Dear Subscriber,

From student to master!

Testing the waters of any career path can become scary fast. That’s why having a mentor or someone who has walked down the same road is a must-have. Among many who believe in the power of mentorship, Denzel Washington, a famous American actor and producer, stands out. Citing his personal story as an example, he challenges his audience, saying, “Show me a successful individual, and I’ll show you someone who had real positive influences in his or her life.” In the lifestyle section of this Unity Bank digest, we expatiate on the importance of mentorship for career development as well as provide valuable tips for choosing a mentor.

Naira appreciation- temporary or long-term?

In the second half of October, the naira dropped to an all-time low of ₦1,300 at the parallel market, making producers and consumers worse off. However, a glimmer of hope presented itself in this market as the currency appreciated by 13.04% to the current rate of ₦1,150/$. This was shortly after the Supreme Court’s ruling in favour of President Tinubu and the announcement of a $10bn forex inflow by the CBN and Ministry of Finance.

Meanwhile, at the official market (I & E window), the naira fell by 9.64% to ₦1,101/$ on November 2, which is significantly below the 2024 budget assumption of ₦700/$. The cheery news is that the CBN has started to settle its backlog of matured Non-Deliverable Forwards (NDF). This would improve investor confidence and possibly increase dollar inflows, leading to an appreciation in the value of the naira.

This Unity Bank Digest brings you an insightful analysis of these economic trends as well as some lifestyle and entertainment stories for your reading pleasure.

Please enjoy your read!