Currencies

An Exploration of African Currency Depreciation in 2024 Currency is a subtle force that silently shapes the fortunes of nations. In 2024, numerous African nations, such as Nigeria and Ghana, faced significant currency depreciation, casting shadows over their economies. But why should one care about numbers on a currency exchange board? Let's delve into this complex issue, examining its ripples across economies, both near and far. "Where has the purchasing power gone?" many Nigerians…

Currency Stability: A Key to Economic Resilience In a world where financial trends are as volatile as they are timely, it becomes crucial to explore the moments that bring clarity amid chaos. March 2025 unfolds a tapestry of economic narratives across Africa, each highlighting one indisputable truth: the stability and strength of a country's currency can be a formidable pillar in fostering economic resilience. This insight, albeit nuanced, tells us that maintaining…

The Economic Strain of Fragile Currencies Consider this: you're a business owner looking to expand your operations, but the currency in your country is notoriously unstable. Every day, volatile exchange rates threaten to undercut your profits and inflate your costs. This is the daily reality for many businesses across African nations grappling with weak currencies in comparison to the U.S. dollar. "Economies are like delicate ecosystems; any disturbance, particularly a depreciating currency, sends ripples through the…

As each new year unfurls, African nations boasting resilient currencies against the US dollar find themselves at a unique fiscal advantage. From tempered inflation and a bolstered purchasing power to a flourishing confidence among investors, the financial landscape offers a promising horizon. But what lies at the heart of these monetary benefits, and how do they ripple through the broader economic canvas? A robust currency doesn't just provide a fiscal foundation—it shapes an environment brimming with…

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…