Nigerian naira begins to stabilize; Rand gains strength against the U.S. dollar

Nigerian Naira (₦)  Compiled by Ikenga Kalu The naira stabilized against the U.S. dollar on the unofficial FX window after appreciating from USD/NGN 1150 to USD/NGN 1145 over the previous week.  Nigeria’s monthly oil production grew by 1.47 million barrels to 41.867 million in October from 40.396 million barrels recorded in September. Despite this increase, […]

Naira crosses USD/NGN 1,000; Kenya’s shilling hits all-time low

Nigerian Naira (₦)  Compiled by Ikenga Kalu Last week, the naira lost even further ground against the USD and has finally crossed the dreaded 1000 mark.  The National Labour Union and Trade Union Congress have suspended their decision to go on nationwide strike for the next 30 days after holding a meeting with the Nigerian […]

Bank of Ghana governor reports better economic outlook despite weak cedi

Nigerian Naira (₦)  Compiled by Ikenga Kalu Olayemi Cardoso was ushered in as the new governor of the Central Bank of Nigeria (CBN) on Tuesday, September 26, 2023. In his address to the media, he highlighted the current issues facing the Nigerian naira and briefly highlighted what would need to be done to tackle the […]

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, […]