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Fitch, the US-based ratings agency, yesterday affirmed Nigeria's Long term foreign and local currency Issuer Default Ratings (IDR) at 'BB-' and BB' respectively. The outlook, indicated the agency, is said to be stable.
The Naira appreciated further against the dollar in the parallel market gaining 150 kobo last week. The currency also gained five kobo at the official market following sharp fall in amount of foreign exchange sold by the Central Bank of Nigeria (CBN)
THE tables are turning as emerging markets, particularly Asia and its economies, show signs of stronger recovery than those of the west. As they decouple, emerging markets are already beginning to become less dependent on the US.
MRS Anna Chinyerere of Macheke harvested close to a tonne of groundnuts that she is finding very difficult to sell because no one in her village and its locality has the foreign currency with which to buy the produce.
The Rwanda Over The Counter (OTC) market was quiet as no transactions were recorded.
Construction giant, Julius Berger Plc, has finally returned and commenced work on the abandoned bridge in Ota, Ogun State, and the road project, following release of N1.5 billion from the 2009 Appropriation Act.
TRADING at the Uganda Securities Exchange (USE) picked up on Tuesday after a dismal performance at start of the trading week.
With the world economy in the grip of a credit crunch, traders and consumers in Uganda are struggling with price inflation and the depreciation of the country's currency, the Ugandan shilling, against the dollar. Especially importers have not been able to bring goods in which were ordered when prices were lower.
SA's trade balance swung back into surplus for the first time in two- and-a-half years in May, official data showed yesterday, prompting a 2% rand rally to a 10-month peak.
The Bank of Tanzania (BoT) is conducting civic education to raise awareness on the circulation of fake notes.
Good Monday morning Gambia and welcome to the Dalasi Update (DUD). We are privileged this week to bring to you the trading figures of the Dalasi in relation to other international currencies notably the Pound Sterling, US Dollar and the Euro.
THE rand surged to a near 10-month peak at R7,87/ yesterday, in a move which may prove to be a double-edged sword for SA's faltering economy.
Bank of Tanzania (BoT) is reported to have completed the process to contract tow forign firms to print new bank notes.
Robert Mugabe on Friday said he wanted to bring back the Zimbabwe dollar, in place of the current system of multiple currencies. The ZANU PF leader said the dollarization of the economy has failed to help the plight of ordinary people, who did not have access to foreign currency. Mugabe said although prices have gone down, 'people should have the money.' He also gave the example of people in rural ...
Almost 20 years after independence and more than 15 years following the introduction of the Namibian Dollar, the local currency is still one-to-one with the South African Rand.
MY cousin, Bessie died last week. She was only 37. She had not been very well for a long time.
Members of the West African Monetary Zone (WAMZ) have resolved to extend the take-off date of Eco, the region's single currency, from January 2010 to June 2014.
The Federation of Construction Industry (Foci), on Tuesday lamented that the costs of foreign exchange incurred by contractors in Nigeria on outstanding claims and ongoing projects will result in short payments.
The Authority of Heads of State and Government of the West African Monetary Zone (WAMZ) yesterday said December 2009 was no longer feasible for the take-off of its single currency and monetary union within the region.
Plans for a West African Monetary Zone (WAMZ) have been pushed back due to the global economic downturn, reports Reuters.
The Council of Ministers has endorsed a bill on Friday, June 19, 2009, criminalizing the practice of money-laundering. It sent this bill to Parliament for final approval in what industry experts say is a long overdue law.
Some fresh life was breathed into the efforts of the Economic Community of West African States (ECOWAS) for the realisation of a 10-year-old dream for a common currency.
The annual inflation rate slowed to 9.6% in May from 10% in April, the Central Bureau of Statistics said.
DURING 2007 and 2008, inflation in Zimbabwe soared. So great was Zimbabwean inflation that it became impossible for the Central Statistical Office to measure it authoritatively.
In the last bond sale of June 5th, international investors gave SA a big vote of confidence by snapping up its largest dollar-denominated bond to date, despite the severe global lending crisis.
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