Naira on the Rise: Good or Bad News for Techpreneurs?
what does it mean for your startup... 👁️👄👁️
Hullo Innovators! 👋
….btw, we’re testing out a new one with the ‘Hullo’.
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On to weightier things…
How’s your Saturday going? 😇
April has come with its fair share of good news and the increase in the naira value against the dollar is sitting pretty at the top of that list.
In February this year, Goldman Sachs, a major investment firm, predicted that the Naira (₦) will reach a value of ₦1,200 per US Dollar ($) by the end of the year and we’ve seen that already play out this month, far exceeding the expectation that they had for it.
Earlier this year, it was at an all-time low of ₦1,615/$ (official rate) 🥲🥲, and on the black market it was even sold for nearly ₦2,000/$ !! 😣😣😣
Needless to say, we seem to be past the dark days and this is because of a few tweaks that the Federal government made with the interest rates and a few CBN policies 🤝🤝
Sooo, where does your startup fit into all this, Dear Innovator? 🤔🧐
For starters, it’s a good time to stock up on the gadgets and tech tools that you and your team might need to produce good work. It won’t happen all at once, but if the naira continues to do well, the market prices of these necessities will start to fall as well. Yay!! 🕺💃
Many vendors won’t like this sha , so sharpen your negotiation skills again as you keep your eyes on their prices 🤝🤝
It’s Invest o’clock!!
A stable economy, an appreciating currency and foreign investors always go in hand-in-hand. More investors will come sniffing around as the naira continues to improve so to be ready for it, clean up your numbers and dust off your old pitch deck.
N/b: Don’t sell yourself short though. Investors no dey finish for market. Capiche? 🫡🫡
Quick Reminder…
This June, we’re showing up as the technical partner of Africa Technology Expo(ATE), to bring you ATE2024. It’s everything that it promises to be and more, so don’t miss out on it. Check out previous newsletter here for all the deets!
Let This Quarter Be Good
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