Reuters Africa Business

By Elisha Bala-Gbogbo and Chijioke Ohuocha ABUJA (Reuters) – Nigeria’s naira traded at a record low of 860 per dollar on the black market on Thursday, according to traders, weakening below its official rate a month after the country devalued the currency and ahead of a central bank policy meeting next week. The bank last …

Nigeria’s naira hits record low on black market ahead of central bank meeting Read More »

By Promit Mukherjee JOHANNESBURG (Reuters) -South Africa’s currency weakened on Thursday on the back of a strong dollar as the local central bank’s largely expected move to hold its key interest rate steady had a muted impact on the currency. The rand traded at 17.9700 against the dollar at 1556 GMT, 0.56% weaker than its …

S.Africa’s rand drops on firm dollar, muted reaction to central bank move Read More »

NAIROBI (Reuters) – Some U.S. companies buying minerals from countries including the Democratic Republic of Congo and its eastern neighbours are still failing to properly authenticate that the metals don’t come from conflict zones, the U.S. Government Accountability Office (GAO) said in a report. A number of companies sourcing minerals such as tin, tungsten, tantalum …

Some U.S. companies still failing to meet conflict minerals rules, GAO says Read More »

By Kopano Gumbi, Nellie Peyton and Tannur Anders PRETORIA (Reuters) -South Africa’s central bank decided to halt interest rate hikes on Thursday for the first time since November 2021, but Governor Lesetja Kganyago was quick to add that the pause did not mean an end to the hiking cycle. The South African Reserve Bank’s (SARB) …

South Africa holds rate but says hikes may not be over Read More »

By Rachel Savage and Carien du Plessis JOHANNESBURG (Reuters) – A BRICS currency will not be on the agenda of the bloc’s summit in South Africa next month, but Brazil, Russia, India, China and South Africa will continue to switch away from the U.S. dollar, South Africa’s senior BRICS diplomat said on Thursday. “There’s never …

BRICS currency not on August summit agenda – South African official Read More »

By Felix Njini NAIROBI (Reuters) -Impala Platinum has won a protracted battle for control of miner Royal Bafokeng Platinum after bid rival Northam Platinum sold its stake. Johannesburg-based Impala tabled an offer to acquire all outstanding RBPlat shares in January 2022, but was held back for over a year by Northam, whose intention to make …

Impala wins RBPlat bid battle as Northam sells stake Read More »

By Aidan Lewis CAIRO (Reuters) – Egypt’s economic growth is expected to be slower than forecast earlier, while inflation would stay higher and the Egyptian pound would weaken a little more than previous projections, a Reuters poll showed. Egypt has been grappling with a protracted shortage of foreign currency, record inflation and a rising debt …

Egypt growth forecast cut, currency expected to slip further Read More »

(Reuters) – The International Monetary Fund’s executive board on Wednesday approved $43 million in economic relief to the Democratic Republic of Congo. The IMF said the funds would help political leaders in Congo “implement their development policies, maintain macroeconomic stability and strengthen economic recovery amid high food inflation, lower oil prices and tightening financial conditions.” …

IMF approves $43 million to Congo to strengthen economy Read More »