The Nigerian naira experienced a marginal gain against the dollar at the official market, even as forex turnover plummeted by 56.17% to $203 million. In contrast, the exchange rate deteriorated in the black market during the same period, highlighting the contrasting trends between official and unofficial forex markets despite efforts from the Central Bank of […]

Mastercard has successfully concluded the acquisition of a minority stake in the fintech arm of MTN Group, the continent’s foremost mobile operator. This strategic move, valued at $200 million (R3.8 billion), not only bolsters the valuation of MTN Group Fintech to an impressive $5.2 billion (R99 billion) but also heralds a transformative era for digital […]

In a move aimed at tightening liquidity and enticing foreign investment, Nigeria’s central bank announced a hike in interest rates on short-term debt obligations. The decision, made public on Wednesday, underscores efforts to stabilize the country’s economy amidst inflationary pressures and foreign exchange challenges. The Central Bank of Nigeria, headquartered in Abuja, initiated the measure […]

The Ghana Stock Exchange (GSE) is poised for another year of positive growth in 2024, with projections by advisory firm Databank indicating a potential return ranging between 15 percent and 25 percent. The optimistic forecast is based on an improved macroeconomic environment, expected to contribute to robust performances across various sectors of the exchange. In […]

The Nigerian Exchange Group (NGX) continued its bullish trend, with the All-Share Index surging by 1.57%, gaining 1,618.98 points to close at an impressive 104,421.23 points. The market witnessed a positive breadth today, marked by 61 gainers against 12 losers. Dangote Sugar led the market’s bullish performance, experiencing a significant 7.17% gain, while banking stocks […]

In a remarkable feat, Dangote Cement, Nigeria’s foremost cement producer, has achieved an extraordinary market valuation of N13 trillion, overshadowing its closest rival, BUA Cement Plc, whose market value falls short of half of Dangote’s. Investors continue to show confidence in BUA Cement, leading to a surge in its market valuation and positioning the company […]

Centenary Bank, one of Uganda’s premier commercial banks, has launched CenteWhatsApp banking, a groundbreaking platform that allows customers to access a range of banking services instantly and securely through the widely used messaging app, WhatsApp. The innovative CenteWhatsApp banking service empowers customers to conveniently check account balances, make money transfers, pay bills, receive real-time notifications, […]

In a historic move, the African Development Bank, boasting a stellar credit rating of Aaa/AAA/AAA/AAA (Moody’s/S&P/Fitch/Japan Credit Rating, all stable), has successfully launched and priced its first-ever Sustainable US dollar-denominated 750 million perpetual subordinated hybrid capital notes. On January 30, 2024, the African Development Bank executed a hybrid capital transaction featuring a coupon rate of […]

In a significant market development on Tuesday, Nigerian non-deliverable currency forwards plummeted to unprecedented depths against the U.S. dollar, closely aligning with declines observed in the official spot market, as per data from the London Stock Exchange Group (LSEG). Non-deliverable currency forwards, financial instruments utilized for hedging against potential exchange rate fluctuations, signaled a market […]

In a surprising move, the Bank of Ghana has decided to reduce its benchmark interest rate for the first time since 2021. The monetary policy committee, in a meeting on Monday, announced a cut from 30% to 29%, breaking a trend of rate stability that had been in place since September. This decision, contrary to […]