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Naira depreciates by 2.4% against dollar at official market

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Naira depreciates by 24 against dollar at official market

Naira depreciates by 2.4% – At the Investor’s and…

At the Investor’s and Exporter’s (I&E) window, the naira traded between ₦1,698.50 and ₦1,609.00 against the dollar.

The naira on Friday closed the week weaker at the official market, trading at ₦1,678.87 to the dollar.

Data from the official trading platform of the FMDQ Exchange revealed that the Naira lost ₦39.37.

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This represents a 2.4 per cent loss when compared to the previous trading date on Thursday when it exchanged at ₦1,639.50 to a dollar.

However, the total daily turnover increased to 1,403.76 million dollars on Friday up from 244.96 million dollars recorded on Thursday.

At the Investor’s and Exporter’s (I&E) window, the naira traded between ₦1,698.50 and ₦1,609.00 against the dollar.
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7 Smart financial tips for traditional artisans in Nigeria

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With rising costs and fierce competition, effective money management is vital for sustaining and growing your craft. This guide shares 7 robust finance hacks designed specifically for artisans.

Whether you work with textiles, carvings, or pottery, these practical strategies can help you control expenses, boost savings, and reinvest in your art. 

Adopting these tips will not only secure a stable financial future but also ensure your creative work continues to thrive and inspire;

1) Keep organised records

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Maintain a detailed ledger or use a simple mobile app to record every sale and expense. Accurate records not only help you track cash flow but also provide clear insights for budgeting and potential loan applications.

2) Set aside savings consistently

Even modest, regular savings can serve as a buffer during slow periods. Dedicate a portion of every transaction to a savings fund, using local savings apps if available, to secure a financial cushion for emergencies or upgrades.

ALSO READ: 5 bad financial habits you need to stop to get out of debt

3) Embrace mobile banking

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Switch from cash to digital transactions using reliable mobile banking platforms. Digital payments reduce the risk of theft, simplify record-keeping, and provide real-time updates on your finances, which is crucial for effective money management.

4) Purchase materials in bulk

Collaborate with other artisans to buy raw materials together. Bulk purchasing not only lowers costs but also ensures a steady supply of quality inputs, helping you maintain competitive pricing for your products.

5) Diversify your income

Consider adding complementary services or products to your range of offerings. Whether it’s offering workshops, custom designs, or online sales, multiple revenue streams can provide stability and help your business weather lean seasons.

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EXPLORE: If you take these financial tips seriously, you won’t overspend again

6) Negotiate favorable terms

Develop strong relationships with your suppliers and negotiate for discounts or flexible payment plans. A trusted supplier is more likely to offer better prices, which can significantly reduce your production costs over time.

7) Explore microfinance options

When you need capital to scale up or upgrade equipment, look into microfinance institutions that cater to small businesses. These institutions often offer loans with reasonable interest rates and terms designed for artisans, enabling you to invest in growth without excessive financial strain.

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By integrating these finance hacks into your routine, you can improve your financial management and create a sustainable foundation for your craft. Small changes made consistently can lead to greater stability and long-term success.

RECOMMENDED: 5 financial decisions you could regret forever


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Access Bank restores transactions after customers experience service disruptions

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Access Holding

Access Bank Plc has fully restored services on its electronic banking platforms following a disruption that left many customers frustrated

read more Access Bank restores transactions after customers experience service disruptions


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Africa Rising: How iGaming is Transforming the Continent’s Digital Economy

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Africa is no longer just the cradle of civilization—it’s becoming the cradle of innovation in the iGaming industry. With a young, tech-savvy population and skyrocketing mobile internet penetration, the continent is emerging as one of the fastest-growing markets for online gambling.

From Nigeria’s bustling betting hubs to South Africa’s regulated casinos, Africa’s iGaming sector is rewriting the rules of digital entertainment.

In this article, we’ll explore how iGaming is reshaping Africa’s economy, the key players driving this growth, and what the future holds for this dynamic industry.

Why Africa is the Next iGaming Powerhouse

Africa’s iGaming boom is fueled by a unique combination of factors:

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  • Youthful Population: Over 60% of Africans are under 25, and this demographic is highly engaged with mobile technology.

  • Mobile Revolution: With 650 million mobile users, Africa has leapfrogged traditional banking systems, embracing mobile money platforms like M-Pesa.

  • Cultural Affinity for Gambling: Betting is deeply ingrained in African culture, from local lotteries to sports wagering.

  • Regulatory Evolution: Countries like Nigeria, Kenya, and South Africa are creating frameworks to regulate and tax online gambling.

Key Markets Leading the Charge

1. Nigeria: The Giant of African iGamingNigeria, Africa’s most populous nation, is also its largest iGaming market. Key drivers include:

  • Sports Betting Craze: Football (soccer) is a national obsession, with platforms like Bet9ja and Nairabet dominating the scene.

  • Mobile Money Adoption: Services like Paga and Opay make deposits seamless, even for the unbanked.

  • Cryptocurrency Integration: Platforms offering usdt sportsbook options are gaining traction, allowing users to bet with USDT for faster transactions and lower fees.

Fun Fact: Nigeria accounts for over 60% of Africa’s online sports betting revenue.

2. Kenya: The Mobile Money Pioneer

Kenya’s iGaming growth is powered by M-Pesa, the mobile payment system used by 80% of adults. Highlights:

  • Affordable Betting: Micro-bets as low as $0.10 attract casual players.

  • Regulated Market: The Betting Control and Licensing Board ensures fair play.

  • Esports Boom: Games like FIFA and Call of Duty are becoming popular betting options.

3. South Africa: The Regulated Leader

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South Africa boasts the continent’s most mature iGaming market, thanks to:

  • Clear Regulations: The National Gambling Board oversees online and land-based casinos.

  • Diverse Offerings: From sports betting to online slots, South Africans have access to world-class platforms.

  • High Internet Penetration: Over 70% of the population has internet access.

Emerging Trends in African iGaming

1. Cryptocurrency Adoption

Crypto is solving two major challenges in African iGaming:

  • Cross-Border Payments: Players can deposit and withdraw without currency conversion hassles.

  • Financial Inclusion: Crypto wallets allow unbanked users to participate in online gambling.

Platforms like Sportbet.one, which offer usdt sportsbook options, are leading this shift by enabling seamless USDT transactions. The ability to bet using a stablecoin eliminates volatility concerns while providing instant transactions.

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2. Localized Content

African players want games that reflect their culture:

  • Football-Themed Slots: Games featuring local teams and leagues.

  • Local Language Support: Platforms offering Swahili, Yoruba, and Zulu interfaces.

  • African Celebrities: Endorsements from stars like Burna Boy and Tiwa Savage.

As iGaming operators cater to local preferences, the industry is experiencing increased player engagement and retention.

3. Mobile-First Platforms

With 95% of African internet users accessing the web via mobile, iGaming platforms are prioritizing:

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  • Lightweight Apps: Apps that work on low-end smartphones.

  • USSD Betting: Offline betting via SMS for areas with poor internet.

  • Data-Saving Features: Compressed graphics and minimal data usage.

This mobile-driven approach has allowed iGaming to reach even the most remote parts of the continent, providing entertainment and economic opportunities.

4. Social Gambling

African players love community-driven experiences:

  • Betting Pools: Friends can pool funds for larger bets.

  • Live Streaming: Watch and bet on matches in real time.

  • Leaderboards: Compete with others for prizes.

This social element is transforming traditional betting into an interactive, engaging experience that fosters loyalty among users.

Challenges Facing African iGaming

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  • Regulatory Fragmentation: Each country has its own rules, complicating cross-border operations.

  • Payment Barriers: Limited access to international payment systems like Visa and Mastercard.

  • Problem Gambling: Rising addiction rates, especially among youth.

  • Infrastructure Gaps: Unreliable electricity and internet in rural areas.

Despite these challenges, the industry continues to evolve, finding innovative solutions to overcome these hurdles.

Opportunities for Growth

  • Blockchain Integration: Crypto platforms like usdt sportsbook options can bypass traditional banking hurdles.

  • AI and Big Data: Personalized gaming experiences based on player behavior.

  • Esports Expansion: Tapping into Africa’s growing gaming community.

  • Partnerships with Telcos: Collaborating with mobile operators for seamless payments.

As new technologies emerge, operators will have more tools to improve user experience and ensure a safer betting environment.

The Future of African iGaming

By 2030, Africa’s iGaming market is projected to surpass $2 billion, driven by:

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  • 5G Rollouts: Faster internet will enable richer gaming experiences.

  • AI-Powered Platforms: Predictive analytics for personalized offers.

  • Crypto Dominance: USDT and other stablecoins becoming the default payment method.

  • Government Collaboration: More countries establishing clearer regulations to foster growth.

With major operators expanding their presence and regulatory environments stabilizing, the African iGaming industry is on the cusp of significant breakthroughs.

Conclusion: Betting on Africa’s Digital Future

Africa’s iGaming industry is more than just a success story—it’s a testament to the continent’s resilience and innovation. From Nigeria’s sports betting frenzy to Kenya’s mobile money revolution, iGaming is creating jobs, driving tech adoption, and reshaping economies.

As platforms like Sportbet introduce USDT sportsbook options, the future looks even brighter. By embracing blockchain, localized content, and mobile-first strategies, African iGaming is poised to become a global leader.

So, whether you’re a player, investor, or simply a tech enthusiast, one thing is clear: Africa is all-in, and the stakes have never been higher.

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