In a strategic move to bolster the country’s digital currency landscape, several Nigerian commercial banks have expressed their intent to develop a stablecoin named cNGN, aiming to complement the eNaira, Nigeria’s central bank digital currency (CBDC). Scheduled for launch in January 2024, cNGN is set to maintain a 1:1 peg to the naira, offering stability […]

The Central Bank of Nigeria (CBN) witnessed an overwhelming display of investor confidence in the final issuance of Nigerian Treasury bills for 2023, as the December market auction recorded an impressive oversubscription of N970 billion. Despite the CBN offering N67.02 billion in treasury bills, the total subscription reached an astounding N1.037 trillion during the auction. […]

On the first trading day after the Christmas holiday, the Nigerian Naira exhibited resilience, gaining 1.52% against the US Dollar at the official market. Forex turnover witnessed an impressive 38.81% increase, reaching $127.93 million on Wednesday, December 27, 2023. Data from the Nigeria Autonomous Foreign Exchange Market (NAFEM), the official forex trading platform, revealed the […]

The Nigerian Exchange Limited experienced a wave of positive sentiment, commonly referred to as the ‘Santa Claus Rally,’ leading to notable gains for Airtel Africa Plc and MTN Nigeria Plc. This surge in optimism resulted in substantial gains for investors, with the telecom sector demonstrating resilience in the face of economic volatility. During the week’s […]

The Revitus Property Opportunities Real Investments Trust (Revitus REIT) has made history as the second Real Estate Investment Trust (REIT) to be officially listed on the Zimbabwe Stock Exchange (ZSE). Following in the footsteps of Tigere, which secured the first listing last year, Revitus REIT’s official listing took place yesterday, marking a significant milestone in […]

In a move aimed at streamlining its operations in the Africa and Middle East (AME) region, Standard Chartered Bank has finalized the sale of its consumer banking business in Côte d’Ivoire to Coris Bank International Côte D’Ivoire. This divestment marks the conclusion of a series of strategic transactions initiated in April 2022, aligning with the […]

In a recent panel session at the Doha Forum, the President of the African Development Bank (ADB) Group, Dr. Akinwumi Adesina, reiterated concerns over the potential adverse effects of the European Union’s (EU) carbon border tax on Africa’s industrialization efforts. The EU’s move, part of its comprehensive climate change reduction measures, has raised alarms about […]

In a groundbreaking initiative, the Central Bank of Egypt is in discussions with the International Monetary Fund (IMF) and the World Bank to consider the issuance of a digital pound. This move is geared towards modernizing financial transactions, enabling Egyptians to utilize their mobile phones for payments, and concurrently diminishing the reliance on physical banknotes. […]

Shelter Afrique, a prominent Pan-African housing finance institution, has unveiled a strategic partnership with the Islamic Development Bank Institute (IsDBI) aimed at pioneering Islamic Housing Finance Products throughout the African continent. This collaboration comes at a time when several African nations are making remarkable strides in advancing their Islamic finance markets, opening up previously untapped […]

In a bid to catalyze the growth of early-stage African tech startups, Startupbootcamp AfriTech has unveiled OnAfrica, a specialized investor syndicate. OnAfrica is set to play a pivotal role in the African tech ecosystem by offering selected startups funding ranging from $100,000 to $400,000, coupled with invaluable support in the form of mentorship, guidance, and […]