💰Dollar is scarce

Hello! Here's what you need to know for September 1st in 3:08 minutes.

What’s going on? 2021 has seen a big-time rise in investment in Africa with over $1.1bn raised so far in 2021by 300+ African startups. What makes it more interesting is the move from the norm where only investors were the ones doing the investing. More Africa focused funds to invest in African companies by Africa investors have multiplied. For instance, Lofty Inc. - a pan-African VC firm, is launching its third fund — LoftyInc Afropreneurs Fund 3 — at $10 million for tech startups in Africa. And diaspora too! Talk about Africa funding Silicon Valley startups. Interesting!

Zooming out: The recent ban of BDC to stop selling fx is having its effect - fx unavailability and scarcity. The news in town is that banks are not able to meet demand as forex fraud persist with Dollar scarcity driving Naira further down at the black market - closed at N524 per $1 yesterday at the black market.

Looking ahead... Nigerian CBN orders banks to publish names and BVN of the forex defaulters. But, will e-naira be able to save the Naira?

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