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Olufemi Adewole, Executive Secretary of DAPPMAN, warns that Nigeria’s Naira-for-crude oil transaction framework could destabilize foreign exchange (FX), deter foreign direct investment (FDI), and worsen economic challenges. He highlights the…
The Nigerian government has been urged to abandon a floating foreign exchange system and reintroduce subsidies in the power and energy, agriculture, and transportation sectors. In a communique, the Multidisciplinary…
The Central Bank of Nigeria (CBN) will reintroduce a foreign exchange auction system as part of efforts to ease pressure on the local currency. The CBN has called on authorized…
An International Monetary Fund representative has cautioned that Zambia’s proposed dedollarization initiative may inadvertently undermine efforts to contain inflation. The representative expressed concern that the prevailing economic conditions in Zambia…
In the first half of 2024, the Nigerian currency depreciated by nearly 40%, making it the worst-performing currency during that period. Meanwhile, the Kenyan shilling appreciated by 20.7%, ranking it…
Zambia’s worsening shortage of foreign exchange as well as one of its worst droughts in recent memory saw the local currency drop to a record low of K27.3 to the…
The Naira recently depreciated by 12% in just seven days, thus shedding all the gains it made against the U.S. dollar in early April. Local media reports attribute the volatile…
The Nigerian central bank governor has refuted claims that the bank is using the country’s foreign exchange reserves to shore up the naira. The governor attributes the decline in reserves…
The Economic Intelligence Unit has stated that the Central Bank of Nigeria cannot halt the rapid depreciation of the local currency. The continued volatility of the naira is expected to…
According to directives issued by Samuel A. Jinapor, the Ghanaian minister for lands and natural resources, large-scale gold mining companies will be required to “sell 20% of all refined gold…