Top 10 strongest currencies in Africa

By Akanni DorcasAfrica has a wide range of currencies across its countries, each with its own history and reasons for being one of the strongest in the world.Despite facing challenges, some African currencies have managed to hold their value against the US dollar.
Let’s take a look at the top 10 strongest African currencies and what makes them stand out.Tunisian Dinar (1 USD = DT 3.04)
Even though Tunisia has faced some economic issues, the Tunisian Dinar remains strong. The country’

By Adeyemi EmmanuelIn a bid to alleviate financial pressure on Nigeria’s working population, the Nigerian Consumer Credit Corporation, CREDICORP has launched a consumer loan program to help citizens manage the impact of rising petrol prices.As at yesterday, 10,942 civil servants across various sectors have benefited from this initiative, with more recipients being added daily.The Corporation disclosed this in a fifth-day disbursement  publication.A breakdown of the beneficiaries

*Social media attacks undermine banks’ reputation-Body of CEOs, CIBNBy Babajide KomolafeThe Central Bank of Nigeria, CBN yesterday assured the public of its commitment to the stability of the financial system and safety of depositors’ funds.Meanwhile, the Chartered Institute of Banking of Nigeria, CIBN and Body of Banks Chief Executive Officers, have expressed   concern over the persistent social media criticisms targeted at Nigerian banks, stressing that such attacks 

By Elizabeth AdegbesanForeign Capital importation into the country rose by 152.8 per cent Year-on-Year, YoY, to $2.6 billion second quarter of the year, Q2’24, from $1.03 billion in same period of 2023, Q2’23.However, on quarter-on-quarter, QoQ basis, Capital Importation fell by 22.85   percent from $3.37 billion in Q1’24. The National Bureau of Statistics, NBS, disclosed this yesterday in its  Capital Importation Report for Q2’24.  The NBS&n

…Urges review of FX rate determination …National Airlines, Economic Recovery CmtteeBy Emma Ujah, The Institute of Chartered Accountants of Nigeria (ICAN), yesterday called on the Federal Government to fix the nation’s refineries.    Making this call in his address at the   2024 Annual Conference of the Institute at Abuja,ICAN President, Chief Davidson Alaribe, said it is   times for concrete actions to revive the nation’s eco

By Adewale Sanyaolu
The Minister of State for Petroleum Resources (Oil), Mr. Heineken Lokbobiri, has called on the Nigerian National Petroleum Company (NNPC) Ltd to relinquish control over its refinery operations.
Lokbobiri made this statement during the Crude Oil Refinery-Owners Association of Nigeria (CORAN) Summit, themed “Making Nigeria a Net Exporter of Petroleum Products,” which took place yesterday in Lagos.
Rather than run refineries, the Minister advised the NNPC to take up

By Peter Egwuatu & Favour EgbulleHeirs Insurance Group (HIG), comprising Heirs Life Assurance (HLA) Heirs General Insurance (HGI) and Heirs Insurance Brokers (HIB), has recorded   a 59.30% increase in Gross Written Premium (GWP) for the financial year ending December 31, 2023 to N31.7 billion, from N19.9 billion in the same period of 2022.The Group’s earned insurance revenue for year 2023 stood at N20.5 billion, a surge of 80% from N11.3 billion in 2022, reaffirming the Group

•Represents 92% of annual deficit target•Deficit increase defies 35% rise in revenueBy Elizabeth AdegbesanThe Federal Government’s, FG’s , deficit spending rose by 28 percent year-on-year (YoY) to N8.44 trillion in the first half of the year (H1’24) from N6.59 trillion in H1’24.The deficit recorded in H1’24 represents 92 per cent of the proposed annual deficit spending of   N9.18 trillion deficit as contained in the 2024 budget.Furthermore,

By Merit Ibe
Nigeria’s capital importation in the second quarter of 2024 declined by 22.85 percent from $3.37 billion in the first quarter of the year to $2.60 billion.
According to the National Bureau of Statistics (NBS) Capital Importation report for the second quarter of the year, when compared to the same period of last year, Nigeria’s capital importation rose by 152.8 percent from $1.03 billion to the current figure.
In terms of capital imports by type, Portfolio Investment led

By Chinenye Anuforo
Vodafone Group Plc has solidified its partnership with Alphabet Inc.’s Google, signing a 10-year deal to bring advanced cloud services, generative AI tools, and enhanced cybersecurity features to customers across Africa and Europe. This expanded collaboration marks a significant step towards integrating AI-powered technologies into Vodafone’s offerings, aiming to enhance digital experiences and boost operational efficiency.
A key highlight of the partnership is Vo

In recognition of Breast Cancer Awareness month, Polaris Bank has announced the sponsorship of free breast cancer screenings for 250 women. The initiative underscores the bank’s longstanding commitment to women’s health and aligns with the UN’s Sustainable Development Goal 3 (SDG 3) of ensuring healthy lives and promoting well-being for all ages.
Polaris Bank’s intervention aims to empower underserved communities with access to life-saving screenings and builds upon the b

By Chinenye Anuforo and Adanna [email protected] 
The Nigerian Communications Commission (NCC) has strongly condemned Starlink’s recent decision to unilaterally increase its subscription packages without obtaining the necessary regulatory approval.
Last week,  Starlink announced a significant price hike of 97.36 per cent for its residential users in Nigeria, citing the country’s rising inflation. The new pricing, effective October 31, 2024, for existing cust

 
By Chinenye Anuforo
TECNO has launched a groundbreaking AI-powered ecosystem in Nigeria, showcasing its commitment to delivering cutting-edge technology solutions tailored to the Nigerian market. The unveiling, led by General Manager Jack Guo, featured a range of innovative products designed to enhance efficiency, productivity, and overall user experience.
Among the highlights were the flagship smartphone Phantom V Fold2 5G, the Camon 30 series, and the Megabook T16 laptops. These devices

By Chinenye Anuforo
 
In a pivotal move to bolster cybersecurity in West Africa, regulators from across the region gathered in Banjul to address the escalating threat of cyberattacks. The West African Telecommunication Regulators Assembly (WATRA) convened the meeting to discuss strategies for strengthening regional collaboration, sharing best practices, and combating emerging cyber threats.
Hosted by The Gambia’s Public Utilities Regulatory Authority (PURA), the meeting brought togeth

By Chinenye Anuforo
 
IHS Nigeria, telecommunications infrastructure providers, has highlighted the importance of integrating Science, Technology, Engineering, and Mathematics (STEM)  education into Nigerian classrooms, using space exploration as a captivating lens.At a stakeholder roundtable centered which was part of IHS’ strategic partnership with the Limitless Space Institute (LSI) on the Limitless Global Educator Program, designed to help broaden access to space education in

By Seyi Babalola
The Minister of State for Petroleum Resources, Senator Heineken Lokpobiri has stated that the news directing the Nigerian National Petroleum Company Limited (NNPCL) to stop running its own Refineries and focus solely on equity participation in other Refineries is false.
He made this known in a statement on Tuesday following the statements attributed to the Director of Upstream Ministry of Petroleum, Engineer Kamoru Busari who represented the minister at a recent conference in La

From Adanna Nnamani, Abuja
Economic and political analysts have raised alarms about the federal government’s recent management of the International Cargo Tracking System (ICTS) contract, cautioning that it may threaten foreign investment in Nigeria.
In July, the Federal Executive Council approved a contract for advanced technology in Nigeria’s oil and gas sector that would allow for real-time tracking of crude oil shipments. The contract was awarded to P-Lyne Energy Limited, with a 1

By Chinenye AnuforoThe Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) has categorically denied recent  reports alleging the suspension or expulsion of its President, Obinna Iwuno. In a statement issued Monday and signed by its President and Barr. Mela Claude Ake, member of the Board of Trustees, SiBAN emphasized its legal status as a duly registered organization with the Corporate Affairs Commission (CAC) and the Federal Ministry of Trades and Investment. The associati

Chief Executive Officer of Acada Arcade, Kingsley Umoh, has announced the successful delivery of 27 shops to the 28 subscribers who completed their payments.He further noted that a similar number of subscribers are currently at various stages of fulfilling their payment obligations.
He attributed the establishment of the Acada Arcade Shopping Complex to his prior success in developing the ARENA Market in Oshodi, which garnered acclaim from both the military that commissioned it and the general p

The CHAMP Global Leadership Consultancy, through its brainchild, The Peak Performer (TPP), has preferred Outstanding Performance Award to the Lagos Internal Revenue Service (LIRS) for its excellent performance in the management and administration of Internally Generated Revenue of Lagos state. Also, MasterCard, Lotus Bank, Axa Mansard Insurance, Bank of Industry, LAPO Micro finance Bank, Leadway, among others were awardees.Receiving the award on behalf of LIRS, its Executive Chairman, Mr Ayodele

By Chinwendu Obienyi
 
PalmPay has celebrated its fifth anniversary in the Nigerian market, reiterating its commitment to delivering seamless and innovative services.
Amidst the celebration, PalmPay extended gratitude to its users, whose trust, the company said has propelled the company’s success. “Our growth over the past five years is a direct result of the hard work and commitment of our team and our partners. We remain committed to delivering seamless, secure, and innovative

Owing to reduced contributions from both local and foreign sources, total inflows into the Nigerian Autonomous Foreign Exchange Market (NAFEM) dropped to $2.17 billion in September, data from the FMDQ revealed at the weekend.
The figure, when compared to $2.34 billion recorded in August, represents a 7.1% decline month-on-month (m/m) recorded in the reporting period.
The decline, according to the data, was driven by a broad-based shortfall across local (84.1% of total transaction value) and fore

By Chukwuma UmeorahIn continuation of its ongoing efforts to improve the standard of Nigerian education, Union Bank has partnered with Nigeria Breweries as the official financial sponsor of the 10th anniversary edition of the Maltina Teacher of the Year Award.This year’s event, themed ‘A Decade of Inspiring Excellence in Teaching,’ aims to recognize and celebrate exceptional teachers who have positively impacted student academic growth.
The partnership aligns with Union Bank&rs

The management of Marketing Edge Magazine and organizers of the EDGE Awards have officially named LG Electronics as the “Outstanding Refrigeration Brand of the Decade”. The title was bestowed upon LG at the 2024 Marketing Edge’s Brands and Advertising Excellence Award ceremony in Lagos, where LG’s dedication to innovation, sustainability, and quality in the refrigeration industry was highlighted.The EDGE Awards, known for celebrating excellence in various sectors, ac

By Adewale SanyaoluThe Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced plans to finalise the pricing structure and evacuation logistics for the distribution of petrol from the Dangote Refinery to its members.The move, according to players, is set to redesign Nigeria’s downstream petroleum landscape, by providing more autonomy to marketers in sourcing petroleum products.
IPMAN’s move is believed to be directly linked to the reported withdrawal of the Niger

By Steve Agbota 
The Apapa Port Command of Nigeria Customs Service has generated N1.610,906 trillion as at the end of the third quarter of 2024, which is higher than N1.172 trillion that was collected as total revenue of the year 2023.   
This was disclosed in a statement issued by the Command Public Relations Officer, Usman Abubakar and made available to newsmen on Monday. However, Customs Area Controller for the Command, Comptroller Babatunde Olomu, who described the feat a

Seasoned diplomat and African Union High Representative for Silencing the Guns, Dr. Mohamed Ibn Chambas, has described the 650,000bpd Dangote Refinery, as a transformational project that would propel Africa out of poverty. The Chairman of the African Union High-Level Panel on Sudan made this statement during his visit to the Dangote Refinery in Ibeju Lekki, Lagos State, over the weekend.
Noting that the world-class refinery is a testament to Aliko Dangote’s foresight, Nigeria’s ingen

The President of the Fashion Designers Association of Nigeria (FADAN) and Creative Director of Kola Kudus Clothing, Yusuf Kolawole Kudus, has advocated for Nigerian designers to consolidate their presence in the local market as a precursor to achieving global success.
He emphasized that while Nigerian and African fashion have gained recognition on the international scene, greater efforts must be made to dominate the domestic market of over 200 million people before venturing into broader export

By Bolaji Okunola
Nigerian-Austrian entrepreneur, Abraham Adegeye, a former fashion model and content creator, has launched Apluz Agency, a Vienna-based firm dedicated to providing  marketing solutions for brands and creators across Europe.
Apluz Agency aims to redefine traditional marketing approaches, offering services that are creative and strategic. The agency’s goal is to bridge the gap between brands and their target audiences by crafting compelling content and executing effecti

By Steve Agbota
The management of Lekki Port has taken delivery of two new ultramodern pilot boats,  “PC Jalingo and PC Nadiya”, from the Nigerian Ports Authority(NPA).
Speaking recently on the significance of the two pilot boats, the Managing Directo r of Lekki Port, Du Ruogang, explained that the new PC Jalingo and PC Nadiya would further enhance Lekki Port’s operational excellence by ensuring smooth and safe navigation of large vessels in and out of the port’s cha