Nigeria

Nigeria Hits Pause on Rate Hikes After Inflation Revamp

Nigeria’s central bank paused its steep campaign of monetary tightening, after an overhaul of the data used to calculate inflation showed it had significantly slowed, Bloomberg News reported. The monetary policy committee maintained the policy rate at 27.5%, Governor Olayemi Cardoso told reporters in Abuja, the capital on Thursday. Eight out of nine economists in a Bloomberg survey correctly predicted the decision. “The MPC noted with satisfaction recent macro economic developments,” Cardoso said, citing recent stability of the naira.
Nigeria
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Nigerian Logistics Startup Gokada Files For Chapter 11 Bankruptcy Amid Mounting Financial Challenges

Gokada, Nigeria’s largest-mile logistics delivery startup, has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware in 2024, Tekedia.com reported. The filing highlighted significant financial difficulties, with liabilities exceeding $5.4 million against assets valued at just over $564,000. According to the court documents, Gokada principal assets include its 100% ownership in Gokada Rides limited, it’s Nigerian operational entity which it valued at $500,000, and $64,132.56 in cash held in a Silicon Valley bank account.
Nigeria
United States
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Nigeria’s SEC to Licence Crypto Exchanges as Adoption Surges

Nigeria’s top finance regulator plans to license providers of virtual assets including cryptocurrencies to tap opportunities and protect investors as adoption rates surge in the West African nation, Bloomberg News reported. The Abuja-based Securities and Exchange Commission is looking to issue its first licenses for digital service and tokenized assets this month, Director-General Emomotimi Agama said. “Being a crypto enthusiast and fintech enthusiast, I can tell you without doubt that this is going to happen sooner than you think,” Agama said in an interview on Bloomberg Television.
Nigeria
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