* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Monday, May 12, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Dan Spilo Out at Industry Entertainment After Incident on Set of Alan Ritchson Movie (Exclusive) – The Hollywood Reporter

    Dan Spilo Exits Industry Entertainment Following Controversial Incident on Set of Alan Ritchson Film

    John Legend Says He’s Shocked by Ye’s ‘Descent’ Into ‘Antisemitism’ and ‘Anti-Blackness’ – Yahoo

    John Legend Expresses Shock Over Ye’s Troubling Descent into Antisemitism and Anti-Blackness

    Free Flowin’ Fest brings entertainment to Pascagoula’s Beach Park – WLOX

    Experience the Excitement: Free Flowin’ Fest Lights Up Pascagoula’s Beach Park!

    ‘Experimental entertainment venue’ sets sights on Austin area – MySA

    ‘Experimental entertainment venue’ sets sights on Austin area – MySA

    Taylor Swift’s team calls subpoena in Blake Lively-Justin Baldoni case ‘tabloid clickbait’ – Yahoo

    Taylor Swift’s Team Slams Subpoena in Blake Lively-Justin Baldoni Case as ‘Tabloid Clickbait

    The Weeknd made the apocalypse sexy at his 2025 tour launch in Arizona – Yahoo

    The Weeknd Turns Up the Heat at His 2025 Tour Launch in Arizona!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Arkansas Tech Univeristy-Ozark collision repair technology program re-accredited – Northwest Arkansas Democrat-Gazette

    Arkansas Tech University-Ozark’s Collision Repair Technology Program Earns Re-Accreditation!

    Top Chief Technology Officers to Watch in 2025: SMX’s Anthony Vultaggio – WashingtonExec

    Top Chief Technology Officers to Watch in 2025: SMX’s Anthony Vultaggio – WashingtonExec

    Well completions per location more than double in Lower 48 states as technology advances – U.S. Energy Information Administration (EIA) (.gov)

    Revolutionizing Oil Production: Lower 48 States See Doubling of Well Completions Thanks to Technological Breakthroughs!

    Officials announce massive project that could reshape electric vehicle technology: ‘This is exactly the type of investment that will help us grow the economy’ – Yahoo Finance

    Game-Changer Ahead: Major Investment Set to Transform Electric Vehicle Technology and Boost the Economy!

    Federal agents raid Dymeng Technology Solutions in St. Augustine – Action News Jax

    Federal Agents Storm Dymeng Technology Solutions in St. Augustine: What You Need to Know

    SoundHound’s Amelia 7.0 Platform Delivers Agentic AI With Category Leading Voice Technology – Business Wire

    Unleashing the Future: SoundHound’s Amelia 7.0 Revolutionizes Voice Technology with Agentic AI

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Dan Spilo Out at Industry Entertainment After Incident on Set of Alan Ritchson Movie (Exclusive) – The Hollywood Reporter

    Dan Spilo Exits Industry Entertainment Following Controversial Incident on Set of Alan Ritchson Film

    John Legend Says He’s Shocked by Ye’s ‘Descent’ Into ‘Antisemitism’ and ‘Anti-Blackness’ – Yahoo

    John Legend Expresses Shock Over Ye’s Troubling Descent into Antisemitism and Anti-Blackness

    Free Flowin’ Fest brings entertainment to Pascagoula’s Beach Park – WLOX

    Experience the Excitement: Free Flowin’ Fest Lights Up Pascagoula’s Beach Park!

    ‘Experimental entertainment venue’ sets sights on Austin area – MySA

    ‘Experimental entertainment venue’ sets sights on Austin area – MySA

    Taylor Swift’s team calls subpoena in Blake Lively-Justin Baldoni case ‘tabloid clickbait’ – Yahoo

    Taylor Swift’s Team Slams Subpoena in Blake Lively-Justin Baldoni Case as ‘Tabloid Clickbait

    The Weeknd made the apocalypse sexy at his 2025 tour launch in Arizona – Yahoo

    The Weeknd Turns Up the Heat at His 2025 Tour Launch in Arizona!

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Arkansas Tech Univeristy-Ozark collision repair technology program re-accredited – Northwest Arkansas Democrat-Gazette

    Arkansas Tech University-Ozark’s Collision Repair Technology Program Earns Re-Accreditation!

    Top Chief Technology Officers to Watch in 2025: SMX’s Anthony Vultaggio – WashingtonExec

    Top Chief Technology Officers to Watch in 2025: SMX’s Anthony Vultaggio – WashingtonExec

    Well completions per location more than double in Lower 48 states as technology advances – U.S. Energy Information Administration (EIA) (.gov)

    Revolutionizing Oil Production: Lower 48 States See Doubling of Well Completions Thanks to Technological Breakthroughs!

    Officials announce massive project that could reshape electric vehicle technology: ‘This is exactly the type of investment that will help us grow the economy’ – Yahoo Finance

    Game-Changer Ahead: Major Investment Set to Transform Electric Vehicle Technology and Boost the Economy!

    Federal agents raid Dymeng Technology Solutions in St. Augustine – Action News Jax

    Federal Agents Storm Dymeng Technology Solutions in St. Augustine: What You Need to Know

    SoundHound’s Amelia 7.0 Platform Delivers Agentic AI With Category Leading Voice Technology – Business Wire

    Unleashing the Future: SoundHound’s Amelia 7.0 Revolutionizes Voice Technology with Agentic AI

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Technology

Nigeria’s unified FX rate will change how startups report revenue

June 18, 2023
in Technology
Nigeria’s unified FX rate will change how startups report revenue
Share on FacebookShare on Twitter

For startups that operate in Nigeria and report their revenue to investors in US dollars, the recent unification of exchange rates in Nigeria might be a new hurdle. 

On Wednesday, the Central Bank of Nigeria (CBN) confirmed Nigeria’s move to a unified exchange rate. The unification immediately caused the Naira to lose 36% of its value and drop to a record low of $1/₦750. While the markets reacted positively to the announcement, Nigerian startups were not as enthused. For startups that raised capital in foreign currencies and reported revenues to investors in USD, a unified FX rate might be a new hurdle. 

Before now, many startups reported revenues using Nigeria’s official exchange rate of $1/₦462. It means that while $1 million in revenue two months ago was around ₦462 million, today it is ₦656 million. That increase (₦196 per dollar) is significant for startups that gain revenue in Naira. 

Although it was a common practice to report revenue using the official rates, some startups reported at the parallel rate (₦750). Startups that reported revenue to their investors using the former official exchange rate would be the most affected by the single rate. Nnamdi Ifechi-Fred, a digital economy analyst, told TechCabal that he thinks that startups that reported revenue at the official rate, would see “something change for them.” 

Some startup founders who spoke to TechCabal said that despite these changes, they will not be hurrying to the drawing board to rewrite their revenue targets for the year. For startups that had been reporting revenue in Naira before the unification, not much has changed. “We have been reporting our revenue in Naira for over two years. We didn’t agree on targets with investors based on dollars or euros,” said Romain Poirot-Lellig, the CEO of Kwik Nigeria, a mobility startup. “For me, it is important that when reporting, you are as close as possible to the local economy.”

Adedeji Olowe, founder of Lendsqr, a lending SaaS fintech, told TechCabal that a unified FX rate will affect the previous valuation of startups and could “make them go very bad”.  “I think things will cross-correct down the line because startups are still raising money. In truth, there is nothing startups can do about this,” he added.

The multiple rates also dampened investor confidence because it was difficult for investors to repatriate their profits. Nigeria’s international bonds surged after rumours of a unified rate on Monday. Olowe told TechCabal that the unification of the FX rate could improve investor confidence. “If things continue this way, two things could happen: the FX could get better and investment could become easier for everybody.” 

Poirot-Lellig told TechCabal that the unified FX rate could be a good thing for businesses in the long run because it brings stability to the market. “The key thing when growing a business is operating in a predictable environment as much as possible. If you know that you will be able to access foreign currency regularly, then you can adapt your financial and economic planning accordingly.” 

Although the multiple rate system caused confusion for startups, it had its advantages. By reporting operating expenses at the official exchange rate and converting dollars at the parallel rate, startups could benefit from the multiple rates.

For Mathew Saunders, head of investments at Future Africa, a venture capital firm, the unification of the FX rate “is an important step towards enhanced financial transparency for Nigerian startups, particularly when reporting to investors.” He added that while this measure could momentarily affect operational costs for most startups, it will ultimately benefit the ecosystem by cultivating an environment marked by more trust and clarity.

For many Nigerian startups, the shift to a unified FX rate necessitates a reevaluation of their approach to making money. As founders navigate the changing landscape, they will need to find innovative solutions and create strategies to ensure continued growth and success in the face of evolving economic policies. Ultimately, the impact of this exchange rate unification on Nigerian startups remains to be seen, but it undoubtedly presents both challenges and opportunities for the tech ecosystem. 

Get the best African tech newsletters in your inbox

Read More

Tags: Nigeria’stechnologyunified
Previous Post

Meta’s case in Kenya drags on

Next Post

United States CFTC S&P 500 NC Net Positions increased to $-331.4K from previous $-344.5K

Stable isotope ecology of Quaternary cervid and bovid species in Southeast Asia with implications for wildlife conservation – Nature

Unraveling the Secrets of Southeast Asia’s Quaternary Deer and Bovids: Insights for Wildlife Conservation

May 12, 2025
College Credits: Arlington Heights Student Teaches Science At Carthage – Patch

Arlington Heights Student Inspires Future Scientists Through Teaching at Carthage

May 12, 2025
National Science Foundation faces lawsuit over 15% indirect research cap – Higher Ed Dive

National Science Foundation Sued Over Controversial 15% Cap on Indirect Research Costs

May 12, 2025
Tamil actor Silambarasan shares his fitness advice for maintaining healthy lifestyle at 42: ‘Avoid heavy meals at night’ – Hindustan Times

Unlocking Ageless Vitality: Silambarasan’s Top Fitness Tips for a Healthy Lifestyle at 42!

May 12, 2025
Brazil signs Real Madrid coach Carlo Ancelotti ahead of 2026 World Cup – FOX Sports

Brazil Welcomes Real Madrid’s Carlo Ancelotti as Head Coach for 2026 World Cup!

May 12, 2025
Japan’s Sputtering Economy Likely Stalled Before Trump’s Tariffs – Bloomberg.com

Japan’s Economy Hits a Standstill: The Impact of Trump’s Tariffs

May 12, 2025
Dan Spilo Out at Industry Entertainment After Incident on Set of Alan Ritchson Movie (Exclusive) – The Hollywood Reporter

Dan Spilo Exits Industry Entertainment Following Controversial Incident on Set of Alan Ritchson Film

May 12, 2025
Pregnancy Health Problems Increase Kids’ Blood Pressure – U.S. News & World Report

How Pregnancy Health Issues Can Impact Your Child’s Blood Pressure

May 12, 2025
State lawmakers criticize Gov. Hochul’s policy-laden budget strategy – Spectrum News

State Lawmakers Take Aim at Gov. Hochul’s Controversial Budget Strategy

May 12, 2025
Arkansas Tech Univeristy-Ozark collision repair technology program re-accredited – Northwest Arkansas Democrat-Gazette

Arkansas Tech University-Ozark’s Collision Repair Technology Program Earns Re-Accreditation!

May 12, 2025

Categories

Archives

May 2025
MTWTFSS
 1234
567891011
12131415161718
19202122232425
262728293031 
« Apr    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (603)
  • Economy (615)
  • Entertainment (21,527)
  • General (15,214)
  • Health (9,657)
  • Lifestyle (620)
  • News (22,149)
  • People (617)
  • Politics (622)
  • Science (15,837)
  • Sports (21,124)
  • Technology (15,605)
  • World (605)

Recent News

Stable isotope ecology of Quaternary cervid and bovid species in Southeast Asia with implications for wildlife conservation – Nature

Unraveling the Secrets of Southeast Asia’s Quaternary Deer and Bovids: Insights for Wildlife Conservation

May 12, 2025
College Credits: Arlington Heights Student Teaches Science At Carthage – Patch

Arlington Heights Student Inspires Future Scientists Through Teaching at Carthage

May 12, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version