The Central Bank of Nigeria (CBN) is continuing its fight against inflation with aggressive monetary policy measures. While central banks in the U.S., U.K., and the European Union have declared victory over inflation, the battle persists in Nigeria, where inflationary pressures remain a major concern. In response, the CBN’s Monetary Policy Committee (MPC) unanimously decided […]

Nigeria’s external reserves have surged to a 22-month high, reaching $37.31 billion as of September 18, 2024, according to data released by the Central Bank of Nigeria (CBN). This marks the highest level since November 4, 2022, when the reserves stood at $37.36 billion. The increase signals a significant recovery in Nigeria’s foreign currency position […]

Rwanda is the latest country to embrace data vending as a new revenue stream for its stock exchange, following the footsteps of other East African countries like Kenya, Tanzania, and Uganda. The Rwanda Stock Exchange (RSE) is making this strategic move to offset declining trading incomes caused by sluggish equity market performance, shrinking rights issues, […]

In a significant move to modernize its financial landscape, South Sudan has introduced strict limits on cash withdrawals in an effort to promote the use of electronic payment systems. The Bank of South Sudan (BoSS), the country’s central banking authority, has capped daily cash withdrawals at SSP10 million (approximately $3,730.58) per individual or entity. The […]

In a significant shift in South Africa’s monetary policy, the South African Reserve Bank (SARB) has lowered interest rates for the first time since 2020, signaling optimism regarding inflation control and economic recovery. This move follows global trends of easing financial conditions and offers a potential stimulus to South Africa’s struggling economy, which has been […]

A Temporary Respite for Burundi After weeks of fuel shortages that severely disrupted daily life and businesses across Burundi, a temporary relief came this week as petroleum supplies finally arrived, allowing the fuel queues that had become a common sight in Bujumbura, the country’s commercial capital, to disappear. The scarcity had led to widespread complaints […]

Nigeria’s agricultural sector has undergone a remarkable transformation in recent years, particularly in the fertiliser industry, which has witnessed an exponential increase in production capacity. According to Sadiq Kassim, President of the Fertiliser Producers and Suppliers Association of Nigeria (FEPSAN) and Director of Corporate Affairs at Tropical General Investment (TGI) Group, the country’s fertiliser production […]

The Africa Export-Import Bank (Afreximbank) has reaffirmed its dedication to fostering economic growth on the African continent, particularly through the support of small and medium-sized enterprises (SMEs) engaged in agribusiness. This announcement came as Mrs. Oluranti Doherty, the Managing Director of Export Development at Afreximbank, reiterated the bank’s commitment to scaling up financial support to […]

The operational phase of the African Continental Free Trade Area (AfCFTA) marks a pivotal moment for the African Union’s vision of economic integration, representing the collective aspiration of African nations to foster trade, economic growth, and sustainable development across the continent. On July 7, 2019, at the 12th Extraordinary African Union Summit in Niamey, Niger, […]

South Africa’s tourism sector is witnessing an impressive resurgence, with Euromonitor International reporting a 40% increase in tourist arrivals in 2023, reaching over eight million visitors. This marks a significant milestone for the country, which is recovering from the impact of the COVID-19 pandemic, as it approaches nearly 90% of its pre-pandemic tourist numbers. Projections […]