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Egypt’s Foreign Exchange Reserves Increase By $513M

Nigerian Naira (₦)  Compiled by Ikenga Kalu The naira depreciated steadily against the greenback falling from USD/NGN 758 to USD/NGN 766 over the previous week. The state oil company, NNPC Ltd., officially increased the price of gasoline at the pumps just days after Nigeria’s new President Bola Tinubu stated his intention to scrap fuel subsidies. […]

IMF deal for Ghana, China and Cameroon sign deal

Nigerian Naira (₦)  Compiled by Ikenga Kalu Over the week, the Nigerian naira appreciated marginally against the U.S. dollar from USD/NGN 766 to USD/NGN 756 as at the time of writing. The inauguration of president Bola Tinubu took place this week and was promptly followed by statements that he would be canceling the $10 billion […]

Nigeria’s Inflation Concerns Persist, South Africa’s Rand Under Pressure

Nigerian Naira (₦)  Compiled by Ikenga Kalu Over the week, the naira depreciated from USD/NGN 748 to USD/NGN 755 as at the latest closing price. The naira weakening beyond the 750 psychological resistance is testament to the spike in FX demand from importers. Inflation continues to trend upward and was recorded at an annual rate […]

Inflation Pressures Ease In Ghana And Egypt, As Rand Weakens

Nigerian Naira (₦)  Compiled by Ikenga Kalu The naira traded at 750 against the U.S. dollar on Wednesday, losing some ground from Friday’s closing price of 741. On the importers and exporters window, foreign exchange inflows dropped by 58.9% to a two-year low in the month of April from $1.49 billion in March. With the […]

Kenya Gets World Bank deal, Rand Demand Rises Off U.S. Jobs Data

Nigerian Naira (₦) Compiled by Ikenga Kalu The naira remained relatively stable against the U.S. dollar, oscillating between USD/NGN 741 and USD/NGN 743 over the past week. Nigeria’s manufacturing sector experienced a rebound in April after the federal government reneged on its decision to phase out the three largest naira denominations. The ease in the […]

Togo lands European Union partnership and Ghana awaits next tranche of World Bank funding

Nigerian Naira (₦)  Compiled by Ikenga Kalu Week to date, the Nigerian naira appreciated against the U.S. dollar, climbing from $/NGN 745 to $/NGN 740. According to the national statistics bureau, Nigeria’s inflation rate spiked to 22.04% in March from 21.91% recorded in February. Inflation is now at its highest recorded level since 2009 despite […]

World Bank commits $250 million to Ghana, Tanzanian economy shows gains

Nigerian Naira (₦)  The naira depreciated steadily over the past week, falling from $/NGN 731 to $745. The World Bank said the worsening economic situation in Nigeria could lead to an increase in poverty. The country’s fiscal deficit increased to 5%, above the 3% limit set by the federal government, according to the World Bank, […]

Boosts In Ugandan Shilling And The Ghanaian Cedi

Nigerian Naira (₦)  The naira appreciated marginally from $/NGN 746 to $/NGN 745 in the previous week’s trading. However, inflation continues to hurt, with the lowest-paid workers seeing the purchasing power of their wages eroded by around 40% in three years. Since the minimum wage was set at NGN 30,000 in 2019, inflation has climbed […]

Ghana hosts conversations with the U.S. and China

Nigerian Naira (₦) The Naira slid marginally in the week from $/NGN 743 to 746 as severe cash shortages continued to affect cash-based businesses. To ease the shortage, the central bank has agreed to disburse cash to banks and required lenders to open to customers this weekend to make bills available. Once this cash injection […]

Cedi Climbs As Lower Oil Price Eases Dollar Demand

Return of old Naira notes weakens rate The Naira depreciated against the dollar, sliding to 741 from 731 at last week’s close as FX demand increased and the central bank allowed old 500- and 1000-Naira notes to recirculate. Nigeria’s annual inflation edged higher in February, with prices rising 21.91% compared to 21.82% a month earlier. […]

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