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: economy
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 […]
