The rand weakened to an all-time low as the South African Reserve Bank said the currency may depreciate further because the first interest rate increase by the Federal Reserve in almost a decade hasn’t fully been priced in by currency markets.
Mozambique plans to limit the use by its citizens of credit and debit cards abroad to help stem foreign-exchange outflows and protect the southern African nation’s economy, which has been ravaged by a slump in commodity prices.
Nigeria’s stocks fell to their lowest level in almost three years as foreigners exited the market amid fading hopes that President Muhammadu Buhari’s government can revive an economy growing at its slowest pace this century.
“The pope is going to CAR to encourage dialogue and reconciliation between Christians and Muslims,” said Thierry Vircoulon, Central African Republic project director for the International Crisis Group. “Since 2014, PK5 is the symbol of this fighting, so a message of peace delivered in PK5 is essential.”
Oil capped its largest monthly loss since July as the Organization of Petroleum Exporting Countries prepares to meet in Vienna this week.
Nigeria’s central bank Governor Godwin Emefiele is at risk of losing credibility over a decision to ease monetary policy, while maintaining currency restrictions that are hurting the economy.
The United Nations Development Programme pledged $46 million for a program to discourage young people from joining extremist groups in Africa.
The largest-ever relocation of black rhinos across national borders has established a breeding population in the Botswana’s Okavango Delta, according to Wilderness Holdings Ltd., a eco-tourism safari operator that helped organize the program.
Nigerian President Muhammadu Buhari approved the creation of a waste-cutting unit within the finance ministry to bolster the government’s budget position and an economy battered by sliding oil prices, a person with knowledge of the matter said.
“On the brink of a boom,” was the banner on PricewaterhouseCoopers LLP’s review of Africa’s oil industry 16 months ago. Now, oil below $50 has made more than two out of three investment projects on the continent non-viable.