder of Pagechap – a budding tech startup. Read more.
AfDB briefs stakeholders on its operations and flagship initiatives in Nigeria.
From launching an agro-industrial project in Sinematiali, Cote d’Ivoire to approving loans to boost local food production in the hinterlands of Nigeria, the African Development Bank (AfDB) is devoted to aiding agricultural production and resilience in Africa. Read more.
Weekly Economic Index: Nigeria owes its central bank $47 billion
Nigeria owes its central bank N20 trillion ($47 billion) and the obligations are yet to be added to the nation’s outstanding public debt, according to a report by the budget office. Africa’s largest crude producer barely earned enough revenue to cover debt service payments in 2021. Read more.
Our Weekly Collectibles
In thirteen lives, 12 boys and the coach of a Thai soccer team get trapped while exploring the Tham Luang cave. It became a global rescue mission.
Scientists keep proving that reducing prejudice is possible. But it’s not that simple. Find out why in how to talk someone out of bigotry.
Japa the documentary examines the growing trend of brain drain in Nigeria and how it relates to the UK as a great or not-so-great country for Nigerians to immigrate to.
German Chemist, Fritz Haber, is known as the man who killed millions and saved billions. Get to know how this scientist arguably transformed the world.
#VANUGGET
Remember to stay safe!
