Africa

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Nigerian Presidential Hopeful’s Party Says It Will Review Country’s Blockchain and Crypto Policy if Elected

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The party of the Nigerian presidential hopeful Asiwaju Bola Tinubu has promised to set up an advisory committee to review regulations that govern blockchain and virtual asset services if it wins in the upcoming elections. The All Progressives Congress also said it “will work with the Central Bank and the financial sector to carefully review … Read more

Eswatini Central Bank Partners With German Firm to Explore CBDC

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Eswatini recently became the latest African country to jump on the central bank digital currency (CBDC) bandwagon after its central bank selected Giesecke Devrient, a Germany-based technology firm, as its partner. An agreement signed by both parties aims to enable them to deepen their “understanding of the practicalities of implementing a CBDC in Eswatini.” Retail … Read more

Ethiopia Orders Banks to Reject Requests for Foreign Exchange to Buy ‘Non-Priority Products’

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The Ethiopian government has instructed banks to reject requests for foreign currency to buy so-called non-priority products. The Ethiopian Minister of Industry Melaku Alebel Addis has defended the move, saying this will allow local manufacturers to grow and become competitive. The restrictions are set to remain in force for an indefinite period. Eliminating Pressure From … Read more

Report: Ghanaian Currency Slips to Another Low Versus the US Dollar

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After it slipped to a rate of about 12:1, the Ghanaian cedi became the latest African currency to touch a new low versus the U.S. dollar, albeit on the unofficial foreign exchange market. Having started 2022 trading around 6.25 per dollar, the cedi has now lost over 90% against the appreciating greenback. Protest Against the … Read more

Nigeria Can Become World Leader in the Digital Economy Says Vice President Yemi Osinbajo

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According to Nigerian Vice President Yemi Osinbajo, his country is well-positioned to become a global leader in the digital economy. However, for that to happen, Nigeria must choose the right approach and spend more time developing digital skills. Nigeria Better Equipped Than 3 Decades Ago The Nigerian vice president, Yemi Osinbajo, recently claimed that his … Read more

Namibian Central Bank: Virtual Assets ‘Remain Without Legal Tender Status’ but Merchants Can Still Accept Them as Payment

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The Bank of Namibia recently said it has brought virtual assets and virtual asset service providers under its fintech innovations regulatory framework, and that it plans to amend applicable laws and regulations. According to the central bank’s governor, there is an ongoing “battle between regulated and unregulated money on the one hand and sovereign versus … Read more

Kenyan Central Bank Rejects Deputy President Rigathi Gachagua’s Claims Country Lacks Forex to Import Oil

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The Central Bank of Kenya appeared to rebuke the country’s new deputy president Rigathi Gachagua, after it rejected the latter’s claims the East African nation lacks enough foreign exchange to import oil. According to the bank, all the foreign exchange used in private transactions and for oil imports is sourced from commercial banks. Central Bank … Read more

Despite Accounting for 2% of Global Activity, Sub-Saharan Africa Has ‘Some of the Most Well-Developed Cryptocurrency Markets of Any Region’: Report

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According to a recent Chainalysis report, although Sub-Saharan Africa is believed to account for as little as 2% of global transaction activity, the area “contains some of the most well-developed cryptocurrency markets of any region.” Additionally, Sub-Saharan Africa’s “retail market and outsized usage of P2P platforms make it unique compared to other regions.” Sub-Saharan Africa’s … Read more