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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 […]

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 […]

Increased Pressure on African Currencies Amidst COVID-19 Chaos

Nigeria in lockdown faces bank pressure The Naira tumbled to its weakest level in 5 years in the parallel market at 415 per dollar, widening the gap with an official rate of 386 (See: current naira to dollar exchange rate). With 14-day lockdowns announced last week for Lagos and Abuja hitting productivity, banks came under […]

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