Africa: Nigeria’s Naira More Likely to Follow Egypt’s Playbook than Ghana’s

naira

For investors considering the fate of Nigeria’s naira after the central bank’s unexpected rate cut on Tuesday, Egypt may be a better guide than Ghana. Both Egypt’s and Ghana’s central banks cut their main interest rates earlier this year, surprising most analysts surveyed by Bloomberg. But their currencies reacted differently. The Egyptian pound has since strengthened against the dollar and […]

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Africa: Season of protests in Abuja

Nigerians are very famous for their innate capacity to absorb shocks of any kind, including those emanating from irrational and insensitive political leadership. However, this rare quality of “suffering and smiling” seems to be waning due to the economic crisis in the country. Nigerians appear to have started revealing the ‘lion nature that is residual in the lamb’ going by […]

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African Aviation: Forex crisis is crushing Nigerian Airlines as they abandon Aircraft sent for maintenance

By Chinedu Eze According to Thisday investigations some Nigerian airlines are unable to bring back their aircraft taken abroad for routine maintenance due to their inability to pay outrageous maintenance bills, which have tripled because of the low value of Naira. It learnt that some aircraft have been in different maintenance facilities in Europe, South Africa, Middle East and the […]

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Respite as Foreign Airlines Resume Repatriation of Funds in Foreign Currency

By Chinedu Eze Foreign airlines that operate into Nigeria can sell tickets in Naira and repatriate in their own currencies following the lifting of ban stopping commercial banks from accepting cash deposits of foreign exchange from customers. The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, who announced the decision in Abuja on Monday, said the new directive took […]

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