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Kenyan leaders seek larger role in climate fight

Nigerian Naira (₦)  Compiled by Ikenga Kalu The naira continued its gradual depreciation, falling from USD/NGN 915 to USD/NGN 925 over the week as FX demand outstrips the available supply.  On Wednesday, September 6, 2023, the Nigerian election tribunal upheld the election result from earlier this year, rejecting the opposition’s petitions to overturn President Bola […]

BP Announces $3.5 Billion LNG Investment In Egypt

Nigerian Naira (₦)  Compiled by Ikenga Kalu The naira strengthened overall from USD/NGN 918 to USD/NGN 913 despite some initial depreciation at the start of the week. It met some pushback at the 930 resistance level during the course of the week. Nigeria’s Gross Domestic Product grew by 2.5% in the second quarter of 2023, […]

Kenyan shilling hits new low, Trader speculation fuels volatility of naira

Nigerian Naira (₦)  Compiled by Ikenga Kalu The naira exhibited extreme volatility over the week on the back of expected central bank direct intervention in the parallel market, with the naira depreciating overall from USD/NGN 900 to USD/NGN 906. The central bank issued two circulars targeting both money transfer and bureau de change operators with […]

Bank of Ghana Blames Debt Exchange Program For Huge Losses

Nigerian Naira (₦)  Compiled by Ikenga Kalu The naira continued its depreciating streak falling from USD/NGN 885 to the USD/NGN 900 trading band for the first time. Manufacturers in the textile industry are reeling under the impact of the exchange rate harmonization on the price of gas which is quoted in U.S. dollars. The naira […]

Ghanaian cedi continues three-week rally against the dollar

Nigerian Naira (₦)  Compiled by Ikenga Kalu The naira exhibited some volatility in the past week, although there was a net appreciation from USD/NGN 875 to USD/NGN 872. The Central Bank of Nigeria raised the benchmark interest rate from 18.5% to 18.75% at the latest monetary policy committee meeting to combat rising inflation caused by […]

Ghanaian Economy Shows Signs Of Recovery And South Africa Inflation Figures Improve

Nigerian Naira (₦)  Compiled by Ikenga Kalu The naira depreciated marginally from USD/NGN 767 to USD/NGN 769 over the course of the week as demand gradually outstrips supply. Just a few weeks after officially removing the much-debated subsidy on gasoline, the federal government announced a planned 40% hike in the electricity tariff to kick off […]

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