Nigeria's Floating Naira

In a bold move, the Central Bank of Nigeria (CBN) has officially devalued the naira and allowed it to float freely in the foreign exchange market. 

This decision marks a departure from the previous fixed exchange rate period, where the CBN tightly controlled the value of the national currency.

 In this article, we will explore what a floating naira means in simple terms, discuss the benefits and disadvantages of this shift, and shed light on how it affects various aspects of the Nigerian economy.

What does a floating naira mean?

A floating naira simply means that the exchange rate of the naira is now determined by market forces of supply and demand. Previously, the CBN set a fixed exchange rate, which often led to shortages of foreign currency and multiple exchange rates.

 With the adoption of a floating exchange rate, the naira's value will now be determined by market forces of supply and demand. Instead of the central bank tightly controlling the exchange rate, it will allow the market to determine the currency's value through free trading.

I am sure you are wondering what this means for you.

Watch out for next week’s newsletter where we will break down the benefits and implications of this new policy. 

We Are Officially Google Backed!!!

Yes, you had it right, we are proud recipients of the Google Black Founders Fund.

Established in 2020, the Google for Startups Black Founders Fund is an initiative that provides up to $150,000 in cash awards without giving up equity in return. The aim of this initiative is to support and empower promising startups like us, by providing resources and opportunities to scale our business and make a lasting impact. 

This selection recognizes our potential as a start-up, and we are deeply honoured to be part of this remarkable initiative.

By the way, we did a really cool collaboration with Frank Itom in celebration of this amazing milestone. Click here to watch the video.

Here are a few of the major fintech news stories from the last week. The fintech industry is constantly evolving, so there is always something new happening in this space.

• PhonePe Launches a Payment Gateway: This allows businesses to accept payments from their customers through PhonePe. This is a significant development for PhonePe, as it will allow the company to expand its reach beyond consumers and into the business-to-business (B2B) market.
• Razorpay Launchs Turbo UPI, a new feature that allows users to make instant UPI payments without having to enter their UPI PIN. This is a convenient new feature that will make it easier for users to make quick and easy payments.
• Seedstars Youth Wellbeing Ventures Mandate to Invest $ 20 Million in Small African Companies: Seedstars Capital and Fondation Botnar have launched the Seedstars Youth Wellbeing Ventures mandate. Together, they intend to invest $ 20 million in early-stage, purpose-driven companies. The aim is to improve the well-being of young people in low- and middle-income countries across the continent.
• KCB partners with Visa to launch Tap-to-Pay service: The introduction of a groundbreaking service in the Kenyan market has been made possible through a collaboration between KCB, Visa and Thales. This innovative offering enables customers to conveniently make in-store payments using their smartphones, by simply tapping them on contactless-enables payment via the KCB app. 

• University of Toronto 2024 Lester B. Pearson Scholarship for International Students

The Lester B. Pearson International Scholarships at the University of Toronto provide an unparalleled opportunity for outstanding international students to study at one of the world’s best universities in one of the world’s most multicultural cities. 

Deadline: Not Specified

Link to apply: https://future.utoronto.ca/pearson/about/ 

• Chulabhorn Graduate Institute 2023-2024 Fully-Funded Post-Graduate Scholarship Program For International Students - Thailand

The Chulabhorn Graduate Institute (CGI) was established in 2005, under the initiative of Professor Dr. Her Royal Highness Princess Chulabhorn Mahidol. It is a multidisciplinary postgraduate academic institute. The objective of the CGI is to employ the most recent interactive teaching techniques used in world-leading educational and research institutions to produce effective thinkers and leaders to better serve their countries’ needs towards sustainable development. 

Deadline: September 30, 2023

Link to apply: https://www.cgi.ac.th/admissions/cgi-af-scholorship/ 

Last week we spoke about the significant shift in Nigeria’s economy, the era of fuel subsidies has come to an end, resulting in an increase in fuel prices across the country. The removal of subsidies is expected to have far-reaching implications for Nigerians, particularly when it comes to managing their finances effectively in this new economic landscape. 

Did you miss out on this? Click here to catch up

Ever wondered how much your money management skills say about your personality? Click here to find out.

Today we spotlight Ellen Zwilich, the first woman to win a Pulitzer Prize for Music (1983). Her early works were marked by atonal exploration, but by the late 1980s, she had shifted to a postmodernist, neo-romantic style. She has been called "one of America's most frequently played and genuinely popular living composers."

Zwilich's compositional style is marked by an obsession with "the idea of generating an entire work – large-scale structure, melodic and harmonic language, and developmental processes – from its initial motives.

If you have gotten to this part of the newsletter, then that means you are a real one.

Dear Woman in Wealth see you same time next week.

Remember we are rooting for you!!!