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: central
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 […]
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 […]
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 […]
Egypt’s foreign reserves rise on back of Gulf Aid
(Reuters) – Egypt’s foreign currency reserves rose to $15.43 billion at the end of January from $15.33 billion the previous month, the central bank said on Thursday. Foreign reserves fell sharply after the 2011 uprising that ousted President Hosni Mubarak but had risen again on the back of billions of dollars of Gulf Arab aid […]
Euronews extends African reach ahead of new channel debut
News channel Euronews has extended its reach in Lusophone Africa thanks to a new agreement with South Africa-based pay TV provider DStv, and has launched a programming strand on the Ouest TV channel in Francophone Africa. The latest deals come ahead of Euronews’ planned launch of Africanews , a dedicated multilingual pan-African news channel later […]
Is Mugabe Jeopardizing the African Union’s Credibility?
Zimbabwe’s President Robert Mugabe (seated) waits to address the 66th United Nations General Assembly at the U.N. headquarters in New York, September 22, 2011 (Courtesy Reuters/East). This is a guest post by Nathaniel Glidden, intern for the Council on Foreign Relations Africa Studies program. He is currently pursuing a Master’s in International Affairs with concentrations […]
