Business

South African rand declines as dollar inches up

Andrew Mbeki September 2, 2025

South Africa The South African rand softened in early trade on Tuesday ahead of the return of U.S. traders from the Labor Day holiday. At 0611 GMT, the rand traded at 17.6450 against the dollar , about 1% weaker than Monday’s close. Global traders were still assessing Friday’s U.S.

Business

Kenya moves to convert dollar loan to yuan

Andrew Mbeki August 26, 2025

Kenya Nairobi specifically wants to reprofile the $5bn loan that Beijing underwrote for the construction of the east African country’s modern railway, the finance minister told Reuters Wednesday. If approved, the move would reduce pressure on Kenya’s forex reserves. The country spends nearly $1bn a year in debt service to China. Since 2022,

News

Nigerian Govt ends paying contractors in Dollar

admin July 27, 2025

Nigeria Dooyum Naadzenga  In a sweeping move set to ripple across the corridors of Nigeria’s public administration, the Federal Government has banned all Ministries, Departments, and Agencies (MDAs) from entering into contracts denominated in foreign currency—heralding a bold new era of fiscal discipline and economic sovereignty. Syntax of Discipline: Naira Now Rules

Business

Naira appreciates against dollar

Kingsley Chukwuka June 21, 2025

Nigeria The naira appreciated against the dollar at the official foreign exchange market on Friday, ending a three-day depreciation streak. Data from the Central Bank of Nigeria showed that the naira strengthened to N1,547.36 against the dollar on Friday, compared to N1,549.41 recorded on Thursday. This indicates a gain of N2.05 against the dollar on […]