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Category: Business
Business
Naira Plummets Past N1,500: Official and Black Market Rates Signal Growing Exchange Rate Tension
- Cedric Malan
- Jun 4, 2025
The naira’s official rate has jumped to ₦1,581.58 per dollar, with black market rates soaring past ₦1,615. The widening gulf between official and parallel markets reflects deepening foreign exchange struggles for Nigeria, driven by liquidity shortages, speculative trading, and economic uncertainty.
Business
Super Metro Bounces Back: License Reinstated After Safety Overhaul
- Cedric Malan
- Apr 16, 2025
Super Metro, a key player in Nairobi's public transport, resumes operations after a temporary suspension by the NTSA was lifted. After a tragic incident and safety concerns, the company paused services to address issues and terminated 269 unfit drivers. Super Metro now promises heightened safety, marking a new chapter in its service delivery.
Business
Eskom Warns of Potential Load-Shedding Amidst Recent Power Struggles
- Cedric Malan
- Feb 1, 2025
Eskom has alerted the public to a likely increase in load-shedding over the forthcoming weekend, ending a ten-month streak of continuous power supply. This comes after multiple power plant malfunctions necessitated prolonged repairs. Use of all emergency reserves has been necessitated, which now require replenishment. Eskom warns of potential load-shedding reaching Stage 4.
Business
Future of BRICS Currency: Exploring Alternatives in Global Finance
- Cedric Malan
- Dec 7, 2024
Finance Minister Enoch Godongwana recently confirmed that no discussions about the creation of a new currency among the BRICS nations have taken place. While there is much interest in moving away from the U.S. dollar, tangible plans to develop an alternative financial system or currency remain distant. The New Development Bank's priority currently lies in expanding its membership and focusing on climate-project lending.
Business
JPMorgan Chase Establishes Kenya Office Following Regulatory Approval
- Cedric Malan
- Oct 15, 2024
JPMorgan Chase has received approval to establish a representative office in Kenya, marking the end of a 12-year regulatory delay. This move signals the bank's intention to expand its operations within Africa. The CEO of JPMorgan, Jamie Dimon, is expected to visit Kenya as part of a wider tour across four African nations, aiming to strengthen the bank's foothold on the continent. This development highlights Kenya's status as a critical financial services hub.
Business
Exciting Launch: Hamster Kombat $HMSTR Airdrop Set for September 26, 2024
- Cedric Malan
- Sep 27, 2024
Hamster Kombat is set to launch its $HMSTR token on September 26, 2024, offering an exciting airdrop event for players. With multiple claiming options, the event promises to be a significant milestone in the play-to-earn space. A total of 60% of the token supply is allocated to the airdrop, making it a highly anticipated event in the crypto community. Players are encouraged to claim their tokens as soon as possible.
Business
South Africa's Fuel Price Reduction Brings Relief to Motorists for Second Consecutive Month
- Cedric Malan
- Jul 3, 2024
South African motorists are set to benefit from a significant drop in fuel prices, marking the second month in a row of price decreases. Starting July 4, 2024, petrol and diesel prices will see a notable reduction due to lower international petroleum prices and a stronger rand. The Automobile Association anticipates this change will bring much-needed relief to consumers.