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CBN sanction threat easing Naira pressure

CBN sanction threat easing Naira pressure The Naira held steady against the dollar, trading at levels of 478 in the parallel market, as the Central Bank of Nigeria’s Monetary Policy Committee kept its key rate unchanged at 11.5% in a bid to prevent further inflationary pressure and exchange rate weakening. Beyond rates policy, in a […]

Mali’s hidden risk in currency clampdown; Lowest Kenyan Shilling has further to fall

Hidden danger in Mali coup from currency clampdown Beyond the fallout from political turmoil in Mali, a clampdown on transactions in the West African CFA Franc risks adding to the COVID-era economic disarray. Within hours of the military seizing power, the Central Bank of West African States (BCEAO) announced protective restrictions on the flows of […]

‘Risk-off’ wave weakens Rand; Rising imports weaken Kenyan Shilling

‘Risk-off’ wave weakens Rand The Rand came under pressure this week amid a wave of ‘risk-off’ sentiment, with global coronavirus cases continuing to rise and tensions between the US and China increasing as Trump banned TikTok and WeChat. South Africa’s manufacturing output fell 16.3% year on year in June, after shrinking by 32.4% in May. […]

Naira activity subdued post-Eid; Importer obligations weigh on Kenyan shilling

Naira activity subdued post-Eid With minimal activity after the two-day Eid holiday, the Naira appreciated slightly to 473 per dollar in the parallel market at the beginning of the week before slipping back to 474. A shortage of dollars persists given recent weeks of lower revenue from oil, Nigeria’s biggest foreign exchange earner. Demand has […]

[Webinar] United States of Naira: What Price For Unification?

Nigeria’s central bank has begun the journey from multiple official and unofficial exchange rates to a single unified value. It’s a radical departure that the IMF and investors have long advocated. But how much difference will a unified rate make to foreign investment, international trade and borrowing costs? And how much further does the official […]

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