The naira’s recent surge against the US dollar came to a halt as it closed at N1,223/$ in the unofficial market on Monday. This pause follows a period of consistent gains by the Nigerian currency. In the black market, the US dollar was priced at N1,207 on Sunday, marking a notable 15 percent decrease from […]

Akinwumi Adesina, President of the African Development Bank (ADB), sounded an alarm at the Semafor World Economy Summit regarding Africa’s mounting debt crisis. With the continent’s debt soaring to $824 billion in 2021, Adesina underscored the urgent need for transparency and accountability in managing these financial obligations. During the event, held on the sidelines of […]

Egypt’s financial landscape witnessed a significant shift as the central bank reiterated its dedication to maintaining a flexible exchange rate regime, ensuring a steady flow of foreign currency reserves. This announcement stands as a crucial component of Egypt’s $8 billion loan program with the International Monetary Fund (IMF). The decision to allow the Egyptian pound […]

Addressing the pressing issue of energy poverty in Africa, the World Bank has announced an ambitious plan to connect over 250 million Africans to the electricity grid by 2030. This marks a significant increase from its initial target of 100 million, reflecting the severity of the challenge at hand. World Bank President Ajay Banga revealed […]

South Africa – Luno, South Africa’s longest-standing crypto asset service provider, has achieved a significant milestone by obtaining a license from the Financial Services Conduct Authority (FSCA) to function as a financial services provider. This accolade positions Luno as the inaugural dedicated crypto asset service provider in South Africa to receive such recognition, following the […]

Ethiopia, East Africa’s most populous nation, faces a critical decision in its quest for economic stability. Struggling with inflation and recent debt default, the country’s path to recovery hinges on securing a much-needed loan from the International Monetary Fund (IMF). The IMF’s recent departure from Ethiopia without a concrete agreement has heightened concerns over the […]

Addressing the pressing issue of unemployment in Gauteng, the Department of Employment and Labour, under the leadership of Minister Thulas Nxesi, announced the launch of labor activation programmes aimed at generating job opportunities across various sectors in the region.  Partnering with private businesses, Skills Education and Training Authorities (SETAs), and Non-Governmental Organizations (NGOs), the government […]

Nigeria’s central bank has announced a significant policy change aimed at safeguarding the stability of its banking sector. In a circular issued on Monday, the bank declared that commercial lenders are no longer permitted to accept foreign currency-denominated collateral for naira loans. This directive comes in response to observed risks associated with the practice, which […]

Zimbabwe has launched a new gold-backed currency, ZiG, in an effort to stabilize its volatile economy. The move aims to address the ongoing economic challenges that have plagued the nation for over two decades. Central bank governor John Mushayavanhu unveiled ZiG, emphasizing its structured design and market-determined exchange rate. The decision comes as a response […]

Amid economic fluctuations, South Africa’s consumer spending remained resilient throughout 2023, according to insights from Visa and Discovery Bank. The SpendTrend24 report reveals that while 2022 saw a surge in post-pandemic spending, 2023 portrayed a more measured growth trajectory, closely tracking inflation rates. Elevated interest rates and inflationary pressures have strained consumers’ finances, particularly impacting […]