Nigerian police arrested several black market currency dealers on Thursday, after the government ordered the intelligence service to crack down on the dealers in efforts to strengthen its struggling local currency, the Naira. The traders have also been ordered not to sell the dollars for more than 395 Naira, as the Central bank raises more concerns over the official and black market rates for the exchange.
AFK FOREX Report: Latest News
Kevin Mwanza, 9:39 am
The South African Rand edged Mexico’s Peso as the world’s most politically volatile currency, driven by political events in Africa’s biggest economy that have pit President Jacob Zuma and his Finance Minister, Pravin Gordhan. Investors have used Peso’s fluctuations to rate Donald Trump’s chances of being elected the president of United States of America in an election set for early Wednesday morning.
Kevin Mwanza, 8:19 am
The South African rand remained on edge on Monday, touching a four weeks low against the dollar, amid concerns that Finance Minister Pravin Gordhan could be arrested. Gordhan, failed to present himself to the police at the last week after receiving summonses from the Directorate for Priority Crime Investigations (the Hawks). The rand shed 3 percent against the dollar.
Kevin Mwanza, 4:49 am
Nine Nigerian banks were on Tuesday suspend from foreign exchange transactions for failing to remit up to $2.3 billion, belonging to state-owned oil companies, to the government. The nine lenders include Diamond Bank, Fidelity Bank, First Bank, First City Monument Bank, Heritage Bank, Keystone Bank, Skye Bank, Sterling Bank and United Bank for Africa.
Kevin Mwanza, 1:49 am
Anti-government protesters in Zimbabwe demonstrating against plans by the country’s central bank to re-introduce local banknotes were on Wednesday forcibly dispersed by police in the capital, Harare. Dozens of protesters marched to the Reserve Bank of Zimbabwe (RBZ) to demand that the financial markets regulator reversed its plans to introduce ‘bond notes’ that will be linked to the U.S. dollar in October to curb rampant shortage of cash
Kevin Mwanza, 11:04 am
The South African rand could strengthen if credit rating agencies downgrade the country’s debt to junk status at the end of this year, according to economist Dawie Roodt. The country’s struggling economy is facing possible credit downgrades by the global rating agencies Moody’s, Standard & Poor’s and Fitch by the end of the year after escaping the cut in June.
Kevin Mwanza, 9:31 am
Africa’s next currency devaluation might be in Egypt, the second largest economy on the continent, after Nigeria allowed the naira to weaken two weeks ago when it stopped fixing the local currency price to the dollar. Egypt’s central bank governor Tarek Amer hinted earlier this week that the North African nation could be headed for another devaluation just a few months after he weakened it by 13 percent in March
Kevin Mwanza, 3:55 am
As polling opens in Britain on Thursday for a referendum on whether to stay or leave the European Union, African central bankers are closely watching and preparing for any results the referendum will throw their way. The British vote, popularly known as Brexit, could have greater consequences on how Africa — where scored of countries were colonized by the British Empire — trade and relate with one of their largest partners.
Kevin Mwanza, 7:27 am
Increased currency restrictions by African central bankers are hurting airlines operating on the continent by making it difficult to move their funds in and out of a number of countries, including Nigeria and Angola. Already two international airlines, U.S.-based United Airlines and Spain-based Iberia, have halted operations in Nigeria or cut flights as they struggle to access revenue they’ve made in the West African nation
Kevin Mwanza, 11:06 am
The South African Rand slipped against major currencies on Monday as pressure piled on Africa’s third largest economy ahead of a possible credit rating downgrade by Standard & Poor’s on Friday, June 3. S&P’s is expected to release its verdict on South Africa later this week, in which it will announce whether it will cut the country’s rating to junk.
Kevin Mwanza, 7:47 am
A record number of private equity firms cashed out of their investments in Africa last year than any other time as currencies across the continent fell against a globally stronger dollar, a new report has said. The ‘How private equity investors create value’ report showed that investors exited 44 companies in 2015, more than the 39 exits recorded in the previous two years
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