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Nigeria: Economic Meltdown - New Finance Minister Calls for Prayers
Nigerians are deeply religious people and with the economic meltdown hitting hard on the people, there could be no better time to seek divine intervention as the new Finance Minister now calls for prayers to stir the economic ship successfully, Lucky Fiakpa writes
Source : AllAfrica | 05-Jan-2009 13:31

Nigeria: WDAS - Forex Sales Rise By 26 Percent in 2008
(WDAS) rose sharply by 26 per cent in 2008 even as the nation's currency Naira suffered 14.6 per cent depreciation on the average across the three segment of the market.
Source : AllAfrica | 05-Jan-2009 13:30

Zimbabwe: Public Hospitals to Charge in Forex
PUBLIC hospitals have been given the green light to charge for all medical services in foreign currency; a development many hope will improve service delivery.
Source : AllAfrica | 05-Jan-2009 10:02

Uganda: Minting Money From Omujaaja
FARMERS in Masindi District are growing a medicinal shrub, ocimum (omujaaja). Gerald Tenywa assesses the prospects of this plant and asks why Government is reluctant on it's growing and processing.
Source : AllAfrica | 05-Jan-2009 08:09

Nigeria: 2009 Budget And the Working Masses
FOR the poor working masses, as usual, there is nothing to cheer at the 2009 budget presented by President Umaru Musa Yar'Adua.
Source : AllAfrica | 02-Jan-2009 10:59

Nigeria: Abuse of Naira Notes Stillpersists in South East
OFFICIALS of the Central Bank of Nigeria (CBN) may have to review the on-going nationwide campaign against the abuse of the naira because the message appears not to have sunk into the ears of most people, as the usual spraying of the naira occurred unhindered during ceremonies that took place this Yuletide season, especially in the South East.
Source : AllAfrica | 02-Jan-2009 06:51

Few Shops Use Zim Dollars
THE introduction of the Foreign Exchange Licensed Warehouses and Retail Shops facility authorising businesses to sell goods and services in foreign currency, and the mushrooming of other unlicensed outlets has dealt a near-death blow to the illegal foreign currency market as fewer people are changing their hard currency into Zimbabwe dollars.
Source : AllAfrica | 01-Jan-2009 08:34

Zimbabwe: Fuel Coupons as Currency?
THE Reserve Bank of Zimbabwe has warned of the dangers of using fuel coupons as currency.
Source : AllAfrica | 01-Jan-2009 08:22

Nigeria: U.S.$ Exchanged For N150
The American dollar exchanged for N150 at the black market in Lagos yesterday following the closure of the foreign exchange market to the banks and Bureaux de Change (BDC) by the Central Bank of Nigeria (CBN) for the Christmas and New Year holidays.
Source : AllAfrica | 31-Dec-2008 09:41

Bank Clients Cry Foul
MOST banks in Bulawayo have run out of smaller denominations, a development that has seen some account holders failing to withdraw money as they are being asked to bring change.
Source : AllAfrica | 30-Dec-2008 13:40

Cedi Depreciates 24.6 Percent Since January
The year-to-date Ghana cedi depreciation to the dollar now stands at 24.57 per cent, the Gold Coast Securities (GCS)-Cedi Index has shown.
Source : AllAfrica | 30-Dec-2008 12:50

Money Launderers Stranded
UNSCRUPULOUS bank account holders who were apparently eking a living through "burning" money were last Friday stranded after they failed to access the quadrillions that had accumulated in their accounts following the Reserve Bank of Zimbabwe's payslip requirement for withdrawal.
Source : AllAfrica | 30-Dec-2008 12:40

Zimbabwe: Econet Subscribers Disapprove Decision to Charge Services in Forex
ECONET Wireless subscribers have bemoaned the decision by the cellphone network provider to charge services in foreign currency.
Source : AllAfrica | 29-Dec-2008 09:46

Nigeria: The Fallacy of a Stable Naira Rate
It may not be an overstatement to observe that possibly over 99% of Nigerians currently hold the view that naira rate has remained stable against the dollar over the last two years or so! So, the 1% or less of Nigerians who may hold a contrary view on the stability of the naira, must be on the far wrong side of the divide, that is, if we accept the Biblical injunction that majority is the voice of God or even the democratic culture of majority carries the vote!
Source : AllAfrica | 29-Dec-2008 09:03

Nigeria: CNPP Wants Yar'Adua to Address Naira Fall
The Conference of Nigeria Political Parties (CNPP) has challenged the Federal Government to address the falling value of the naira.CNPP threw the challenge in a statement yesterday in Abuja by its National Publicity Secretary, Mr Osita Okechukwu.
Source : AllAfrica | 29-Dec-2008 06:50

Strengthening the Naira
In the last one month, the naira has depreciated in the official market from N116.50 to N134 per dollar.
Source : AllAfrica | 26-Dec-2008 12:41

Ghana: Govt Asked to Stabilise Currency
Mr. Wilson Attah Krofah, President of the Ghana National Chamber of Commerce and Industry (GNCCI), has urged government to manage the economy to ensure the stability of the cedi.
Source : AllAfrica | 21-Dec-2008 17:03

Nigeria: Naira Depreciation - No Cause for Panic, Soludo Re-Assures
Despite the mounting anxiety across the land over the continuous depreciation of the value of the Naira, the economic team of President Umaru Musa Yar'Adua, yesterday for the umpteenth time re-assured Nigerians that there was no cause for panic.
Source : AllAfrica | 17-Dec-2008 14:19

Nigeria: Why Naira is Crashing, By Soludo
The recent crash of the Naira against the United States Dollar was a deliberate economic strategy aimed at ensuring stability of the country's economy and of its foreign reserve, Governor of the Central Bank of Nigeria (CBN) Professor Chukwuma Soludo said yesterday.
Source : AllAfrica | 17-Dec-2008 10:01

Nigeria: Naira Rebounds as Senate Grills Soludo
THE inter-bank foreign exchange market reopened briefly yesterday after virtually shutting down two weeks ago due to dollar scarcity, even as the naira appreciated by 150 kobo against the dollar at the official market to sell at N134 to the dollar.
Source : AllAfrica | 17-Dec-2008 09:28

Nigeria: Soludo - Naira Depreciation, Deliberate Policy to Stabilise Economy
Governor of Central Bank of Nigeria (CBN), Professor Chukwuma Soludo, said yesterday that the depreciation of the naira against the US dollar was a deliberate policy by the apex bank to stabilise the foreign exchange market and the national economy.
Source : AllAfrica | 17-Dec-2008 09:12

Nigeria: Naira Devaluation Deliberate, Says Soludo
Central Bank of Nigeria (CBN) Governor, Chukwuma Soludo, explained to Senators on Tuesday that the devaluation of the Naira is deliberate and gave an assurance that the economy is robust enough to withstand the fall of the currency.
Source : AllAfrica | 17-Dec-2008 08:05

Crash of Naira CBN is Failing the Economy
The global financial meltdown and the fall in oil prices, coupled with the lack of economic strategy exert pressure on the national currency, resulting in depreciation against foreign currencies, Dr Obadiah Mailafia. The Chairman/Chief Executive Officer of the Centre for Policy and Economic Research in Abuja. He spoke with Sunday Trust in Abuja
Source : AllAfrica | 15-Dec-2008 13:01

Zimbabwe: Health Workers Reject Govt Forex Pay Offer
IN a desperate bid to end a two-month strike that has severely crippled the country's health delivery system, the government is proposing to pay doctors and nurses in foreign currency, it emerged last week.
Source : AllAfrica | 15-Dec-2008 10:58

Zimbabwe: Dollarise Economy, Say Industrialists
INDUSTRIALISTS have called for the complete dollarisation of the economy as a quick way to contain ever-escalating prices of goods and services.
Source : AllAfrica | 15-Dec-2008 09:56

Nigeria: Manufacturers Catch Cold As Naira Crashes
The naira depreciation which started a fortnight ago has sent cold shivers down the spines of manufacturers and are pleadingwith the monetary authorities to do something to firm the downwards movement of the currency to save their businesses, Lucky Fiakpa writes;
Source : AllAfrica | 15-Dec-2008 09:27

Nigeria: Soludo's Foreign Exchange Gamble, Bad for the Economy
THE Naira which has been stable for some times now has returned to the days of foreign exchange uncertainty as it continued its round of depreciation occassioned by the CBN whose primary function, among others, is exchange rate stability.
Source : AllAfrica | 15-Dec-2008 09:26

Concern Over the Fall of the Naira
The appearance of the Minister of Finance, Dr. Shamsudeen Usman; Special Adviser to the President on Economic Matters, Dr. Taminu Yakubu; and Central Bank Governor, Professor Chukwuma Soludo before the Senate tomorrow typifies the growing concern over the fall of the Naira. The Senate had last Thursday invited them to come and explain the continuous fall of the naira against other international currencies.
Source : AllAfrica | 15-Dec-2008 07:47

Zimbabwe: New Z$500 Million Cotton Bill Introduced
The Central Bank on Friday announced it would introduce a new Z$500 million dollar note made of '100 percent cotton,' as the country battles world record inflation.
Source : AllAfrica | 12-Dec-2008 20:45

Zimbabwe: Muckraker - American Dollar vs Zim Dollar
WHEN the history of this period is written there may be one unsung hero who deserves acknowledgement. That is the US dollar.
Source : AllAfrica | 12-Dec-2008 18:58

East Africa: Wobbly Dollar Rocks Rural Poor
Fluctuations in the US dollar during 2008 have had devastating results for people in rural parts of the Horn of Africa as the value of remittances fell at the same time as the cost of living went up, according to the International Federation of Red Cross and Red Crescent Societies (IFRC).
Source : AllAfrica | 12-Dec-2008 17:11

Nigeria: Dollar Leaps to N130 at Forex
The value of Naira further depreciated yesterday as the United States Dollar was traded for N130 at the foreign exchange market, Daily Trust learnt. It was exchanged for N125 last week.
Source : AllAfrica | 12-Dec-2008 14:35

Nigeria: Naira Crash - Senate Summon Soludo, Shamsudeen, Others
The Senate yesterday summoned President Umaru Yar'adua's economic team to explain the current crash in the exchange rate of naira against major foreign currencies.
Source : AllAfrica | 12-Dec-2008 10:41

$500 Million Note On Cards
THE Government yesterday indicated its intention to introduce a new $500 million note, ahead of the increase in the maximum cash withdrawal limit to $500 million a week with effect from today.
Source : AllAfrica | 12-Dec-2008 08:06

Zimbabwe: Mineral Production Declines
MINERAL production for 2008 has declined significantly due to shortages of foreign currency and policy uncertainties in the prevailing economic environment.
Source : AllAfrica | 12-Dec-2008 08:06

Nigeria: Naira Slides Further As Uncertainty Rules Market
THE Naira, yesterday, further depreciated against the dollar and other major currencies at the bi-weekly Dutch auction as one dollar was sold to banks at N132.50.
Source : AllAfrica | 11-Dec-2008 12:18

Zimbabwe: Change Woes Emerge
THE introduction of $50 million and $100 million notes last week has created problems for consumers who are now being forced to buy smaller denomination notes or made to pay more when paying for goods and services because change has become scarce.
Source : AllAfrica | 10-Dec-2008 09:22

Zimbabwe: Cash Limits - Case of the Dog Chasing Its Own Tail
PRICES of basic goods and services more than quadrupled within hours after banks increased cash withdrawal limits last week, further piling pressure on already hard-pressed Zimbabweans.
Source : AllAfrica | 08-Dec-2008 22:22

Zimbabwe: Dollar Crashes As Government Buys Support From Armed Forces
Days after Zimbabwe's soldiers caused havoc in Harare last week over not being able to access their money from the city's banks, the government on Friday forked out millions of dollars to pacify its armed forces - partly causing a spectacular crash of the local currency over the weekend.
Source : AllAfrica | 08-Dec-2008 21:46

Tanzania: Tanzania Forex Transactions Rise to $91.2 Million
The volume of transactions conducted by the bureau de change system in Tanzania rose modestly to US$91.2 million.
Source : AllAfrica | 08-Dec-2008 18:47

Zimbabwe: Dialogue Key to Solving Problems
THE progressive review of cash withdrawal limits effected by the Reserve Bank this week in the wake of the cordial meeting held with the ZCTU leadership should teach us all the merits of dialogue over confrontation.
Source : AllAfrica | 08-Dec-2008 14:48

Zimbabwe: $200 Million Note On Cards
THE Reserve Bank of Zimbabwe will soon introduce a $200 million note in a move expected to bring convenience to the transacting public.
Source : AllAfrica | 08-Dec-2008 14:48

Nigeria: Global Financial Meltdown - Naira Caves In
The Nigerian currency, the naira, had a bitter bite from the global financial crises last week when it slumped in value following scarcity of dollar at the foreign exchange markets.
Source : AllAfrica | 08-Dec-2008 12:46

Nigeria: Falling Naira - Bankers Meet With Regulators
Bankers under the aegis of the Money Market Association of Nigeria, MMAN, weekend met with the market regulators to work out ways of stemming the recent downwards plunge of the naira.
Source : AllAfrica | 08-Dec-2008 09:57

South Africa: Look At the Dow As the Indicator
BACKING my thought that the next bubble to burst may be the dollar, Michael Power, a strategist at Investec Asset Management, believes the dollar is in trouble and that the US position and status in the world economy is starting to fall.
Source : AllAfrica | 08-Dec-2008 09:43

Nigeria: Currency Decline Offsets Oil Price Volatility
The depreciation of the Nigerian currency, the naira, by N12 against the United States dollar may not to be an entirely bad news for Nigerians after all.
Source : AllAfrica | 08-Dec-2008 09:27