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Rival Rebel Faction Seizes Benghazi Branch Of Libyan Central Bank

AFRICANGLOBE - Fighters for one of the factions battling for control of Libya seized the Benghazi branch of the country’s central bank on Thursday. The central bank is the repository for Libya’s oil revenue and holds nearly $100 billion in foreign currency reserves. It is the great prize at the center of the armed struggles that have raged here since the NATO-led overthrow of Muammar Gaddafi in 2011.

Sudan Devalues Currency Amid Economic Crisis

AFRICANGLOBE - Sudan's central bank has devalued the Sudanese pound by almost a quarter against the US dollar, the second such move in little over a year as the African country struggles with hard currency shortages.

Mobile Banking a Game-Changer for Ethiopia

AFRICANGLOBE - On 1 January 2013, the National Bank of Ethiopia (NBE) issued a long-awaited directive that allows transaction-based mobile banking for the country's unbanked citizens.

Nigeria’s Sovereign Wealth Fund to Commence Investment 2013

AFRICANGLOBE - Following the approval of its strategy document and the progress made with its investment policy guidelines, Nigeria's Ministry of Finance has announced that the Sovereign Wealth Fund (SWF) is expected to commence investment in a variety of instruments by March 2013.

Nigeria Records U.S.$35.44 Billion Forex Inflow

AFRICANGLOBE - The Central Bank of Nigeria (CBN) has disclosed that a total forex inflow of $35.44 billion was realised by the country as...

Congo Rebels Loot Central Bank in Goma

Congo rebels have looted the central bank in Goma after refusing to withdraw from the city they captured last week. M23 fighters surrounded the bank early...

Nigeria’s Billionaire Debtors and the Economy

AFRICANGLOBE - Access to credit, or a lack thereof, by consumers and businesses in capitalist and mixed financial systems usually serves as a major...

Ethiopia Earn $2.4 Billion From Foreign Trade in 10 Months

The foreign exchange was secured from agricultural and industrial products exports to around 127 countries across the world, according to Ethiopia's Ministry of Trade. The...

Ethiopia: Promoting Economic Growth

The International Development Association (IDA) is Ethiopia’s largest provider of official development assistance: it has committed over US$7 billion to more than 60 projects...

Sanusi Seeks Closer Ties Among African Central Banks

Nigeria's Central Bank Governor, Sanusi Lamido Sanusi, has called for greater cooperation among African central banks in developing strategies to enhance their regulatory functions and to meet the challenges of intervention in financial and economic crises on the continent.