(Bloomberg) Nigeria’s naira plunged to a record against the dollar following a revision of the methodology used to set the exchange rate, in effect the second devaluation of the currency in seven months.Most Read from BloombergMusk Says First Neuralink Patient Received Implant in BrainTraders Line Up for ‘Once-in-a-Generation’ Emerging Markets BetBlackstone Is Building a $25 Billion Empire of Power-Hungry Data CentersTrump Cash Stockpile at Risk From $450 Million Dual VerdictsAmazon Drops iRo
President Bola Tinubu is starting to look like a poor economic manager as widespread scepticism sweeps across the economy less than a month into a year, a situation many pointed to as a turning point in the failing economy.
British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, had announced a $26.5 million commitment to AFEX, Africa’s leading commodities platform, which currently operates over 200 warehouses in Nigeria, Kenya and Uganda and serves over 450,000 farmers.
A Fresh call has been made on the need for streamlined trade, harmonised standards and improved infrastructure in African agriculture to foster food security across the continent. President, Rest of Africa at AFEX, Sanne Steemers, who disclosed this, lamented that Africa lacks essential infrastructure for inter-continental trade, which is hindering the achievement of robust food […]