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 […]
Private investors in the UK are on track to make the largest withdrawal from London-listed equities in over two decades by the close of 2023. The escalating cost of living crisis is intensifying this trend, contributing to a significant flight from the local market. According to the latest data from the Investment Association, British retail […]
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. […]
Airtel Kenya has accomplished a remarkable milestone by securing its highest voice market share in over three and a half years, reaching 35.1%, equivalent to a staggering 7.8 billion minutes. This surge in market dominance has led to a decline in Safaricom’s share to a three-year low, reflecting the intense competition between the two telecommunications […]
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 […]
In a notable development on Wednesday, U.S. Treasury yields experienced a decline as investors carefully deliberated the prospective landscape of monetary policy and financial markets for the upcoming year. The 10-year Treasury yield exhibited a substantial drop of nearly 10 basis points, settling at 3.789%, while the 2-year Treasury yield saw a modest decrease of […]
In a groundbreaking move, Kenya has solidified its position as a frontrunner in cryptocurrency adoption on the African continent, marking a milestone by becoming the first country to implement taxes on digital assets. Kenyan legislators recently deliberated on the introduction of a 3% tax on cryptocurrency and non-fungible token (NFT) transfers, along with a 15% […]
In a significant development this week, the Jamaica Stock Exchange formalized a strategic partnership with the Nairobi Securities Exchange in Kenya by signing a Memorandum of Understanding (MoU), signaling a commitment to bolster ties with Africa. The MoU outlines ambitious plans aimed at elevating the financial markets through the introduction of innovative product offerings. Notably, […]
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 […]
Bitcoin faced a modest retreat as traders evaluated potential reactions in the cryptocurrency markets following expectations of regulatory approval for the first US exchange-traded funds (ETFs) directly investing in the token. As of Wednesday in Singapore, the leading digital asset experienced a 2.4% decline over the past 24 hours, settling at $42,400. Despite this, Bitcoin […]
Kenya's electricity sector has reached a critical juncture as the nation recorded unprecedented peak demand of 2,411.98 megawatts (MW) and...
The Federal Reserve announced a quarter-point reduction to its benchmark interest rate on Wednesday, bringing the federal funds rate to...
The United Arab Emirates has solidified its position as one of Africa's most strategic economic partners, ranking fourth globally in...
Emirates Airlines is strategically positioning Kenya as its primary gateway to East and Central Africa, capitalizing on the recently implemented...
