Nigeria’s foreign exchange buffers have expanded sharply over the past two years, with net reserves rising more than sevenfold as the country overhauled its currency management framework. Nigeria’s net foreign exchange reserves rose 772% in two years to $34.8 billion at the end of 2025. The figure now exceeds the country’s total gross reserves recorded…
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Egypt’s central bank and commercial banks now hold more foreign currency than ever before. On Monday, the central bank said net foreign assets, a key measure that shows total foreign money held minus foreign debts, rose by $4.02 billion in January. The new total reached a record $29.54 billion. Egypt’s net foreign assets rose by…
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Uganda’s central bank said it will begin its domestic gold purchasing programme this month, joining a growing number of central banks worldwide that are boosting their gold holdings amid rising prices. Uganda’s central bank will start buying domestic gold this month to boost reserves amid record gold prices. Gold prices have surged above $5,000 an…
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Abdulsamad Rabiu, Nigeria’s second richest man, and the fourth richest person in Africa, is set to receive a big dividend pay after BUA Cement reported a significant increase in profits for the previous fiscal year. Abdulsamad Rabiu, Nigeria’s second richest man, is set to receive nearly N324.38 billion in dividends from BUA Cement’s record profits.…
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As the Middle East crisis continues to escalate following coordinated strikes by the United States and Israel on Iran, East Africans have received an unexpected note of reassurance. Iran’s ambassador to Kenya assured that Iran’s missile strikes will not target Africa, emphasizing their range limit of 2,000 km as a sign of peaceful intentions. The…
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In global finance, a robust currency serves as a significant indicator, transcending a mere exchange rate figure, particularly within select African countries. A strong currency reflects a nation’s economic health, reliability, and discipline, which is vital for investors and residents. Depreciation of currencies increases the cost of imports, driving inflation and impacting both individuals and…
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