Category: West Africa

Barely one week after report went viral that African immigrants were being sold as slaves in Libya, more stranded Nigerians were on Tuesday evacuated from the North African country. No fewer than 253 Nigerians arrived at the Murtala Mohammed International Airport (MMIA) cargo terminal aboard a chartered flight which touched the ground at around 8…

The Federal Government may get the Central Bank of Nigeria, CBN, to relax the ban imposed on 41 items from official foreign exchange window. Vice President Yemi Osinbajo, who disclosed this in an email obtained by Bloomberg, said the government would consider “policy-driven restrictions” to promote local manufacturing of 41 items, such as rice and…

South Africa’s Financial Services Board (FSB) is probing certain trades made in the hours before former Finance Minister Pravin Gordhan was recalled from an investor roadshow and then dismissed, an official said on Tuesday. The Johannesburg bourse said in April it was probing the trades involving currency futures and would forward its findings to the…

Following their “unconvincing” response at the initial stage of inquiry, the House of Representatives Ad-hoc Committee which is probing the N17 billion missing crude oil and gas revenues said it’s ready to re-invite key agencies including the Nigerian National Petroleum Corporation (NNPC) and the Department of Petroleum Resources (DPR) to a resumed public hearing. About…

A few years ago investors were very excited about investing in Africa outside of South Africa. People spoke of Africa rising, the growing middle class, financial deepening, less reliance on commodities etc. Now the popular refrain is, “How do I get my money out?” The “Get me out” sentiment applies both to corporates that invested…

Ivory Coast President Alassane Ouattara urged cocoa farmers to raise production and quality and said a 40 percent fall in global cocoa prices this season had hurt the nation’s economy and budget. Bumper crops in Ivory Coast, the world’s top producer, and other countries have sent prices tumbling this season. Ivory Coast has slashed its…

Nigerian stocks rose by more than two percent on Monday after the central bank introduced a new policy to allow foreign investors to engage in foreign exchange trading at rates the buyers and sellers set. The market all share index rose in early trade by 2.37 percent, lifted by Dangote Cement, which accounts for a…

Nigeria needs to reform its finance to ensure it can hedge against any future currency crisis, the World Bank chief economist for Africa said on Wednesday. Albert Zeufack said currency adjustments could lead to higher inflation but continued monetary policy tightening would price pressures, adding that making fiscal adjustments in the West African country now…