Africa Advances Toward Financial Integration With New Currency Exchange Marketplace

By Afolake Oyinloye

20/03 - 17:30

Africa is making a significant stride toward financial integration with the launch of the Africa Currency Marketplace by the Pan-African Payment and Settlement System (PAPSS). This innovative platform is set to facilitate direct currency exchanges across the continent, reducing reliance on the US dollar and fostering a unified African capital market.

In an exclusive discussion on this development, Stan Zézé, CEO & Chairman of Bloomfield Investment, shared insights into the impact of this initiative on Africa’s financial landscape.

Zézé highlighted how the Africa Currency Marketplace could enhance liquidity and stabilize currencies within African markets. He also addressed the challenges associated with implementing such a system, citing the need for robust financial infrastructure and regulatory alignment among participating nations.

The initiative could also serve as a catalyst for the establishment of a unified African capital market. Zézé emphasized the crucial role of private rating agencies, such as Bloomfield, in providing credible assessments of financial risks and ensuring investor confidence. He argued that independent agencies offer unbiased ratings, contrasting with the African Union’s proposal for a publicly controlled agency, which might raise concerns over impartiality.

Zimbabwean Inventor Unveils Self-Powering Car

In what could be a revolutionary breakthrough in renewable energy, a Zimbabwean inventor claims to have developed a vehicle that generates its own electricity, eliminating the need for fuel or external charging. The technology reportedly harnesses the sun’s radio waves to produce power, a concept reminiscent of Nikola Tesla’s early vision.

While full technical details are yet to be disclosed, the invention has sparked excitement and curiosity in the scientific community. If proven viable, this innovation could significantly advance sustainable energy solutions, particularly in regions struggling with power shortages. Keith Baptist reports on the development, with experts calling for further research and investment to validate and potentially scale this technology.

Nigerians Spend 59% of Income on Food Amid Cost-of-Living Crisis

A new report by Picodi reveals that Nigerians are spending a staggering 59% of their household income on food, highlighting the country’s deepening economic crisis. Rising inflation, currency devaluation, and supply chain disruptions have contributed to soaring food prices, placing a heavy financial burden on citizens.

Economic analysts stress that addressing insecurity and supporting local farmers are key measures to reducing food costs. Many farmers face challenges such as banditry, poor infrastructure, and limited access to credit, all of which hinder production and distribution. Experts urge the Nigerian government to implement policies that promote agricultural investment and stabilize the nation’s economy.

As the crisis persists, many Nigerians are forced to make difficult financial choices, underscoring the urgent need for sustainable solutions to improve food security and overall economic stability.