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Britain to add Nigeria’s naira to list of accepted trade currencies

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Britain’s export finance agency will add the naira to its list of “pre-approved currencies”, allowing it to provide financing for transactions with Nigerian businesses denominated in the local currency. The naira will become one of three West African currencies that UK Export Finance has pre-approved for its programme of funding transactions that promote trade with Britain, it said. Britain voted ...

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Botswana’s economy is projected to expand at a faster pace

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Botswana’s economy is projected to expand at a faster pace this year compared to last year as the mining sector benefits from a recovery in the global economy, Finance Minister Kenneth Matambo said on Monday. Presenting the 2018 budget to parliament, Matambo said GDP growth was projected at 5.3 percent in 2018 from an estimated 4.7 percent expansion in 2017. ...

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S.A: Aveng unit says to lay off 120 workers

Crane Lowering Girders to Two Builders

A unit of South African construction firm Aveng Ltd said on Friday it would cut 120 jobs mostly due to projects coming to an end and rebuffed a union’s claim that more than 2,000 workers would be affected. The National Union of Mineworkers (NUM) said on Thursday it had received a section 189 notice that 2,863 workers would be laid ...

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South Africa’s net foreign reserves rise to $43.6BN in January

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South Africa’s net foreign reserves rose to $43.588 billion in January from $42.927 billion in December, the Reserve Bank said on Wednesday. Gross reserves, however, fell to $50.501 billion from $50.722 billion, the central bank data showed. The forward position, which represents the central bank’s unsettled or swap transactions, increased to $2.024 billion from $1.196 billion. – Credit: CNBC Africa

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Nigeria sues JP Morgan for $875 mln over Malabu oilfield deal

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Nigeria has filed a claim against JP Morgan Chase for more than $875 million, accusing it of negligence in transferring funds from a disputed 2011 oilfield deal to a company controlled by the country’s former oil minister.A spokeswoman for JP Morgan dismissed the accusation on Thursday, saying the firm “considers the allegations made in the claim to be unsubstantiated and ...

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Angola central bank governor eyes move towards kwanza float

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Angola’s central bank may begin the process of fully floating its kwanza currency in three months’ time, the bank’s governor Jose Massano said, according to daily O Pais on Monday. This month the bank ditched a currency peg and moved to a partial float that allows the kwanza to trade freely within a range set, but not disclosed, by the ...

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IMF cuts South Africa’s growth forecast for next two years

Pedestrians walk past the International Monetary Fund headquarters' complex in Washington Sunday, May 2, 2010. A senior International Monetary Fund official says the IMF's executive board is meeting in Washington to consider how much aid to grant Athens under a massive rescue loan package. (AP Photo/Cliff Owen)

The International Monetary Fund cut South Africa’s economic growth forecast for the next two years on Monday, citing rising political uncertainty that has dented investor confidence. The IMF said in its World Economic Outlook that more subdued growth prospects were projected in South Africa, “where growth is now expected to remain below 1 percent in 2018–19, as increased political uncertainty ...

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MTN  aiming to be Africa’s biggest bank

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MTN, Africa’s biggest mobile operator, is gunning to become Africa’s biggest bank. The ambitious business strategy was revealed by MTN CEO Rob Shuter yesterday during the Deloitte Africa in 2018 Outlook conference in Woodmead. The company is encouraged by the progress made by its Mobile Money offering in other geographies that it operates in. This is despite MTN Mobile Money failing to ...

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Ethiopian Airlines Partners with Zambian Government to develop Lusaka as an aviation hub for Southern Africa

"Sahara" taxing via Quebec for take-off, Runway 23, Toronto

Ethiopian Airlines, the largest Aviation Group in Africa and SKYTRAX certified Four Star Global Airline, is pleased to announce that it has finalized the shareholders’ agreement with the Government of Zambia for the re-launch of Zambia Airways. The Government of Zambia will be the majority shareholder with 55% and Ethiopian will have 45% stakes in the airline. Mr. Tewolde Gebremariam, ...

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Nigerian stocks hit 9-year high in third straight day of gains

Stock market display board with opening bell

Nigerian stocks hit a nine-year high on Wednesday, extending gains for a third straight session. The main index rose 1.89 percent to close to 45,000 points, a level last reached in October 2008. Nigerian stocks have gained strongly in January, extending 2017’s 42 percent rise. The central bank floated the naira for foreign investors in 2017, a move that has ...

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