UGANDA: Internet shutdown stalls businesses, government agencies.

The internet shutdown in the East African country Uganda has affected businesses, government agencies, and organizations negatively. This is due to the restrictions to conduct business through e-commerce. The shutdown commenced on the Eve of the election where the government cited security reasons. The executive director of the Uganda Bankers Association, Mr. Wilbrod Owor said… Continue reading UGANDA: Internet shutdown stalls businesses, government agencies.

NIGERIA: Exchange Rate Hits N475 in Black Market

The exchange rate of Africa’s leading oil-producing country; Nigeria has risen to 475 naira per 1 American dollar. It is speculated that the exchange rate will rise up to N500 per dollar by December 2020. Director of Maurison International Bureau De Change, Alhaji Badamasi Yusuf ascribed the sudden rise of the exchange rate to short… Continue reading NIGERIA: Exchange Rate Hits N475 in Black Market

NIGERIA: OPay Gets CBN Approval For International Money Transfer Services

OPay, a firm known for providing ride-hailing services, payment services, and food delivery has been recently approved by the Central Bank of Nigeria (CBN) to start international money transfer services in Nigeria. The approval is said to give OPay the right and responsibility to facilitate business to business (B2B), business to person (B2P) and person… Continue reading NIGERIA: OPay Gets CBN Approval For International Money Transfer Services

ZIMBABWE: President Reinforces Currency Reform

After making the country own currency its legal tender on Monday 24th of June, 2019, in an attempt to end a decade long dollarization and taking the necessary step towards relaunching the Zimbabwean dollar. The Zimbabwean President, Emerson Mnangagwa, is set on enforcing the recently set foreign currency (dollar) ban with little or no leeway.… Continue reading ZIMBABWE: President Reinforces Currency Reform

ZIMBABWE: Finance Minister Optimistic As Inflationary Pressure Gets Tamed

Photo credit: Finance Minister Mthuli Ncube via Twitter

According to statistics agency, Zimtat; Zimbabwe’s economic atmosphere has taken a slight turn for the positive as the month-on-month inflation reduces as opposed to the painful increase in the year-on-year inflation which rose from 56.9 per cent in January to 59.4 per cent in February. The price of goods and services in the country have… Continue reading ZIMBABWE: Finance Minister Optimistic As Inflationary Pressure Gets Tamed

NIGERIA: NSE Loses $233.12 Million In 6 Hours Following The Re-election Of The President

Following the announcement of the results of the Nigerian Presidential elections with the results of the polls indicating incumbent President Muhammadu Buhari’s early leads in the polls, the Nigerian Stock Exchange on its trading floor has lost the sum of $233.12 million in six hours. The stock market downslide was attributed to profit taking as… Continue reading NIGERIA: NSE Loses $233.12 Million In 6 Hours Following The Re-election Of The President