Africa

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US Banking Crisis: Nigerian Banks Not Directly Exposed to SVB Says Central Bank Governor

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A recent review of Nigerian banks’ bond portfolios showed that the institutions were not directly exposed to Silicon Valley Bank, the governor of the country’s central bank has said. In addition, the governor said the Central Bank of Nigeria’s stringent guidelines help to create a “very safe” banking system. Priority Given to Depositors According to … Read more

Vladimir Putin Says Russia Wrote Off African Countries’ Debts Totaling Over $20 Billion in 2022

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African countries’ debts totaling more than $20 billion were written off in the past year, Russian President Vladimir Putin said on March 20. Putin also revealed that trade between Russia and Africa had nearly reached $18 billion by the end of the year. According to the Russian leader, the majority of the world is opposed … Read more

Africa-Focused Venture Capital Firm Echovc Launches Blockchain Fund

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The Africa-focused venture capital (VC) firm, Echovc, has launched a fund that seeks to support blockchain startups on the continent. While global blockchain funding has been on a decline over the past year, Echovc founder Eghosa Omoigui claimed that investing now enables the VC to get in “at lower entry valuations on average than in … Read more

After Presidential Rebuke, Nigeria’s Central Bank Says Demonetized Naira Banknotes Still Legal Tender

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The Nigerian central bank has said the recently demonetized ₦200, ₦500 and ₦1,000 banknotes will remain legal tender until Dec. 31, 2023. The central bank statement, which reaffirms a Supreme Court ruling that extended the lifespan of the demonetized naira banknotes, followed a rebuke of the CBN by the outgoing Nigerian president, Muhammadu Buhari. Central … Read more

South African Rand Plunges to New 2023 Low Versus the US Dollar

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Just a few weeks after tapping its best exchange rate versus the greenback in 2023, the South African rand fell to a new 2023 low of 18.636 local currency units for every dollar on March 7. South Africa’s power shortages as well as the country’s recent grey-listing by the Financial Action Task Force (FATF) are … Read more

Nigerian Central Bank Unveils Open Banking Guidelines

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The Nigerian central bank recently said it had issued operational guidelines for open banking in Nigeria which are expected to enhance efficiency and access to financial services. According to the central bank, some of the guidelines’ objectives include ensuring “consistency and security across the open banking system.” Customer Permissioned Data Sharing The Central Bank of … Read more