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 […]
In a significant milestone for the climate tech sector, Kenyan startup Amini has successfully secured funding from prominent investors, including Salesforce Ventures, Female Founders Fund, Pale Blue Dot, and Rally Cap VC. This investment round marks the entry of Rally Cap VC into the climate tech arena, signaling a burgeoning interest in environmentally-focused ventures among […]
Investor enthusiasm for the highly anticipated spot Bitcoin ETFs appears to be waning, with Wednesday recording the lowest single day of investor gross inflows since trading commenced on January 11th. According to a report from JPMorgan Chase & Co., the nine newly launched funds collectively received approximately $270 million in inflows on Wednesday. However, after […]
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 fluctuating economic landscape, U.S. Treasury yields witnessed a decline on Tuesday, as the trajectory of interest rates and the timing of potential cuts remained uncertain. The 10-year Treasury yield experienced a drop of approximately 8 basis points, settling at 4.087%, while the 2-year Treasury yield also saw a decrease of over 7 basis […]
ICEA Lion Asset Managers (ILAM) has announced that it will delist its Fahari income real estate investment trust (REIT) from the Nairobi Securities Exchange (NSE) main investment market segment on February 12, 2024. This decision follows the resolution by unit holders to delist and subsequent approval of the delisting by the Capital Markets Authority (CMA). […]
In a strategic move set to revolutionize Kenya’s bond market, the Nairobi Securities Exchange (NSE) has secured approval from the Capital Markets Authority for amendments to its Fixed Income Trading Rules. This pivotal development heralds the establishment of a hybrid fixed-income market, blending onscreen and Over-the-Counter (OTC) trading of fixed-income securities. The NSE’s Chief Executive […]
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 […]
Over the past five years, equity long-short hedge funds, a cornerstone of the hedge fund industry, have grappled with significant client withdrawals totaling nearly $150 billion. Investors, disillusioned by these funds’ inability to navigate bull markets effectively or shield against downturns, are increasingly turning away from the strategy. Equity long-short funds, which traditionally seek to […]
In a recent move aimed at curbing fraud, money laundering, and other illicit uses of U.S. currency, Iraq has prohibited eight local commercial banks from engaging in U.S. dollar transactions. The decision follows a visit by a high-ranking U.S. Treasury official and is seen as a part of a broader crackdown on currency smuggling, particularly […]
Kenya’s Central Bank of Kenya (CBK) has lowered its benchmark interest rate by 50 basis points, reducing it to 10.75%...
U.S. President Donald Trump has once again escalated his trade war rhetoric, this time setting his sights on the European...
The World Bank has revised its economic growth forecast for South Africa, increasing its 2025 GDP projection from 1.6% to...
The Central Bank of Kenya (CBK) has rejected a new bond trading platform proposed by commercial banks, known as the...