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Card image cap 01 Mar
Canada To Ban Imports Of Crude Oil From Russia

Canadian Prime Minister Justin Trudeau has announced a ban on Russian oil imports following the country’s invasion of Ukraine. Mr Trudeau said oil revenues have helped to prop up President Vladimir Putin and Russian oligarchs. Coordinated Western sanctions against Russia have targeted its banks but still accept its oil and gas exports. Unlike Europe, Canada […]

Card image cap 17 Nov
Amazon to Stop Accepting Visa Credit Cards in UK

Amazon.com Inc. said it will stop accepting Visa Inc. credit cards in the U.K. because of high charges by Visa, in a spat highlighting continuing tensions between retailers and payment processors over fees. Amazon told customers it won’t take credit cards issued by Visa in the U.K. as of Jan. 19, “due to the high […]

Card image cap 09 Nov
Bitcoin and Ethereum Prices Hit New Milestones

Bitcoin hit an all-time high of $68,530.34 early Tuesday, according to CoinMarketCap. That’s just a few weeks after it hit a previous high of nearly $67,000 before sliding as much as 12%. Meanwhile, Ethereum also hit a record — rising to $4,837.59, according to CoinMarketCap. The market has been quite bullish on Bitcoin. Despite more […]

Card image cap 08 Nov
World Bank Group’s IFC Partners with South African Tech Group to Boost Digital Infrastructure

The World Bank Group’s International Finance Corporation (IFC) has partnered with South Africa’s Liquid Intelligent Technologies to expand data center capacity and roll out fiber-optic cable on the continent, the groups said in a joint statement on Monday. The link-up with Liquid Intelligent Technologies, formally Liquid Telecom, aims to increase digital connectivity in Africa and […]

Card image cap 28 Oct
eNaira App Disappears From Google Play Store 48hrs After Launch

The CBN is yet to address why the app was removed from the store. The Central Bank of Nigeria’s eNaira app has disappeared from the Google Play Store two days after it was made available for download. The eNaira Speed Wallet app had been downloaded over 100,000 times by Wednesday, October 27, 2021, 48 hours […]

Card image cap 28 Oct
Bitcoin’s Price Crashes, Swallows Millions of Pounds in Cryptocurrency Markets

Bitcoin’s price has crashed yet again, wiping hundreds of millions of pounds from cryptocurrency markets and sending traders into a huge panic. The world’s most popular cryptocurrency plummeted below $59,000 following the “flash crash”. This is a huge drop of more than $5,000 from the levels it was trading at just a few days ago. […]

Card image cap 25 Oct
Nigeria Launches eNaira Digital Currency

Nigeria has seen booming interest in cryptocurrency as people look for ways to avoid the weakening naira currency Nigerian President Muhammadu Buhari launched the country’s new digital eNaira currency on Monday as Africa’s largest economy looked to tap into the growing popularity of virtual money and cryptocurrency. With its eNaira currency, Nigeria joined China and […]

Card image cap 24 Oct
Zimbabwe Rules Out Adopting U.S. Dollar as Sole Currency

Zimbabwe’s government has ruled out adopting the U.S dollar as the country’s sole official currency, terming it “suicidal,” the state-run Sunday Mail reported, citing Finance Minister Mthuli Ncube. Ncube said such a move could result in foreign currency deficits and deflation for the African nation. “We cannot adopt the United States dollar alone as the […]

Card image cap 22 Sep
Chinese Banks to Set up Branches in Nigeria

Chinese Ambassador to Nigeria, Cui Jianchin, has said he is in talks with Chinese banks to establish operations in Nigeria to boost Nigeria’s economy and expand trade relations between the two nations. Mr Jianchin disclosed this while addressing journalists during the commemoration of the 2021 Chinese Moon Festival and China-Nigeria Cultural week, NAN reported. He […]

Card image cap 22 Sep
Nigeria and Ghana Sprint to Join Digital Currency Race

Nigeria and Ghana are racing to adopt a central bank digital currency as they look to ride the wave of popularity of cryptocurrencies in West Africa’s two largest economies. Central banks in both countries have partnered with foreign financial tech companies to create digital versions of their currencies, joining the global train of countries exploring […]

Card image cap 17 Sep
Brazil’s Bolsonaro Hikes Finance Tax to Pay for Pandemic Welfare Program

Brazil President Jair Bolsonaro signed a decree to raise taxes on financial transactions for three months to pay for the so-called Auxílio Brasil pandemic welfare program. His office said it expects the higher IOF tax, which is charged on credit, foreign exchange, insurance transactions, or bonds or securities, to generate 2.14 billion reais ($407.13 million). […]

Card image cap 13 Sep
Nigeria Loses N247.61bn in 100 Days of Twitter Ban

The Twitter ban in Nigeria has extended to 100 days, and in that time frame the nation has lost N247.61bn. The Federal Government had on June 4 suspended Twitter after the social media platform deleted a tweet by the President, Major-General Muhammadu Buhari (retd.). Consequently, telcos on June 5 blocked access to Twitter after receiving […]

Card image cap 08 Sep
South Africa’s Economy Grows Quicker Than Expected In Second Quarter

South Africa’s economy grew 1.2% in the second quarter compared to the previous three months, statistics agency data showed, a better-than-expected outcome driven by sectors like communications, agriculture and mining. Economists polled had forecast quarterly gross domestic product (GDP) growth of 0.7% (ZAGDPN=ECI) in seasonally adjusted, non-annualised terms. In unadjusted year-on-year terms, GDP jumped 19.3% […]

Card image cap 03 Sep
Naira Depreciates To N530/$1

The Naira’s sinking value has been compounded by dollar scarcity and a recent Central Bank of Nigeria (CBN) policy that bars Bureau De Change operators from accessing forex. The currency has also been hit by a slump in the price of crude oil in the global market, policy somersaults and COVID-19 induced lockdowns and restrictions. […]

Card image cap 03 Sep
27.4m Nigerians Earn Less than N100, 000 Yearly – SERAP Report

The Social Economic Rights and Accountability Project has stated that over 27 million Nigerians earned less than N100, 000 per annum. This was disclosed in a statement titled, ‘How corruption is plunging Nigerians further into poverty’ signed by SERAP’s Deputy Director, Kolawole Oluwadare. According to the statement, which was culled from a report presented titled, […]

Card image cap 02 Sep
Nigeria to Launch Its Own Cryptocurrency ‘eNaira’

The Central Bank of Nigeria will work with Bitt Inc, a Barbados-based fintech company, as a technical partner to help it launch Nigeria’s digital currency, the eNaira. It is a form of digital currency that allows exchange between people online. Central Bank Governor Godwin Emefiele said the eNaira will operate as a wallet against which […]

Card image cap 25 Aug
Kenya and Tanzania Set December Deadline to Remove Trade Barriers

Kenya and Tanzania have set December as the target time when the two neighbouring countries will have resolved most of the non-tariff barriers affecting cross-border trade. The decision came out of a meeting of the Joint Commission on Cooperation (JCC), a bilateral organ comprising officials from the two countries created to resolve issues affecting areas […]

Card image cap 25 Aug
South Africa’s Unemployment Now the Highest in the World

South Africa’s unemployment rate is now the highest in the world, according to Bloomberg. It rose to 34.4% in the second quarter from 32.6% in the three months of the year, the news agency quoted Statistics South Africa as saying in its latest report. Unemployment has been a long-standing problem in South Africa. But analysts […]

Card image cap 23 Aug
Dubai Sets Up Money Laundering Court

Dubai has established a specialised court focused on combating money laundering, in a move to “strengthen the integrity of the financial system”, the emirate’s media office said on Sunday. The UAE, home to the Middle East financial hub Dubai, has worked over the last few years to overcome a perception it is a hotspot for […]

Card image cap 12 Aug
Tollgates Return on Federal Roads

Ogunlesi quoted Fashola to have said that the regulations were developed after extensive consultations with various stakeholders. Almost two years after the Minister of Housing and Works, Babatunde Fashola announced the re-introduction of toll plazas on federal roads, the Federal Government has approved a new policy for tollgates across the country. The minister disclosed this […]

Card image cap 11 Aug
UK Property Fund Outflows Slow In July as COVID-19 Curbs Lift-Calastone

Investors pulled less money from UK-based property funds in July compared with previous months, as optimism about the sector grew with COVID-19 restrictions lifted in Britain, fund network Calastone said on Wednesday. England changed its employment guidance on July 19, no longer requiring people to work from home where possible. Investors withdrew a net 94 […]

Card image cap 11 Aug
Winchester Is Now the Least Affordable UK City to Buy a Home

Winchester is the least affordable city to buy a home in, says Halifax. Its figures suggest buying a home in the Hampshire commuter city will cost 14 times average earnings, higher than Greater London at 11 times. Typically, buying a home in a UK city will now set buyers back 8.1 times their average earnings, […]

Card image cap 10 Aug
Tanzania Leads Kenya In Uganda’s Export Market

Kenya has lost footing in its main export market in Uganda, losing out to Tanzania in the wake of long-drawn trade feuds between Nairobi and Kampala. The Bank of Uganda data shows that in the three months to June, the value of Kenya’s exports to Uganda totalled Sh24.04 billion($221 million) — almost half the Sh43.5 […]

Card image cap 09 Aug
Bitcoin Gains $220.24bn in 30 Days, Trades above $40k

The market cap of Bitcoin gained $220.24bn in 30 days according to analysis of data on CoinMarketCap. On July 8, 2021, BTC opened trading at $33,889.61. It had a high of $33,907.91, a low of $32,133.18 and closed trading at $32,877.37. Its market cap was $616,492,852,697 and it closed with a trading volume of $29,910,396,946. […]

Card image cap 05 Aug
Nigeria Estimated To Have Lost Over N132.8bn in Two Months Due To Twitter Ban

Nigeria is estimated to have lost N132.8bn (approximately $366,88m) since Twitter was banned in Nigeria by the Federal Government. The Federal Government banned Twitter in Nigeria on June 4 and the ban came into effect on June 5. It’s been 61 days since the ban came into effect. Calculating the cost impact of the ban […]

Card image cap 03 Aug
Rwanda Raises $620m through Issuance of 10-Year Eurobond

Rwanda has raised $620 million through the issuance of a 10-year Eurobond, authorities said in a statement released late on Monday. The bond was oversubscribed with orders of $1.6 billion, said the statement released by Rwandan Ministry of Finance and Economic Planning. “Rwanda has a strong track record of sound economic policies and reforms that […]

Card image cap 03 Aug
Food Inflation Hits Kenya

Higher prices of cooking oil, beef, and bread have pushed food inflation to a 14-month high of 8.8 percent, straining the budgets of households that are already grappling with costly energy. Twelve-month Central Bank of Kenya (CBK) inflation data shows that the cost of cooking oil has had the sharpest jump among the major food […]

Card image cap 28 Jul
CBN Bans Forex Sales to BDCs

The Central Bank of Nigeria (CBN) has stated that it would not supply foreign exchange (FX) to BDCs in the nation. CBN Governor Godwin Emefiele, who made the announcement at the conclusion of the Monetary Policy Committee meeting in Abuja on Tuesday, accused the operators of dollarizing the economy. He also charged the operators with […]

Card image cap 20 Jul
Tanzania’s President Samia Hassan to Review Mobile Tax after Outcry

The government in Tanzania is reviewing a newly imposed levy on mobile money following a public outcry. The tax, which took effect on 15 July after being approved by the country’s parliament, imposes additional charges every time payments are sent or received via phones. But on Monday, Finance Minister Mwigulu Nchemba said President Samia Suluhu […]

Card image cap 19 Jul
Tanzanian Phone Users Brace Up For New SIM-Card Levy in August

As public outcry continues growing over newly introduced mobile phone transaction levies, Tanzanian mobile phone users bow brace for a new levy on the sim cards expected to start next month. The government imposed the levy in the current budget as telecoms complain about high taxes imposed on them about top up vouchers, whereby it […]

Card image cap 16 Jul
African Leaders Seek $100 Billion from World Bank Fund to Finance Economic Recovery

African leaders gathered in Abidjan, Ivory Coast to plead with the World Bank for new aid plans to finance their economic recovery and better access to vaccines against Covid-19. The leaders are seeking $100 billion for a pivotal World Bank fund that provides assistance to the lowest-income nations, as the COVID-19 pandemic continues to pile […]

Card image cap 15 Jul
Tanzania’s ‘Patriotism Tax’ On Mobile Money Begins

Tanzanians now have to pay more every time they send or receive money via their phones A new so-called “patriotism levy” imposed on mobile money transfers in Tanzania has come into effect amid criticism. The tax, which was approved last month by the country’s parliament, will impose additional charges every time payments are sent or […]

Card image cap 13 Jul
Zimbabwe’s Government to Allow Pension Funds to Invest Offshore

The Government is working on modalities that will allow pension funds to invest their monies offshore, Finance and Economic Development Minister Mthuli Ncube has said. The industry has been lobbying the State for permission to invest local pensioners’ contributions out of the country, especially following the re-emergence of significant inflationary pressures during the 2018/2019 currency […]

Card image cap 08 Jul
Nigeria to Block MultiChoice Accounts on $4.4 Billion Tax Claim

Nigeria’s tax authority asked lenders to freeze MultiChoice Group Ltd.’s local bank accounts to recover 1.8 trillion naira ($4.4 billion) in alleged tax arrears. The decision came after South African-based MultiChoice refused to grant access to its servers for an audit, Nigeria’s Federal Inland Revenue Service said in a statement on Thursday. “MultiChoice Nigeria and […]

Card image cap 07 Jul
Zimbabwe Introduces New Banknote

Zimbabwe’s central bank announced the introduction of a new 50-dollar note, the country’s highest denomination, worth only around $0.60 in US currency. Insufficient to pay even for a loaf of bread, the bill’s entry into circulation has revived memories of hyperinflation seen more than a decade ago in the southern African nation. As price growth […]

Card image cap 30 Jun
French President, Macron Inaugurates France-Nigeria Business Council

French President Emmanuel Macron has inaugurated the France-Nigeria Business Council – a private sector initiative to enhance business relations between the two countries. The council has Abdul Samad Rabiu, Founder/Chairman of Nigeria’s BUA Group as its inaugural President. The newly inaugurated council also has Gilbert Chagoury of Chagoury Group, Mike Adenuga of Globacom and Conoil, […]

Card image cap 29 Jun
UK Bans the World’s Biggest Crypto-Currency Exchange, Binance

Binance, the world’s biggest crypto-currency exchange, has been banned by the UK. The UK’s financial regulator, the Financial Conduct Authority (FCA) has ruled that the firm cannot conduct any “regulated activity” in the UK. It also issued a consumer warning about Binance, advising people to be wary of adverts promising high returns on crypto asset […]

Card image cap 24 Jun
South African Inflation Hits 30-Month High

South Africa’s headline consumer price inflation rose to a 30-month high in May, driven by surging food and fuel prices, official data showed Wednesday. Inflation reached 5.2 percent year-on-year in May, and up from 4.4 percent in April, according to Statistics South Africa. “This is the highest reading since November 2018 when the rate was […]

Card image cap 24 Jun
WTO DG Okonjo-Iweala Seeks Lower Trade Cost to Boost Africa’s Economic Recovery

The Director-General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has called for lower trade costs to boost Africa’s economic recovery. Okonjo-Iweala said this at the opening ceremony of the 2021 meetings of the African Development Bank (AfDB), that record-high trade costs hinder the movement of goods. She was quoted calling for debt relief […]

Card image cap 17 Jun
Nigeria Exports $2.48b Commodities to South Africa in a Year

Nigeria has exported commodities worth $2.48 billion to South Africa in the past 24 months with Nigeria accounting for 64 per cent of South Africa’s trades in West Africa. Nigeria’s Consular General to South Africa, Abdulmalik Ahmed said irrespective of recent challenges, the relationship between the two countries remains cordial. He noted that South Africa […]

Card image cap 16 Jun
Kenya Gets $750 Million Loan from World Bank

Kenya has received a $750 million loan from the World Bank to support its budget and help the East African economy recover from the effects of the COVID-19 pandemic, the multilateral lender said on Friday. The Kenyan government has been pushing hard to secure foreign funding to fill a wide budget deficit before its financial […]

Card image cap 14 Jun
Tanzania to Waive Value-Added Tax on Smartphones

The waiver is expected to help achieve target of 80 percent of internet users by 2025The waiver is expected to help achieve target of 80 percent of internet users by 2025 The Minister of Finance and Planning, Dr Mwigulu Nchemba has proposed to waive value-added tax on smartphones tablets and modems to encourage the use […]

Card image cap 13 Jun
Zimbabwe’s Mines, Banks in Crunch Talks over U.S. Sanctions

Zimbabwe’s mines said that they had kicked-off crunch meetings with banks, government and the Minerals Marketing Corporation of Zimbabwe (MMCZ) to find a solution after operators reported that their funds had been withheld in MMCZ’s foreign accounts by the United States government. The country’s mines export minerals through the state-run MMCZ, which was slapped with […]

Card image cap 12 Jun
Nigeria’s Central Bank Set to Launch Digital Currency by End Of 2021

The Central Bank of Nigeria (CBN) said that its digital currency might be launched by the end of 2021. Mrs Rakiya Mohammed, an Information Technology Specialist with CBN, made the disclosure at an online news briefing at the end of the Bankers Committee meeting. “Before the end of the year, the Central Bank will be […]

Card image cap 02 Jun
Camel Milk Demand Grows in East Africa

The demand for camel milk has gone up in Kenya, Uganda and Rwanda in the past year amid a quest to boost immunity against COVID-19, industry leaders said Tuesday during World Milk Day. Bashir Warsame, founder of the Nairobi-based camel milk and camel yoghurt producer Nuug Camel Milk, said camel milk demand by households and […]

Card image cap 01 Jun
African Development Bank Extends $84 Million in Financing to Boost Rwanda’s Electricity Access

The funds comprise a loan of $36.77 million from the Bank Group’s African Development Fund and a $47.45 million ADF grant The project is part of the Rwanda Universal Energy Access Program (RUEAP), which seeks among other goals, to achieve universal access to electricity by 2024 The Board of Directors of the African Development Bank […]

Card image cap 28 May
World Bank Approves US $700 Million Credit for Nigeria

The credit will provide six million people with basic drinking water services and 1.4 million people access to improved sanitation services. The World Bank has approved $700 million dollars for the Nigeria Sustainable Urban and Rural Water Supply, Sanitation and Hygiene Programme (SURWASH). It made the announcement in a statement on its website in Washington […]

Card image cap 28 May
African Development Bank Group Signs Loan Agreements for $140 Million to Increase Power Generation in Western Tanzania

The African Development Bank Group (www.AfDB.org) and the Government of Tanzania have signed loan agreements totalling $140 million to finance the construction of the 50-megawatt Malagarasi hydropower plant in Western Tanzania. The agreements cover a $120 million sovereign loan from the Bank and $20 million from the Africa Growing Together Fund (AGTF), administered by the […]

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