Nigeria’s apex bank has given approval to OPay– a mobile payment service platform to commence international money transfer in Nigeria. With this approval, OPay will start facilitating remittance B2B, B2P and P2P remittance services into the West African country. 

“The plan is to distort the remittance space and ensure that international money transfer into Nigeria is safer, faster and more affordable,” said Kunle Olamuyiwa, Director of Remittances Services at OPay. More details here.

Below is the Ventures Africa Weekly Economic Index, for the week ending 8th of November 2019. This economic index gives you a glimpse into other recent activities in Nigeria’s economy as well as changes and prices that could affect the economy:

Nigerian Stock Exchange

Data released by the Nigerian Stock Exchange (NSE), as of November 8th 2019, showed that the NSE All-Share Index and Market Capitalization both appreciated by 0.08% to close the week at 26,314.49 and N12.810 trillion respectively. Similarly, all other indices finished higher with the exception of NSE Premium, NSE ASeM, NSE Consumer Goods, NSE Oil/Gas and NSE Lotus II. Indices which declined by 0.34%, 0.18%, 5.91%, 0.25% and 2.63% respectively.

Top five price gainers and decliners in the week under review:

Top five price gainers

Law Union And Rock Ins. Plc.

Jaiz Bank Plc.

Access Bank Plc. 

FCMB Group Plc. 

United Bank For Africa Plc.

Top five price decliners

Unilever Nigeria Plc. 

International  Breweries Plc. 

Fidson Healthcare Plc. 

Presco Plc. Capital Hotel Plc.

How did the Naira fare?

Picture credit:  PIUS UTOMI EKPEI/AFP/Getty Images

The Naira decreased against the dollar at the close of last week. The exchange rate slid to 362 Naira per dollar on the 8th of November 2019, slightly higher than 361 recorded a week before.

How did the price of oil fare?

Brent oil prices closed out the week on the 8th of November 2019 at $62.29 per barrel, an increase from the $60.36 recorded a week earlier.   

By Treasure Nnabugwu

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