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External factors to impact Naira next week Oil slips

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Lukman Otunuga, Research Analyst at FXTM, comments on External factors to impact Naira next week Oil slips

Emerging market currencies like the Nigerian Naira are likely to seek direction from external factors next week, with emphasis likely to be placed on the breaking development that the United States and North Korea summit has been cancelled by President Trump.

Although North Korea has offered an olive branch to the US, it is still going to be interesting to monitor how investors react to this development.

If they adopt a cautious stance over the upcoming trading session, there is likely going to be less buying demand for emerging market currencies like the Naira. Alternatively, signs of de-escalating tensions between both sides could rekindle risk appetite consequently supporting EM currencies.

Sentiment mixed as North Korea offers olive branch

It’s remarkable that just hours after President Donald Trump suddenly axed his highly anticipated June summit with Kim Jong-Un in Singapore, North Korea unexpectedly offered an olive branch.

North Korea has stated that they remain open-minded in giving “time and opportunity” to the United States and are willing to meet Trump “at any time in any way”. With the nation also calling the planned summit “desperately necessary” to mend the US-North Korea relationship, the doors could still be open for a summit to take place. Markets will be paying very close attention to how the Trump administration responds to North Korea’s conciliatory stance. Any further signs of de-escalating tensions between the US and North Korea could revive risk sentiment.

Asian stocks were on the defensive during early trade, as North Korea’s measured response to the abrupt summit cancellation slightly soothed investor jitters.

European markets rebounded after the olive branch from North Korea and this improving sentiment could support Wall Street in the afternoon.

Sterling quivers as GDP disappoints

This hasalready been a terrible trading week for the Pound, as cooling inflation figures dented expectations over the Bank of England raising UK interest rates in August.

Matters worsened on Friday following reports that UK economic growth dropped to its lowest rate since 2012. UK GDP growth slowed to 0.1% in the first quarter of 2018 according to the second estimate, which immediately damaged buying sentiment towards the Pound. Today’s disappointing growth figures may weigh heavily on sentiment while also forcing investors to scale back bets on a BoE rate hike anytime soon.

Taking a look at the technical picture, the GBPUSD remains bearish on the daily charts as there have been consistently lower lows and lower highs. Repeated weakness below the 1.3400 level could invite a decline towards 1.3320 and 1.3250, respectively.

Dollar steady ahead of Powell speech

King Dollar was steady against a basket of major currencies this morning ahead of the upcoming speech from Fed Chair Jerome Powell.

He will be addressing financial stability and central bank transparency before the Sveriges Riksbank Conference in Stockholm later today.

The Greenback could appreciate further is Powell sounds hawkish and offers fresh insight into the Fed’s monetary policy tightening path beyond June.

With the widening interest rate differential still favouring the Dollar and expectations elevated over an interest rate hike in June, Dollar strength is likely to remain a dominant market theme.

Taking a look at the technical picture, the Dollar Index remains heavily bullish on the daily charts. A decisive breakout above 94.00 could encourage an incline higher towards 94.20 and 94.50, respectively.

Is the Oil bull run over?

The prospect of OPEC and Russia easing supply curbs to counterbalance falling output from Venezuela and potential decline in Iranian exports has exposed oil to downside risks.

Price action suggests that bulls may be struggling to find support from geopolitical risk factors to sustain the current rally.

While initially speculation of tighter global supply was a theme that heavily supported oil, the fundamental drivers could change if OPEC and co. easesupply curbs. With the possibility of rising production from Russia, OPEC and US Shale renewing oversupply concerns, Oil remains exposed to downside risks.

In regard to the technical perspective, WTI Crude is at risk of sinking towards $68 if bulls are unable to maintain control above $70.

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Five WhatsApp Business Features Every Small Business Should Be Using

By Sandra Ani

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WhatsApp Business

Micro, Small and Medium-sized Enterprises(SMBs) are the backbone of most economies accounting for 90% of businesses, over 70% of employment, and 50% of global GDP, according to the United Nations. They drive growth, innovation, and job creation worldwide. 

In Nigeria, they play a crucial role in stimulating local economies and contributing to the country’s GDP. 

Recognising their impact, WhatsApp is committed to empowering SMBs with the tools to succeed through the WhatsApp Business App, by reaching their customers where they already are. 

WhatsApp continues to be the best way for people and businesses to get business done in Nigeria. With its efficient features, the WhatsApp Business App has become an indispensable tool for small businesses, helping them streamline communication, enhance customer engagement and drive sales. And we know customers love communicating with businesses over WhatsApp too, as nearly 80% of people globally message with a business at least once a week.

Whether you’re just starting out or looking to optimise your business operations, here are five essential WhatsApp Business features that can elevate your efficiency and customer interactions.

1. Catalog – Showcase Your Products and Services

Gone are the days of sending multiple images and descriptions individually to customers. With the Catalog feature, you can create a digital storefront where customers can browse your offerings within WhatsApp. This is just like a mini-website which makes it easier to showcase your products, prices and descriptions in an organised way.

How to Use It: Go to Business Tools > Catalog. Add product images, videos, names, descriptions and pricing.

2. Quick Replies – Save Time on Repetitive Questions

Answering the same customer questions repeatedly? Quick Replies let you create preset responses for frequently asked questions, saving you time and ensuring fast customer service.

How to Use It:Go to Settings > Business Tools > Quick Replies. Create and save responses such as a greeting message or order confirmation. Use the shortcut “/” to insert a quick reply in any chat

3. Labels – Stay Organised and Track Conversations

Managing multiple customer interactions can be overwhelming, but the Labels feature helps by categorising chats in different ways, such as order status or customer type. You can create labels with different colors or names and add the conversations  to an entire chat. This keeps your inbox organised and ensures no customer is left waiting.

How to Use It: Open a chat, tap on the three-dot menu > Label Chat. Assign relevant labels like New Customer, Order Placed, Pending Payment.

4. Away Messages – Engage Customers Even When You’re Away

Never miss a customer inquiry again. Away Messages allow you to set up a greeting or away message, ensuring customers receive timely responses even outside business hours.

How to Use It: Go to Business Tools > Away Message / Greeting Message. Set up a custom message and schedule when it should be sent.

5. Meta Verified – For Enhanced Protection and Account Support

A paid subscription that helps your business build credibility with new audiences, Meta Verified can help drive more engagement and grow your brand.  With Meta Verified, you’ll receive enhanced account support, can use WhatsApp across multiple devices and  easily create a professional WhatsApp web page that’s tailored to you.

How to Use It: Go to Settings or Business Tools > tap Meta Verified.
WhatsApp Business is packed with features designed to help small businesses grow, stay organised, and engage with customers effortlessly. By leveraging these features, you can enhance your customer experience, increase efficiency and ultimately drive more sales. Start your own journey with the WhatsApp Business app here.

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Transport

Bolt Shares the Spirit of Ramadan with Kano Drivers-Partners

Reporter: Sandra Ani

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Iftar gathering in Kano by Bolt
The Iftar gathering in Kano organised by Bolt

Bolt, the leading ride-hailing platform, on Thursday, 19th of March hosted an Iftar gathering in Kano to bring together Muslim drivers during the holy month of Ramadan.

The event was not only an opportunity to share a meal but also served as a platform for open dialogue, feedback exchange, and community building within the Bolt driver network.

The Iftar event, held in recognition of the significance of Ramadan, reinforced Bolt’s commitment to supporting its driver-partners and fostering inclusivity across all communities. The gathering provided an environment for drivers to voice their concerns, share their experiences, and engage directly with the Bolt team in a collaborative discussion about improving their experience on the platform.

Speaking during the event, Osi Oguah, the general manager for Bolt Nigeria said: “At Bolt, we recognize the importance of creating a supportive and inclusive environment for our driver-partners.

This Iftar event was more than just a meal,  it was a chance to connect, listen, and understand the challenges and needs of our drivers in Kano. We appreciate their dedication, especially during this sacred period of Ramadan.”

Drivers in attendance expressed their appreciation for the initiative, highlighting the sense of belonging and recognition the event fostered. Many also welcomed the opportunity to discuss ways to improve their overall experience on the Bolt platform, making it a productive and meaningful engagement for all participants.

Nura Muhammed, a driver-partner said: “We want to say thank you to Bolt for this initiative, if my knowledge serves me right, this is the first time a ride-hailing company will organize such an event in Kano. This event has also made it possible for us to share some feedback to them physically and we drivers mostly get to connect through our online platform but today, we’re able to meet physically, mingle and exchange pleasantries”

Bolt remains committed to strengthening driver engagement and well-being, and this Iftar gathering is part of a broader effort to continuously support and empower driver-partners across Nigeria.

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Finance

Flutterwave Powers Local Businesses in Ghana Through Pay With Bank Transfer

Reporter: Ikenna Ugwu

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Flutterwave Ghana
Flutterwave Ghana

Flutterwave, a leading payments technology company in Africa, has broadened its reach in Ghana through the integration of Pay With Bank Transfer, done in partnership with Affinity Bank.

With over 115 million bank transfer payments recorded in Ghana in 2023, this move will ensure that Flutterwave businesses in Ghana can now receive payments seamlessly and securely through a rapidly growing payment method. While Mobile Money leads as the preferred payment type for everyday transactions in Ghana, the recent growth in transactions for Pay With Bank Transfer symbolizes the expanding payment options available for Ghanaian businesses.  

Flutterwave has a track record of driving innovation in the African finance ecosystem, and this new development promises versatility, thereby expanding the pool of customers available to businesses. As a preferred payment method, it also promises faster payments while providing access to a more secure process of transacting which benefits both the sender and the receiver (business).

We are excited to extend our services to the Ghanaian market” says Olugbenga Agboola, Flutterwave Founder & CEOAt Flutterwave, we are driven by the vision of building Africa’s economy. By making payment options like Pay With Bank Transfer available for everyday use, we are expanding access to payments and enabling local businesses to thrive in the economy”

By establishing this strategic partnership,  Flutterwave aims to drive the adoption of the Pay With Bank Transfer option in Ghana, using virtual accounts to allow for secure and transparent payments. This will provide enterprises and small businesses with a simpler way to receive payments and give their customers a seamless process of making payments.

Geoffrey Fiador, Manager, Country Operations and Partnerships, at Flutterwave stated: “By delivering essential payment options like Pay With Bank Transfer for businesses in Ghana, we’re providing an easy way for them to increase their revenue opportunities to grow their businesses. ”

This announcement comes at the heels of Flutterwave’s recent approval by the Bank of Ghana to provide inward remittance services. With a track record of success across Africa, Flutterwave continues to be a trusted partner for businesses in over 34 countries, providing the tools and expertise necessary for success in the dynamic African market.

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