LAGOS (Reuters) – The World Bank said on Wednesday it had approved a total of $1.08 billion in concessional financing for Nigeria to enhance education quality, build household and community resilience, and improve nutrition for underserved groups. The loan, initially designed to respond to the COVID-19 pandemic, is intended to help strengthen the bank’s extensive …
World Bank approves $1.08 billion loan for Nigeria Read More »
DOUALA (Reuters) – A Cameroon appeals court has ordered the release of South African mobile operator MTN’s bank accounts in the country, which were seized in 2022 over a loan dispute with a Cameroonian businessman, MTN said. A court order froze MTN Group’s Cameroon accounts containing 14 billion CFA francs ($23.20 million) in September 2022. …
MTN Cameroon wins court appeal to release seized assets Read More »
KAMPALA (Reuters) – Uganda’s total stock of public debt rose 17.8% last year as the East African nation ramped up domestic borrowing, a report released by the finance ministry on Wednesday showed. Opposition political parties have criticised the government over rising public debt levels in recent years, and Uganda’s central bank has said the cost …
Uganda’s public debt stock rose nearly 18% in 2024 Read More »
KAMPALA (Reuters) – The Ugandan shilling firmed slightly on Wednesday on the back of slowing dollar demand from merchandise importers and commercial banks, traders said. At 0937 GMT, commercial banks quoted the shilling at 3,642/3,652, compared with Tuesday’s closing rate of 3,650/3,660. (Reporting by Elias Biryabarema; Editing by George Obulutsa)
By Elisha Bala-Gbogbo ABUJA (Reuters) – Nigeria’s net foreign exchange reserves stood at $23.11 billion at the end of 2024, their highest level in three years, the Central Bank of Nigeria said, signalling a major improvement in the country’s external financial position. The NFER, which adjusts gross reserves to account for near-term liabilities such as …
Nigeria’s net FX reserves hit three-year high, central bank says Read More »
By Ope Adetayo ABUJA (Reuters) -Nigerian President Bola Ahmed Tinubu has appointed Bayo Ojulari, a former Shell executive, to head the state-owned oil firm NNPC Ltd as the country seeks to raise oil production and revitalise its refining capacity, the presidency said on Wednesday. After ending costly subsidies and twice devaluing the naira currency in …
Nigeria names ex-Shell executive to lead state oil firm NNPC Read More »
NAIROBI (Reuters) – The Kenyan shilling was stable on Wednesday with importer demand for dollars matched by supply, traders said. At 0728 GMT, commercial banks quoted the shilling at 129.00/129.50 per dollar, the same as Tuesday’s closing level. (Reporting by George Obulutsa; Editing by Alexander Winning)
By Wendell Roelf CAPE TOWN (Reuters) -South Africa’s contested budget passed its first test in parliament on Tuesday, but its future path remained uncertain as the two biggest political parties in the ruling coalition government were yet to agree on a strategy. The biggest party, the African National Congress, secured the support it needed on …
South African budget passes first test but path ahead still unclear Read More »
By Laura Matthews NEW YORK (Reuters) -The yen rose against the dollar on Tuesday, after U.S. economic data showed softness in the manufacturing sector and labor market ahead of tariff announcements from the Trump administration due Wednesday. U.S. manufacturing contracted in March after two consecutive months of expansion, while a measure of inflation at the …
Yen holds gains vs US dollar ahead of tariff announcement Read More »
By Nicole Jao NEW YORK (Reuters) – Oil prices edged lower on Tuesday as traders braced for reciprocal tariffs that U.S. President Donald Trump is due to announce on Wednesday, which could intensify a global trade war. However, Trump’s threats to impose secondary tariffs on Russian oil and to attack Iran fueled supply worries, limiting …
Oil eases off five-week highs as traders weigh impact of imminent Trump tariffs Read More »
