Flutterwave banks on Nigeria’s financial stability
By the AFREEQUE newsroom, based on Daily Post
Flutterwave says the naira’s stability, growing foreign exchange reserves and Nigeria’s exit from the FATF grey list could support trade between Africa and Asia. Chief Executive Olugbenga Agboola spoke at an investment forum in Beijing, according to Daily Post Nigeria.
Flutterwave, a Nigerian payments technology company, has highlighted Nigeria’s restored financial stability at a forum on investment opportunities in the country, held on 22 October in Beijing by the Central Bank of Nigeria and ICBC Standard Bank. Its founder and chief executive, Olugbenga “GB” Agboola, said Nigeria’s exit from the Financial Action Task Force (FATF) grey list, improved foreign exchange market stability and growing foreign exchange reserves had strengthened investor confidence.
At a panel discussion on foreign exchange market predictability, local currency settlements and the role of financial technology companies in bilateral trade, Olugbenga Agboola attributed the improvement to the work of Central Bank Governor Olayemi Cardoso and his teams. He cited, in particular, stronger reserves, compliance with requirements that enabled Nigeria to leave the grey list, and the stabilisation of the foreign exchange market.
The meeting in Beijing brought together Chinese financial institutions, development finance organisations, investment funds and multinational companies active in Nigeria and Asia. It was part of the Central Bank’s consultations on the Nigeria-China financial corridor, following discussions held in Singapore and Bangkok, Daily Post reports.
