There was a collective sigh of relief from markets when the Nigerian Central Bank announced on Wednesday that it would, effective June 20, abandon the fixed rate for the naira against the U.S. dollar that it has defiantly held for 16 months and allow the currency to float freely. The announcement comes amid difficult economic […]
Tag: bank
World’s one and only Forbes Billionaire from Nepal eyes Middle East and East Africa growth with new hotels
19 June 2016 CG Hotels and Resorts, the hospitality division of Nepal’s only billionaire, Binod Chaudhary, has kickstarted the construction of its latest hotel, with the widely renowned brand Taj. The 200-key luxury hotel is being built in the happening Jumeirah Lake Towers, Dubai. CG Hotels and Resorts, in a partnership with Mr. Jayant Lal […]
East African Mining Sector Takes A Hit
East Africa’s extractives industry is expected to slow down as investors delay capital expenditure due to weak commodity prices. Mining companies in the region will cut back or delay investing as commodity prices are expected to remain low due to anticipated weak global demand and tightening of financial conditions. The Kenya Fluorspar Company suspended mining […]
As Nigeria lets naira float, Kenya Airways braces itself for forex losses
Central Bank of Nigeria Governor Godwin Emefiele gives a press conference on the naira devaluation during a media briefing in Abuja on June 15, 2016. AFP PHOTO | PHILIP OJISUA Kenya Airways is facing more cash flow pressures from exchange losses expected from the effective devaluation of the Nigeria currency this week. Nigeria is one […]
Kenya, Uganda in plans to pull informal sector into tax bracket
Trading at a market in Kenya. Plans by Kenya and Uganda to bring small and micro enterprises into the tax net, in the wake of declining collections from the formal sector, face administration challenges. PHOTO | FILE In 2008, Kenya implemented the turnover tax, applicable to any business whose turnover is between $5,000 and $50,000 […]
MTN’s Nigeria fine just got a whole lot cheaper
MTN Group’s record US$1,7bn Nigerian fine is about to get a whole lot cheaper. By Loni Prinsloo. MTN Group’s record US$1,7bn Nigerian fine is about to get a whole lot cheaper. MTN rose the most in a week on Friday as investors prepared for a slump in the Nigerian naira after Africa’s second-biggest crude producer’s […]
