Here are three big stories from Africa’s business and policy you might have missed but should keep in mind this week:

Nigeria’s Senate confirms new central bank governor amid currency decline

The Senate has confirmed Yemi Cardoso as the next governor of Nigeria’s Central Bank after an extensive and rigorous screening process. Four deputy governors were also confirmed – Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor, and Bala M. Bello. The former Citi Bank Executive is now tasked with tackling unprecedented inflation and stabilizing a weakened currency. Cardoso is betting on evidence-based policies to bring about change. “We are committed to revitalizing the central bank’s infrastructure, particularly in terms of data management, to greatly enhance our data gathering capabilities,” he said during the Senate screening.

Germany pledges support of $86 million to ECOWAS

Germany’s Development Ministry has pledged 81 million euros ($85.9 million) in support for the West African Economic Community (ECOWAS) for peacebuilding and economic development. “Solutions to the crises in West Africa must come from the region. ECOWAS is a key player in this, not only actively mediating in crises, but also doing a lot for crisis prevention,” said Development Minister Svenja Schulze.

Ivorian startup, Auto24 expands into four African countries

Auto24, a leading used car marketplace, has recently extended its reach to four new African markets, including Morocco, Rwanda, Senegal, and South Africa. This major milestone comes exactly one year after the startup’s successful launch in Abidjan, Côte d’Ivoire. In Abidjan, Auto24 specializes in offering “reconditioned used cars” coupled with a range of valuable services such as a five-day refund policy, a six-month warranty, one-year maintenance, and comprehensive one-year insurance plans for all vehicles. Axel Peyriere, Auto24’s CEO and co-founder said that the startup embarked on an expansion journey following a highly successful year. The strategic decision to expand into Morocco and South Africa was driven by their status as the largest automotive markets on the continent.

ICYMI: Market roundup

  • Nigeria’s equities market declined over a 5-day trading week, with the NGX All-Share Index depreciating by 0.25% to close at 66,382.14 points. The top gainers were BUA Food (3.01%), Dangote Sugar (4.08%), Flour Mill (2.76%), UBA (4.01%) and First Bank (1.83%). The top decliners were Oando (-10.83%), BUA Cement (-11.11%), John Holt (-10.81%), Chams (-8.59%) and UAC (-5%).
  • The naira closed the week at ₦755.27/$1 on Friday at the Investor’s and Exporters’ window.
  • Brent crude closed the week at $92.20 while US West Texas Intermediate (WTI) crude closed at $90.79.
  • The global cryptocurrency market cap stood at $1.08 trillion as of 7 pm Sunday, the 1st of October. Bitcoin stood at $27,117.19, a 0.03%, signalling an increase over the week, Ethereum also decreased by 0.28% to trade at $1,674.79. However, Binance coin dropped by 0.89% over the week, to trade at $213.77.
  • Kenya-based VC firm Enza Capital has closed $58 million across two funds. It has strategically deployed both funds to create 48 investments across 31 companies within Africa.
  • South African fintech, Revio raises $5.2 million to reduce failed payments for businesses. The money was raised seed round led by QED Investors and is the firm’s third investment in an African startup.

Elsewhere on Ventures

Triangle arrow