The naira closed at N1,510/dollar on Thursday, almost unchanged from the N1,507/dollar the previous day

Data shows that dollar supply increased in the official window by N110 million compared to the previous day

According to the CBN, total foreign exchange inflow in the country has increased in recent times amid several policy reforms

According to official data from FMDQ securities, the Nigerian Autonomous Foreign Exchange Market (NAFEM), the amount represents a 0.15% decline compared to the closing rate of N1,507.83 on Wednesday, 26.

The Nigerian economy received approximately $5.95 billion in funding from the World Bank and Afreximbank in a single month, June 2024.

Another source of inflow is foreign direct investment (FDI), which refers to investments made in domestic firms by foreign corporations through things like factory setup, real estate purchases, and ownership holdings in local businesses. International exchange inflows can also come from grants, remittances, international aid, and portfolio investment.

Cardoso reported that compared to the inflows recorded in the prior quarters, the foreign exchange inflows for the first quarter of 2024 are almost 50% greater. 

Flutterwave, a startup in payment technology, has let go of twenty-four workers, or 3% of its personnel The company’s CEO said the move is part of its strategy to realign and capitalise on opportunities in its core business segments He added that the affected employees will receive some benefits depending on the nation in which they are employed 

Flutterwave’s CEO, Olugbega Agboola, announced this in a statement released on Monday 

He added that the company is committed to doing more with its expanding remittance sector, “Send app.” He also mentioned that the company has made a data-driven decision to reallocate resources to its core business, enterprise payments.

Agboola said: “Consequently, we’ve made the difficult decision to support the transition of 24 Wavers accounting for 3% of our workforce,” Flutterwave said. “These Wavers are some of the most hardworking people you’d meet. We put in the work and I can confidently say that at Flutterwave, we have a competent workforce where everyone actively contributes.

But once the data and the busines is pointing us to a specific direction, it would be counterproductive for us not to listen and create the right mechanisms to move faster on the opportunities awaiting us.”

Affected workers to get benefits Agboola further said an average of three months gross salary, depending on the country where the employee is based, will be paid.

He added: “We will also be monetising your unutilised accrued leave days. You will continue to have free access to our professional training platform for 12 months after your transitioning.”

“We will be providing you with free outplacement service for 3 months. For Wavers with stock options, we will support you with an additional vesting period of 6 months. “You will have 3 months of free healthcare. You will continue to have access to our mental health and career coaches for 3 months post transitioning.”

The CEO announced that there will be a review of compensation for all remaining staff. This comprises a new performance-based bonus structure linked to individual and team performance criteria, as well as a wage-based increase for the majority of employees that is in line with the market.