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Fuel and cash scarcity causes havoc in Nigeria, could affect general elections. Ghana works on new debt swap offer for pensioners with different deadline. Moody's downgrades Egypt on reduced external buffers and shock absorption capacity.

CBN Governor Emiefele announced that new designs of high-value currency will begin circulation in December. The aim is to rein in unbanked cash (+85%) and improve effectiveness of monetary tools on inflation and the naira. Demonetisation will not tac...

Nigeria’s government is scrapping plans for a eurobond issuance in June (announced in April) due to unfavourable market pricing and missed approval deadlines. The cancelling of eurobond plans comes as no surprise to us – we had predicted in a recent ...

Nigeria is cracking down on illegal loan agencies and their practices of charging eye-watering rates and intimidating borrowers who get into payment difficulties. As we have highlighted previously, local players stand to benefit from IOC exits. To fi...

Away from the conflict, African startups continue to attract interest from Big Tech and VC, and with good reason: Africa is a fertile ground for tech disruption, with its rising population and low levels of financial inclusion. Looking forward, the r...

Zenith Bank’s FY 21 after-tax profit was up 6% yoy, ahead of our expectations for a 4% decline, and Bloomberg consensus (1% decline). Higher net interest income: Zenith Bank’s net interest income improved (+7% yoy vs 5% expected), as its favourable l...