Currencies

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…

In a move that has sent ripples of optimism through the financial markets, Gabon's transitional government declared that presidential elections are set to take place on April 12, 2025. This announcement marks a significant step towards restoring civilian governance in a country that has seen its fair share of turmoil. Just picture it: a nation where military tanks once rolled through the streets under the leadership of General Brice Oligui Nguem, who led a coup against former president Ali Bongo in 2023, following a…

Lawmakers are pressing Finance Minister Mthuli Ncube to deliver a comprehensive statement addressing the recent plunge in value of Zimbabwe's newly unveiled gold-backed currency. Dubbed the ZiG, or Zimbabwe Gold, this currency made its debut in April. However, it has already suffered a staggering decline of more than 40%. This drop stems from mounting market pressure urging the Reserve Bank of Zimbabwe to establish a more realistic and pragmatic exchange rate. Throughout the last several years, efforts to create a stable…

The two South African brothers, Ameer and Raees Cajee, founders of the cryptocurrency platform Africrypt, deny being involved in the theft of bitcoins, which their customers are victims of. They make it known through their lawyer interviewed by the BBC. The latter says he is preparing a case to show that tens of thousands of bitcoins flown on this platform have really been hacked. Nearly 69,000 bitcoins or $ 3.6 billion have disappeared from Africrypt. The two young South African brothers who handled this platform have…

The joint currency project for the fifteen ECOWAS countries is on track after being suspended due to the pandemic. On Saturday, 19 June, during the ECOWAS Heads of State Summit, Commission President Jean-Claude Kassi Brou presented a new roadmap. The environment will be launched in 2027. Since 2020, the process has stopped.…

There are over 7,000 cryptocurrencies in the world and just a few dozen in Africa. And yet very few of them are actually used. Among the most promising projects is AFRO, a cryptocurrency launched in 2018 that addresses the Senegalese artist's Mansour Sy Kanakassy's idea. AFRO aims to be a pan-African cryptocurrency and in the service of development. Some countries have already adopted it for specific…

For a few weeks now, there has been a panic wind over cryptocurrencies, bitcoin has lost half of its value in a few days and this is not to the delight of millions of savers and speculators on the continent. It is estimated, for example, that 11% of South Africans and 9% of Nigerians own cryptocurrencies. What are the dangers to cryptocurrency holders, especially in Africa? In countries with high inflation in Africa, cryptocurrencies are often seen as a way to preserve the value of savings. In areas that are more stable…

Almost 200 guests are in Lomé as of this Wednesday to discuss the new currency, the eco, which was decided on December 21, 2019 in Abidjan by the French and Ivorian presidents, Emmanuel Macron and Alassane Ouattara. as reported from Lomé, Peter Sassou DogbéIt is expected that this currency will eventually replace the CFA franc…

It is today that France ratifies the Monetary Cooperation Agreement concluded a year ago, on 21 December 2019, by Paris and the states of the West African Monetary Union. This agreement marks the conversion of the CFA franc, which will be echoed while maintaining the fixed parity with the euro. France withdraws its representatives from monetary governing bodies such as the BCEAO and no longer requires…

Announced at the end of last year that Eco, which is to replace the CFA franc from 2020, will eventually have to wait. Apart from the requirement that certain civil society organizations and certain economists demand the disappearance of the CFA franc, current users of this currency rarely speak on a daily basis. "Does our…