Market News
Nigerian Startups Shun Local IPOs as Weak Naira Deters Founders - BLOOMBERG
Nigerian startups have stayed away from listing on a special section of the country’s stock exchange because of the local currency’s weakness, according to a survey of the new companies.
More than two-thirds of startups surveyed by TLP Advisory, an African-focused law firm, cited “currency and foreign exchange mismatch” as the reason for not listing on the local Nigerian Exchange. While the naira has risen almost 10% in the past six months, the currency has lost more than 65% of its value since President Bola Tinubu took office in 2023 and allowed it to trade more freely.
