Banking and Insurance

In a pivotal moment for African development, Sidi Ould Tah, the former Mauritanian finance minister, has been elected as the new president of the African Development Bank (AfDB). This noteworthy achievement follows a keenly contested election held during the Board of Governors' meeting in Abidjan, where Tah triumphantly emerged victorious after three challenging rounds of voting. In the end, he garnered a remarkable 76% of the votes, signaling a robust endorsement from his peers. As the news reverberated across the…

The Nigerian government is navigating turbulent economic waters with a decisive move to bolster the Naira. By injecting more than $8 billion into the economy, authorities aim to restore confidence in the local currency. This significant capital infusion has already shown promising effects, as the Naira has begun to regain strength across the foreign exchange market. Yet, amidst this nascent recovery, a sense of caution looms large. Economists caution against complacency, suggesting that this newfound appreciation may be…

The Central Bank of Libya has officially declared a halt to its operations following the alarming kidnapping of its IT chief by unidentified armed assailants. This disturbing event unfolds amid escalating tensions among various armed factions throughout the nation. Prior to this incident, gunmen had surrounded the bank's headquarters located in Tripoli, demanding the resignation of Governor Seddik al-Kabir. This bold move has sparked international outrage, notably from Richard Norland, the U.S. Ambassador to Libya. He…