Cedi skyrockets as lower oil price eases dollar demand

Cedi climbs as lower oil price eases dollar demand

The Cedi gained against the dollar, trading at 12.25 from 12.41 last week due to eased FX demand amid lower oil prices. Talks continue between Ghana and China to restructure debt, with the country needing to reach a deal with all its creditors to unlock a $3bn bailout from the IMF.

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The Naira slid to 741 from 731 at last week’s close as FX demand grew, prompting the central bank to allow old 500- and 1000-Naira notes to recirculate. Nigeria’s annual inflation rose to 21.91%, resulting in the central bank raising interest rates by 50bps to 18%.

The Rand traded at 18.15 from 18.40 last week, with South Africa recording its first day without a rotational power cut in 141 days, while the opposition-led march caused little disruption.

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The Pound weakened against the dollar, trading at 30.89 from 30.48 at last week’s close, as the country agreed to a new framework with the World Bank. The Shilling slumped to a fresh low against the dollar, trading at 130.80/131.00 from 127.10/127.30 last week due to sustained FX demand from energy importers and manufacturers.

The Shilling weakened against the dollar, trading at 3763 from 3733 last week due to rising imports, while the Tanzanian Shilling strengthened to 2338 from a close last week at 2341. The West African central bank warned commercial banks to be prudent about dividend distributions, while the Bank of Central African States reported a rise in FX reserves.

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