Nigeria’s net foreign exchange reserves reached $23.11 billion at the end of 2024, the highest in three years, showing a strong external financial position after a sharp recovery from previous years. The growth was attributed to reduced short-term liabilities, deliberate reforms, and increased non-oil forex inflows. Despite a dip in Q1 2025 due to debt interest payments, the Central Bank of Nigeria anticipates a steady climb in reserves driven by higher oil production and non-oil export earnings, with gross external reserves rising to $40.19 billion from $33.22 billion the previous year.
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Tanzania’s ban on foreigners operating small businesses sparks Kenya backlash
Tanzania has prohibited foreign nationals from owning small-scale businesses across 15 sectors, including mobile money and beauty salons, aiming to protect local traders amid concerns over foreign encroachment. This decision has sparked backlash from Kenya, which argues it violates East African Community agreements, potentially harming both economies and prompting fears of reciprocal restrictions. Want More Context? 🔎
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