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General News

Optimism Builds that Dollar Turning Corner Lower

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By Jameel Ahmad, Global Head of Currency Strategy & Market Research at FXTM

 

Currencies throughout Asia have welcomed the news that the Dollar has tumbled to a near 3-month low. A number of different currencies in the region have advanced against the Greenback, with the weakening momentum for the Dollar benefiting the Indian Rupee the most at time of writing.

 

Indications that the market is turning more negatively towards the Greenback would represent very positive news for emerging market currencies, in particular those having received a pounding over the past couple of months in response to prolonged Dollar strength. This can be seen during trading today with the Thai Baht, Chinese Yuan, Philippine Peso, Indonesian Rupiah, Malaysian Ringgit and Indian Rupee all strengthening.

 

The exact catalyst behind why the Dollar is weakening is not easy to point out, but the main contender is that fading fears over trade tensions are providing traders with a reason to take profit on Dollar positions that have been building for months. Another round of reassuring comments from authorities in China indicating that the Yuan will not be used as a weapon during-trade tensions has also been looked upon positively by the market.

 

It does go without saying overall that the prospects for more potential weakness in the Dollar moving forward would of course be widely welcome news for a long list of currencies across the globe.

 

As we head into the conclusion of the trading week the South African Rand has benefited the most from weakness in the Greenback. The Rand has strengthened above 4% over the past five days, with traders looking very positively on the news that the South African Reserve Bank (SARB) was able to leave monetary policy unchanged yesterday. The news earlier this week that inflationary pressures in South Africa unexpectedly eased in August allowed the SARB to maintain resilience and not follow the recent path of both the Russian and Turkish central banks to raise interest rates, which was a move needed in both the cases of Russia and Turkey to ease inflationary pressures and defend both the Ruble and Lira from further weakness.

 

It is not surprising that the Turkish Lira remained volatile and has shifted between both gains and weakness in the aftermath of Turkey’s finance minister announcing his plan to combat the Lira currency crisis. The market, as you would expect, has looked negatively upon the announcement that there has been a sharp downgrade in GDP growth forecasts for both 2018 and 2019. Growth is now expected to slow below 4% this year and narrowly above 2% in 2019, which is sharp contrast to the overall growth of 7.4% that the economy enjoyed last year.

 

I would keep a very close eye on the British Pound over the upcoming sessions despite the news that the Cable has rallied to its highest levels in nearly three months. Traders appear to have repositioned in recent sessions that there will eventually be a breakthrough in the UK and EU negotiations over Brexit. However, the latest summit in Salzburg failed to result in a positive outcome and the rally in the Pound could fall like a house of cards if markets begin to reprice into the market a potential hard-Brexit eventuality.

 


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

General News

FG Launches Virtual Privacy Academy

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The Nigerian government has launched the Virtual Privacy Academy, a new digital training platform designed to deepen data protection and privacy policies in the private and public sectors.

Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, unveiled the initiative during the 8th annual conference of the Network of African Data Protection Authorities, which began yesterday in Abuja.

The three-day conference, titled “Balancing Innovation in Africa: Data Protection and Privacy in Emerging Technologies,” drew attendees from over 30 African countries, as well as Europe, Asia, the Middle East, and the United States.

Dr. Tijani emphasised that the academy is part of Nigeria’s strategy to capitalise on the benefits of the digital economy by providing actors with the tools they need to navigate hazardous data governance landscape.

According to Tijani, this project would provide Nigerians with the opportunity to gain practical skills in data protection.

Dr. Vincent Olatunji, National Commissioner of the Nigeria Data Protection Commission, highlighted Nigeria’s recent data governance milestones during his address.

He stated that the Commission had completed over 5,000 compliance assessments, opened 223 investigations, and assisted 12 organisations with rehabilitation.

Dr. Olatunji urged African countries who have yet to pass data protection laws to do so, emphasizing that “strong data protection frameworks are not barriers to innovation, but enablers of a resilient and inclusive digital economy.”


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General News

Treepz, Miva Open University Partner for Nationwide Mobility Services

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L-R: Sani Chanchangi, Business Development Manager, Treepz; Godwin Okpe, Community & Engagement Manager, Miva Open University; Florence Sulyman-Boboye, Global Vice President of Business Development and People, Treepz; Oluwole Adeniji, Manager, Corporate Services, Miva Open University
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Treepz, Africa’s leading corporate mobility startup, has announced an exclusive partnership with Miva Open University, Nigeria’s premier open university. Under this agreement, Treepz becomes Miva’s official transportation provider, delivering services across key cities, including Lagos, Abuja, Uyo, Port Harcourt, and Jos.

L-R: Sani Chanchangi, Business Development Manager, Treepz; Godwin Okpe, Community & Engagement Manager, Miva Open University; Florence Sulyman-Boboye, Global Vice President of Business Development and People, Treepz; Oluwole Adeniji, Manager, Corporate Services, Miva Open University

As Miva Open University expands its academic and administrative presence across Nigeria, Treepz will provide on-demand access to premium vehicles for staff transportation, guest logistics, special events, and official university functions. With a fleet that includes SUVS, Coaster buses, and luxury vehicles, Treepz ensures that all mobility needs are handled with reliability and professionalism.

“This partnership is a strategic move that helps us stay focused on what we do best—delivering accessible and flexible education,” said Oluwole Adeniji, Admin Operations Manager at Miva University. “With Treepz handling our transportation across the country, we can scale confidently, knowing our staff, guests, and stakeholders are moving safely and efficiently.”

On Treepz’s end, Johnny Enagwolor, Co-Founder and President at Treepz, noted that the partnership comes at a pivotal moment, allowing Miva, a forward-thinking institution, to prioritise its core mission of delivering quality education, while Treepz efficiently manages a wide range of its inter-city mobility needs.

“By providing a tailored transport service, Treepz aims to alleviate the logistical burdens of institutions, ensuring Miva University operate at its best.

“At Treepz, we understand the importance of reliable and efficient transport services in driving organisational success. Our goal is to provide Miva with the most comfortable, safe, and convenient transportation solutions possible,” Johnny added. We are committed to providing high-quality, safe, and reliable transportation solutions that support Miva’s mission and contribute to its ongoing success.

Furthermore, we recall that Treepz commemorated its fifth anniversary on September 16th, 2024. Over the past five years, the startup has made notable progress in addressing the continent’s transportation challenges through innovative, tailored solutions.

Treepz has also established itself as a key player in the African mobility industry, with more than 6 million customers served, consistently expanding its services and strategic partnerships to meet the evolving needs of corporate clients.

Recent partnerships with industry leaders such as Parallex Bank and KingMakers (owners of BetKing) have enabled Treepz to provide efficient transportation solutions to complete millions of employee commutes with their shared transportation service.

These accomplishments highlight Treepz’s growing influence and its commitment to revolutionizing corporate mobility and enhancing transportation experiences across the continent.

For more information about Treepz and its corporate travel services, kindly visit www.treepz.com

 


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General News

Afreximbank to Fund African Energy Bank with $19bn 

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The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said that the Afreximbank would invest $19 billion to fund the African Energy Bank.

He said the $19 billion would go a long way toward tackling and overcoming energy poverty, driving economic growth, and improving the lives of millions of people.

The minister disclosed this while speaking at the opening ceremony of the Nigerian Pavilion, hosted by the Petroleum Technology Association of Nigeria (PETAN), at the ongoing Offshore Technology Conference (OTC) in Houston, Texas, U.S with the theme “Africa’s Energy Renaissance: Leveraging Innovation and Natural Gas for Sustainable Development.”

He said that by pooling resources, African countries can invest in large-scale energy projects.

Also, the minister stressed the need for Africa to develop cohesive policies tailored to its unique circumstances, warning that fragmented approaches would be ineffective in addressing the escalating energy deficit.

“This conference is not a jamboree. It is a platform for Nigeria, and by extension, Africa — to showcase its vast potential,” Lokpobiri said.

He underscored the importance of regional collaboration, highlighting the Africa Petroleum Producers Organisation (APPO) as a strategic entity established to devise shared solutions for the continent’s energy challenges.

According to him, the prevailing global discourse on energy transition is largely influenced by geopolitical considerations.

In response to this challenge, he announced that APPO is in the process of establishing the African Energy Bank to bridge funding gaps and ultimately free the continent from energy poverty.

During a meeting with his Ghanaian counterpart, Lokpobiri advised Ghana to draw lessons from Nigeria’s past experiences in the energy sector, particularly in avoiding early missteps.

In his address, Ghana’s Minister of Energy and Green Transition, Mr John Abdullahi, acknowledged Nigeria’s leading role in the region.

He stated that while Ghana is a relatively new player in the oil and gas sector, it is eager to learn from Nigeria’s experiences and reforms, especially in the areas of local content development and climate policy.

“We will continue to consult Nigeria as we build a successful oil and gas industry. The collaboration between both countries remains strong. For his part, PETAN Chairman Wole Ogunsanya emphasised the significance of Nigeria’s presence at OTC.

He said: “This year’s event, under the Nigerian Pavilion, is set to highlight Africa’s growing role in the global energy sector.

“OTC 2025 promises to bring together top-tier industry leaders, policymakers, and stakeholders at the world’s largest energy event.”


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