Central Bank of Nigeria (CBN) The Central Bank of Nigeria (CBN) has imposed monetary sanctions of N814.3 million (nearly $2 million) on four commercial banks in the country for permitting cryptocurrency transactions, Bloomberg reports. The sanctions come over a year after the apex monetary authority placed an implicit ban on cryptocurrencies in Africa’s largest democracy […]
Author: Curated Content
NSE shrugs off record earnings and dividends
Securities trader Mbuthia Irungu at Nairobi Securities Exchange (NSE) trading floor at the Exchange building in Nairobi on August 26, 2020. PHOTO | SALATON NJAU | NMG The raft of dividend announcements and record earnings made in the past three weeks has failed to excite the stock market, with share prices registering muted growth despite […]
Best Shares in Kenya for Investors in the Last Year
Companies in Kenya with the best share price growth in the last year.
Kenya Defense and Uchumi implored to settle land dispute amicably
A military vehicle is parked on the land claimed by Uchumi next to Thika Road Mall in Nairobi. PHOTO | EVANS HABIL | NMG As reported in Wednesday’s Business Daily, the Kenya Defence Forces (KDF) has taken over land claimed by struggling Uchumi Supermarkets , ignoring the long history that ended with Uchumi being allowed […]
S. African president reiterates country’s quest for land redistribution
South African President Cyril Ramaphosa on Saturday reiterated the government’s quest of land redistribution to bring about equity. “We will intensify our struggle to return the land to the people and build an inclusive economy that benefits all South Africans. It is a struggle to eradicate the privileges of the few and to entrench human […]
Introduction of minimum wage ($1.66) in South Africa delayed
The introduction of a national minimum wage of 20 rand ($1.66) an hour in South Africa could be delayed by up to two months as parliament is yet to approve necessary draft legislation, a spokesman for the labour ministry said on Friday. The minimum wage – a policy championed by President Cyril Ramaphosa as an […]
Stanbic Bank Zimbabwe deposits up-to $1.2 billion
STANBIC Bank Zimbabwe has exceeded $1 billion deposits in the financial year ended December 31, 2017. The bank’s customers are, however, struggling to settle foreign payments as a result of foreign currency shortages. Since last year, Zimbabwe’s banking institutions have been facing the depletion of nostro accounts used in funding foreign payments. The trend has […]
Ugandan shilling stable, propped by liquidity mop-up
The Ugandan shilling was stable on Wednesday, drawing support from a central bank mop up of excess liquidity via an overnight repurchase agreement (repo) and tax payments. Full article at www.kitco.com
Kenya set to issue four-day transit visa
NMG Kenya will from January start issuing four-day transit visas allowing foreign passengers on Kenya Airways awaiting connection flights at the Jomo Kenyatta International Airport to exit for shopping and sightseeing. Passengers on layovers — a break between two flights taking passengers to their final destination — will receive a 96-hour transit visa, up from […]
Junk status for Africa’s two biggest economies will hit overall growth
According to Royal Institution of Chartered Surveyors’ (RICS) South Africa country manager TC Chetty, the recent credit rating downgrades by global ratings agencies will negatively affect Africa’s two biggest economies – South Africa and Nigeria, and hit Africa’s overall economic growth. TC Chetty, South Africa country manager for the Royal Institution of Chartered Surveyors (RICS). […]