<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="590" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/QPRF7MPZSFKF5M3QKKR4AKB43I-820x590.jpg" alt="" class="wp-image-473228" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/QPRF7MPZSFKF5M3QKKR4AKB43I-820x590.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/QPRF7MPZSFKF5M3QKKR4AKB43I-300x216.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/QPRF7MPZSFKF5M3QKKR4AKB43I-125x90.jpg 125w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/QPRF7MPZSFKF5M3QKKR4AKB43I-768x553.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/QPRF7MPZSFKF5M3QKKR4AKB43I-1536x1106.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/QPRF7MPZSFKF5M3QKKR4AKB43I-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Senegal&#8217;s newly elected President Bassirou Diomaye Faye addresses the audience after he took the oath of office as president during the inauguration ceremony in Dakar, Senegal April 2, 2024. REUTERS/Zohra Bensemra/File Photo</figcaption></figure>



DAKAR, April 3 (Reuters)&nbsp;&#8211;&nbsp;Senegal will conduct an audit of the oil, gas and mining sectors, newly elected President Bassirou Diomaye Faye told the nation&nbsp;in a televised speech on Wednesday,&nbsp;while also reassuring investors they were welcome in the country.



Faye&nbsp;defeated the ruling coalition&#8217;s candidate in a March election by a landslide, reflecting high hopes for change in the country of around 18 million.



The audit is one of the first policy moves announced since the 44-year-old former tax inspector&#8217;s inauguration on Tuesday.



&#8220;The exploitation of our natural resources, which according to the constitution belong to the people, will receive particular attention from my government,&#8221; he said.



&#8220;I will proceed with the disclosure of the effective ownership of extractive companies (and) with an audit of the mining, oil, and gas sector.&#8221;



He did provide further details, but sought also to reassure investors, who he said were &#8220;welcome in Senegal.&#8221;



&#8220;Investor rights will always be protected, as well as the interests of the state and the people,&#8221; he said.



Senegal&#8217;s first offshore oil development is due to start production in mid-2024. The Sangomar oil and gas project operated by Woodside Energy&nbsp;WDS.AX&nbsp;is expected to produce about 100,000 barrels per day.



(Reporting by Diadie Ba and Bate Felix; Writing by Alessandra Prentice; Editing by Chris Reese and Costas Pitas)

FILE PHOTO: Senegal’s Newly elected President Bassirou Diomaye Faye takes the oath of office as president during the inauguration ceremony in Dakar

Senegal’s new president announces oil, gas and mining sector audit

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-820x547.jpg" alt="" class="wp-image-449453" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/01/3UP4IYO7MZPNFONHCCNZJCCYTU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Central Bank of Nigeria&#8217;s logo is seen on the headquarters building in Abuja, Nigeria January 22, 2018. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



ABUJA, March 26 (Reuters)&nbsp;&#8211;&nbsp;Nigeria&#8217;s central bank raised its monetary policy rate by 200 basis points to 24.75% from 22.75%&nbsp;NGCBIR=ECI, its governor Olayemi Cardoso said on Tuesday.



The decision by the bank&#8217;s Monetary Policy Committee was just the second since Cardoso took office last September, as it did not hold a meeting under him until February.



At that meeting, the Central Bank of Nigeria delivered its largest rate hike in around 17 years to try to get price pressures under control, raising it by 4 percentage points.



Inflation is above 30% in annual terms, its highest in almost three decades, leaving millions of people in Africa&#8217;s biggest economy and most populous nation struggling to meet their basic needs.



Cardoso told a press conference that the members of the MPC were convinced they needed to continue with the tightening cycle to tame inflation.



Price pressures have been spurred by reforms implemented by President Bola Tinubu in his first year in charge, chiefly ending a costly fuel subsidy and devaluing the country&#8217;s naira currency&nbsp;NGN=D1&nbsp;twice.



Tinubu has defended those reforms as necessary to lift economic growth and attract investment, but they have prompted public anger and, in some cases, desperation.



(Reporting by Chijioke Ohuocha and Elisha Bala-Gbogbo; Additional reporting by MacDonald Dzirutwe in Lagos and Bhargav Acharya in Johannesburg Writing by Alexander Winning; Editing by Bate Felix and Alison Williams)

Central Bank of Nigeria’s logo is seen on the headquarters building in Abuja

Nigeria’s central bank raises benchmark rate to 24.75% to tame inflation

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/NS4PXPDKTBIWLC5GSUMX6ZMW34-820x547.jpg" alt="" class="wp-image-470200" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/NS4PXPDKTBIWLC5GSUMX6ZMW34-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/NS4PXPDKTBIWLC5GSUMX6ZMW34-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/NS4PXPDKTBIWLC5GSUMX6ZMW34-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/NS4PXPDKTBIWLC5GSUMX6ZMW34-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/NS4PXPDKTBIWLC5GSUMX6ZMW34-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/NS4PXPDKTBIWLC5GSUMX6ZMW34-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A billboard of president Faure Gnassingbe, presidential candidate of UNIR (Union for the Republic), is pictured on a street in Lome, Togo, February 19, 2020. Picture taken February 19, 2020. REUTERS/Luc Gnago/File Photo</figcaption></figure>



LOME, March 26 (Reuters)&nbsp;&#8211;&nbsp;Togo has adopted a new constitution that lengthens presidential terms by one year while limiting the number of terms to one, which will likely allow President Faure Gnassingbe to extend his 19-year rule by a year longer than previously expected.



The presidency of the tiny phosphate-producing country on the West African coast has been a family affair since 1967, when Gnassingbe Eyadema seized power in a coup. His son succeeded him after his death in 2005.



Under the new constitution, which does not take into account the time he has already spent in office, Faure Gnassingbe could now stay in power until 2031 if he is re-elected in 2025.



This is a highly likely scenario because his party controls parliament. The new constitution, approved by 89 out of 91 lawmakers, says the president is elected by parliament for a single six-year term.



Under the previous constitution, adopted in 2019 in response to street protests, a president was elected by universal suffrage for a maximum of two five-year terms. It would have allowed Gnassingbe to rule until 2030.



&#8220;This is the umpteenth preparation of a constitutional coup by a monarchical regime that has held the country&#8217;s destiny hostage for almost 60 years,&#8221; one of Togo&#8217;s opposition parties, the Democratic Forces of the Republic, said while the new constitution was still being debated.



Several other African countries, including Central African Republic, Rwanda, Congo Republic, Ivory Coast and Guinea, have pushed through constitutional and other legal changes in recent years allowing their presidents to extend their terms in office.



The West and Central African region has also witnessed eight military coups in the past three years.



Violent police crackdowns on political demonstrations have been routine under Gnassingbe, as they were during his father&#8217;s long rule.



Faure Gnassingbe was last re-elected in a 2020 landslide the opposition disputed.



The new constitution also creates a new role, president of the council of ministers, with extensive authority to manage government affairs.



(Reporting by Alice Lawson; Writing by Sofia Christensen; Editing by Estelle Shirbon)

FILE PHOTO: A billboard of presidential candidate of UNIR Gnassingbe is pictured on a street in Lome

New Togo charter weakens future presidents but could extend incumbent’s rule

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="559" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/D4PLQBAJ5ZLT5KQNEK63J2BLJM-820x559.jpg" alt="" class="wp-image-470195" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/D4PLQBAJ5ZLT5KQNEK63J2BLJM-820x559.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/D4PLQBAJ5ZLT5KQNEK63J2BLJM-300x204.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/D4PLQBAJ5ZLT5KQNEK63J2BLJM-132x90.jpg 132w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/D4PLQBAJ5ZLT5KQNEK63J2BLJM-768x523.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/D4PLQBAJ5ZLT5KQNEK63J2BLJM-1536x1047.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/D4PLQBAJ5ZLT5KQNEK63J2BLJM-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Presidential candidate Bassirou Diomaye Faye, who is backed by Senegalese opposition leader Ousmane Sonko, walks with one of his wives after casting his vote at the polling station at Ndiaganiao in Mbour, Senegal March 24, 2024. REUTERS/Zohra Bensemra/ File Photo</figcaption></figure>



DAKAR, March 25 (Reuters)&nbsp;&#8211;&nbsp;Senegal&nbsp;opposition presidential candidate&nbsp;Bassirou Diomaye Faye, a political newcomer popular among disaffected youth,&nbsp;promised on Monday to govern with humility and transparency.



Faye, set to be declared the next president after his main rival called him to concede defeat, thanked President Macky Sall and other candidates for respecting&nbsp;Senegal&#8217;s democratic tradition by recognising his victory well before official results.



&#8220;In electing me, the&nbsp;Senegalese people have decided on a break with a past,&#8221; Faye told journalists in his first public appearance since the election. &#8220;I promise to govern with humility and transparency.&#8221;



Provisional results showed Faye with about 53.7% and Amadou Ba &#8211; from the current ruling coalition &#8211; with 36.2% based on tallies from 90% of polling stations in the first-round vote, the electoral commission said.



Ba and Sall both congratulated Faye, who turned 44 on Monday. They hailed the outcome as a win for&nbsp;Senegal, whose reputation as one of West Africa&#8217;s most stable democracies took a hit when Sall&nbsp;postponed the vote.



&#8220;The&nbsp;Senegalese people have reinforced the good health of our democracy.. I wish him (Faye) success at the head of our country,&#8221; Ba said.



A peaceful transition of power in&nbsp;Senegal&nbsp;would mark a boost for democracy in West Africa, where there have been eight military coups since 2020.



Some of the juntas that seized power have cut ties with traditional&nbsp;regional power-brokers such as France and the&nbsp;U.S.,&nbsp;turning&nbsp;instead to Russia for help in their fight against a jihadist insurgency spreading through countries that neighbour&nbsp;Senegal.



Senegal&#8217;s international bonds rose on reports that Faye was close to being declared a winner, reversing sharp falls from earlier in the day.



Many hope the vote will bring stability and an economic boost after three years of unprecedented political turbulence&nbsp;and&nbsp;several waves of deadly anti-government protests.



&#8220;I am happy to see there is a wind of change,&#8221; said&nbsp;an&nbsp;opposition supporter named Tall, who joined revellers during the night as street celebrations broke out in anticipation of Faye&#8217;s victory.



&#8220;It is wonderful because democracy has won. Many thought it would not happen,&#8221; he said,&nbsp;giving only&nbsp;his first name.



Full, official results are expected to be announced by the Dakar appeals court on Friday.



<h2 class="wp-block-heading" id="h-young-voters">YOUNG VOTERS</h2>



Faye&nbsp;owes much of his success to the backing of firebrand opposition leader Ousmane Sonko, who was barred from running due to a defamation conviction.



The two former tax inspectors, who were both released from jail this month, campaigned together under the slogan &#8220;Diomaye is Sonko&#8221;, promising to fight corruption and prioritise national economic interests.



They are particularly popular among young voters in a country where more than 60% of people are under 25 and struggle to find jobs.&nbsp;Faye promised to dedicate more state resources to help the youths.



Police crackdowns on protests&nbsp;buoyed the opposition, as did&nbsp;rising living costs and concerns Sall would seek to extend his mandate beyond constitutional limits.



Anger around Sonko&#8217;s prosecution grew when authorities sought to postponeby 10 months the vote, initially scheduled for February.



Investors were wary about&nbsp;whether a new&nbsp;government&nbsp;would be less&nbsp;business friendly&nbsp;than&nbsp;Sall&#8217;s government,&nbsp;which&nbsp;attracted investments into infrastructure.



Senegal is set to start producing oil and gas this year, and Faye has promised a raft of changes including plans to renegotiate oil and gas contracts. Still, he sought to reassure investors last week the country would respect its commitments.



(Reporting by Portia Crowe, Diadie Ba and Bate Felix; Additional reporting by Ngouda Dione and Rachel Savage;Writing by Sofia Christensen and Nellie Peyton; Editing by Silvia Aloisi, Bernadette Baum, Angus MacSwan, William Maclean, Andrew Heavens and David Gregorio)

Senegal holds presidential election

Senegal’s president-elect Faye vows to govern with humility

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="555" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-820x555.jpg" alt="" class="wp-image-469888" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-820x555.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-300x203.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-133x90.jpg 133w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-768x520.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-1536x1040.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/QHXVUHX3MJJHRDRSFYCEORRMQ4-2-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">People walk past the Bank of Ghana in Accra, Ghana, November 28, 2018. REUTERS/Zohra Bensemra/File Photo</figcaption></figure>



ACCRA, March 25 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s central bank on Monday&nbsp;kept its main&nbsp;interest rate at 29%&nbsp;GHCBIR=ECI, saying the inflation outlook had worsened slightly over the past two months and required close monitoring.



The West African cocoa, gold and oil producer has been restructuring its debts as it tries to emerge from its worst economic crisis in a generation, supported by a $3 billion International Monetary Fund (IMF) programme.



Inflation rose slightly in January before slowing again in February GHCPIY=ECI, and central bank governor Ernest Addison told a news conference that the latest inflation forecasts showed a more elevated profile than at the last policy meeting in January.



The bank&#8217;s Monetary Policy Committee also decided to adjust the Cash Reserve Ratio (CRR) to encourage banks to lend instead of investing more money in Treasury bills.



Addison said the CRR would be set at 15% for banks with a loan-to-deposit ratio above 55%, at 20% for banks with a loan-to-deposit ratio between 40% and 55%, and at 25% for banks with a loan-to-deposit ratio below 40%.



&#8220;The banks will now be forced to do more of what banks do, which is financial intermediation and not &#8230; holding government paper,&#8221; he said.



The IMF was expected to&nbsp;visit Ghana for a second review of its Extended Credit Facility-backed programme in April,&nbsp;the governor added. If the visit is a success, the IMF&#8217;s executive board could meet to discuss the second review in May and potentially approve another loan disbursement, he said.



Addison said another $200 million loan for the country&#8217;s cocoa board, COCOBOD, was &#8220;trickling in,&#8221; put together by a consortium of cocoa buyers.



Ghana reached a deal in January to restructure $5.4 billion of loans with its official creditors. It is now pushing for a deal with holders of about $13 billion in international bonds.



(Reporting by Maxwell Akalaare Adombila and Christian Akorlie; Writing by Bhargav Acharya; Editing by Alexander Winning, Alexander Smith and Andrew Heavens)

People walk past the Bank of Ghana in Accra

Ghana central bank flags worse inflation outlook as it holds key rate

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/106912016-1626438957428-gettyimages-1232945042-BC_CancelledMarch2021_5997-820x462.jpeg" alt="" class="wp-image-469883" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/106912016-1626438957428-gettyimages-1232945042-BC_CancelledMarch2021_5997-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/106912016-1626438957428-gettyimages-1232945042-BC_CancelledMarch2021_5997-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/106912016-1626438957428-gettyimages-1232945042-BC_CancelledMarch2021_5997-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/106912016-1626438957428-gettyimages-1232945042-BC_CancelledMarch2021_5997-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/106912016-1626438957428-gettyimages-1232945042-BC_CancelledMarch2021_5997.jpeg 929w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The logo of cryptocurrency exchange Binance displayed on a smartphone with the word “cancelled” on a computer screen in the background. Budrul Chukrut | SOPA Images | LightRocket via Getty Images</figcaption></figure>



One of two Binance executives detained in Nigeria has escaped custody, while the Nigerian government has filed new tax evasion charges against the global cryptocurrency exchange.



Nigeria’s Federal Inland Revenue Service (FIRS) Monday announced that four new charges relating to tax evasion had been filed at the Federal High Court in Abuja, according to multiple local media reports.



Binance faces charges of alleged non-payment of Value-Added Tax (VAT) and company income tax, failure to submit tax returns and complicity in aiding customers to evade taxes through its platform, the reports said.



Alongside the company, two senior executives — U.S. citizen Tigran Gambaryan and British-Kenyan Nadeem Anjarwalla — were both charged and remanded in custody by Nigerian authorities.



Reports emerged over the weekend that Anjarwalla escaped on Friday from the Abuja guest house where the pair was detained.



“We were made aware that Nadeem is no longer in Nigerian custody. Our primary focus remains on the safety of our employees and we are working collaboratively with Nigerian authorities to quickly resolve this issue,” a Binance spokesperson told CNBC.



The families of the two employees declined to comment at this time, but issued statements on March 20, following a hearing at which Nigerian authorities extended their detainment.



Anjarwalla’s wife, Elahe Anjarwalla, said she was “completely heartbroken” that he would not be home in time to celebrate their son’s first birthday.



“Nadeem has no authority to make high level decisions at Binance and I am once again asking from the bottom of my heart that the Nigerian authorities please allow him and Tigran to return home whilst they continue their discussions with Binance. I am also calling on the British and Kenyan governments to do more to get Nadeem back home to us,” she said.



Gambaryan’s wife Yuki said she did not know what to tell their two children about their father’s absence.



“Tigran is globally recognized for his work in law enforcement and many of his peers would say that Tigran’s continuous efforts are what keep crypto currencies safe and clean,” she said.



“Please let him come home to continue this good work. The longer that our husbands are away from our families, the harder it is becoming for us to go about our daily lives.”



<h2 class="wp-block-heading" id="h-background"><a></a>Background</h2>



Gambaryan and Anjarwalla were taken into custody in Nigeria on Feb. 26, although neither was charged at the time with any crimes. The Abuja government accused their employer of wreaking havoc on the country’s local currency.



The Nigerian naira is one of the worst-performing currencies in the world and has lost nearly 70% of its value to the U.S. dollar over the past year. Locals have flocked to cryptocurrencies in recent years to shelter their savings from the plunging currency and a soaring inflation rate that hit nearly 30% two months ago.



But Binance’s troubles in Nigeria appear to be less about a crypto crackdown and more of an attack on what Abuja sees as a bad actor in the space.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107375463-1708428203684-gettyimages-2015599138-AFP_34JR9E8-1-820x461.jpeg" alt="" class="wp-image-469884" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107375463-1708428203684-gettyimages-2015599138-AFP_34JR9E8-1-820x461.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107375463-1708428203684-gettyimages-2015599138-AFP_34JR9E8-1-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107375463-1708428203684-gettyimages-2015599138-AFP_34JR9E8-1-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107375463-1708428203684-gettyimages-2015599138-AFP_34JR9E8-1-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107375463-1708428203684-gettyimages-2015599138-AFP_34JR9E8-1-1536x864.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/107375463-1708428203684-gettyimages-2015599138-AFP_34JR9E8-1.jpeg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">IBADAN, Nigeria &#8211; Feb. 19, 2024: Demonstrators are seen at a protest against the hike in price and hard living conditions in Ibadan on February 19, 2024. Samuel Alabi | Afp | Getty Images</figcaption></figure>



Nigeria has expressed two chief concerns with Binance — the fact that the government doesn’t know where money goes or how it moves through the exchange, and that the exchange was allegedly facilitating speculation on the price of the naira through its peer-to-peer marketplace.



The government alleged that Binance was laundering money and that $26 billion worth of untraceable funds had moved through the exchange.



Authorities in Abuja have also contended that traders using this P2P platform to trade the local currency for U.S. dollar-pegged stablecoins, like tether, were colluding on the price to maximize the exchange value. Binance has since shut down its peer-to-peer trading platform in Nigeria.



This is not the first time that Abuja has taken issue with Binance. In July 2023, Nigeria’s Securities and Exchange Commission put out a circular warning people against doing business with the exchange, noting that “any investing public dealing with this entity” was doing so at a “high level of risk” that “may result in total loss of investments.”

106912016-1626438957428-gettyimages-1232945042-BC_CancelledMarch2021_5997

Binance executive escapes Nigerian custody as authorities file new tax charges

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="579" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/77N47G4UEZLRZAXJNMCNLPRFOU-820x579.jpg" alt="" class="wp-image-469825" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/77N47G4UEZLRZAXJNMCNLPRFOU-820x579.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/77N47G4UEZLRZAXJNMCNLPRFOU-300x212.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/77N47G4UEZLRZAXJNMCNLPRFOU-127x90.jpg 127w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/77N47G4UEZLRZAXJNMCNLPRFOU-768x542.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/77N47G4UEZLRZAXJNMCNLPRFOU-1536x1084.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/77N47G4UEZLRZAXJNMCNLPRFOU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Women queue for food parcels during distribution by volunteers of the Lagos food bank initiative in a community in Oworoshoki, Lagos, Nigeria July 10, 2021. REUTERS/Temilade Adelaja</figcaption></figure>



LAGOS, March 25 (Reuters)&nbsp;&#8211;&nbsp;At a warehouse in Nigeria&#8217;s commercial capital Lagos, dozens of women patiently wait their turn to receive food handouts. Among them is 68-year-old widow Damilola Salami, who received an invitation to the facility just as she had almost run out of food.



The Lagos Food Bank is a crucial lifeline to residents like Salami, but has seen supplies from private and other donors fall as inflation soars in Africa&#8217;s biggest economy.



Nigeria is grappling with the worst cost of living crisis in decades, which has deepened since President Bola Tinubu rolled out bold but unpopular economic reforms after assuming office last May.



&#8220;There is nothing for us to eat, we are hungry,&#8221; said Salami as she waited for her share of food and cooking oil. &#8220;Our children are out of school because of the increase in fees. Now, the children are at home and there is no food.&#8221;



Mabel Wade, an 80-year-old charcoal seller, said sustenance was scarce and she often relied on neighbours before she was told of the food bank.



&#8220;Sometimes there is no food to eat at all&#8230; Sometimes, it is biscuit and water,&#8221; she said, after registering for food stamps.



Last month a stampede broke out and killed seven people at a food distribution centre in Lagos.



World Bank data shows that 46% of Nigeria&#8217;s population was deemed poor in 2023. Twenty million of them live in urban areas.



In the past, the imposing warehouse of Lagos Food Bank would be fully stocked with bags of Nigerian staples like rice, beans and vegetable oil. Not anymore.



Founder Michael Sunbola said the facility&#8217;s major donor had cut supplies by 93%, citing the high cost of food.



The food bank has now dialled back on quantities, providing families with enough supplies for a few days at a time when once their parcels would have lasted two weeks. The facility is also having to &#8220;narrow down the number of people we want to reach out to&#8221;, said Sunbola of the people invited to use the service.



&#8220;Now, we do only women from the age of 50,&#8221; he told Reuters.



No Hunger Initiatives, a food bank serving mostly internally displaced people in the capital Abuja, faces similar problems.



The number of people seeking food handouts has tripled since May 2023 but the facility is unable to keep up because donors have cut back supplies by half due to rising inflation, said Kumdet Yilkon, a senior official.



(Editing by MacDonald Dzirutwe and Lucy Marks)

Women queue for food parcels during distribution by volunteers of the Lagos food bank initiative in a community in Oworoshoki, Lagos

Nigeria food banks cut back on handouts as prices soar

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="568" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-820x568.jpg" alt="" class="wp-image-469791" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-820x568.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-768x532.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-1536x1065.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/F6D7PI4SJVK4DG7HSVQSJ637XA-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A man walks past an MTN logo outside the company&#8217;s headquarters in Johannesburg, South Africa, March 13, 2023. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



JOHANNESBURG, March 25 (Reuters)&nbsp;&#8211;&nbsp;Africa&#8217;s biggest telecoms operator MTN Group&nbsp;MTNJ.J&nbsp;on Monday reported a 72.3% tumble in full-year profit as a sharp devaluation in the Nigerian naira pushed its biggest unit MTN Nigeria&nbsp;MTNN.LG&nbsp;to a loss.



South Africa-headquartered MTN said its headline earnings per share &#8211; one of the main profit measures &#8211; fell to 315 cents for the year ended on Dec. 31, from a restated 1,137 cents a year earlier.



Nigeria&#8217;s central bank in June adopted new forex rules that MTN said had since led to an approximately 96.7% devaluation in the exchange rate to 907.1 naira per dollar by the end of December.



Adjusted headline earnings per share declined by 9.5% to 1,203 cents.



MTN, with 295 million customers in 19 African markets, declared a final divided of 330 cents per share and said its group service revenue grew by 6.9% to 210.1 billion rand ($11.09 billion).



($1 = 18.9519 rand)



(Reporting by Nqobile Dludla; Edting by Tom Hogue and Muralikumar Anantharaman)

FILE PHOTO: MTN downgrades medium-term margin target for South Africa on power outages

South Africa’s MTN annual profit slumps on Nigeria naira devaluation

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="538" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/2JI3RXOROJL6DPHC5F7JG6RGEE-820x538.jpg" alt="" class="wp-image-468299" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/2JI3RXOROJL6DPHC5F7JG6RGEE-820x538.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/2JI3RXOROJL6DPHC5F7JG6RGEE-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/2JI3RXOROJL6DPHC5F7JG6RGEE-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/2JI3RXOROJL6DPHC5F7JG6RGEE-768x503.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/2JI3RXOROJL6DPHC5F7JG6RGEE.jpg 1080w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A general view of Adabraka in Accra, Ghana, December 5, 2016. Picture taken December 5, 2016. REUTERS/Luc Gnago/File Photo</figcaption></figure>



ACCRA, March 20 (Reuters)&nbsp;&#8211;&nbsp;Ghana&#8217;s economy grew 3.8% year-on-year in the fourth quarter, the statistics agency said on Wednesday, bringing full-year growth to 2.9% in 2023,&nbsp;as the country recovers from its worst economic crisis in a generation due to spiralling public debt.



The annual growth rate was higher than the 2.3% estimated by the International Monetary Fund in January, but was still significantly slower than 3.8% growth in 2022.



Annual growth was largely driven by services and agriculture, while the industry sector saw a small contraction.



After defaulting on much of its overseas debt in 2022, the government last year secured a $3 billion loan programme with the IMF, and in January reached a deal to restructure $5.4 billion of loans with its official creditors.



It is now pushing for a deal with holders of about $13 billion in international bonds.



&#8220;We will have to ask ourselves if we&#8217;ve exhausted the full potential impact of the IMF dispensation and if the 2.9% (GDP growth) is all we can get,&#8221; government statistician Samuel Kobina Annim&nbsp;said at a news briefing.



&#8220;If you compare the growth rate of 3.8% in 2022 to 2.9% in 2023, (we) need to ask ourselves questions,&#8221; he said.



However, he noted growth was improving on a quarterly basis, after having slowed to 2.0% in the third quarter of last year.



The woes in Ghana&#8217;s cocoa sector, the world&#8217;s second-largest, did not appear to have impacted overall growth yet. Ghana&#8217;s cocoa output for the 2023/24 season is expected to be almost 40% below target due to factors like strong winds, scant rain, smuggling and disease. Growth in the cocoa sub-sector contracted 1.1% in the last quarter of 2023.



(Reporting by Christian Akorlie and Maxwell Akalaare Adombila; Writing by Nellie Peyton; Editing by Bate Felix and Bernadette Baum)

2JI3RXOROJL6DPHC5F7JG6RGEE

Ghana economic growth improves in Q4, but slows to 2.9% in 2023

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/IOK76AEDEZC2XPP3KQR2YLGFMI-820x547.jpg" alt="" class="wp-image-466482" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/IOK76AEDEZC2XPP3KQR2YLGFMI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/IOK76AEDEZC2XPP3KQR2YLGFMI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/IOK76AEDEZC2XPP3KQR2YLGFMI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/IOK76AEDEZC2XPP3KQR2YLGFMI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/IOK76AEDEZC2XPP3KQR2YLGFMI-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/IOK76AEDEZC2XPP3KQR2YLGFMI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">An AI (Artificial Intelligence) sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. REUTERS/Aly Song &#8211; RC2GX1AXMNDP</figcaption></figure>



LAGOS, March 15 (Reuters)&nbsp;&#8211;&nbsp;Visually-impaired Nigerian Kehinde Olutubosun is a geography and animal enthusiast who struggled to find information because he has no smartphone. But that is changing, thanks to an Artificial Intelligence-powered mobile phone that works offline.



The service, launched by Canada-based Viamo in Nigeria last month, allows anyone – even in the middle of nowhere without the internet &#8211; to access AI technology.



Viamo uses a traditional handset to tap into local mobile phone networks to send commands or requests for information through SMS or voice calls.



It works like other AI chatbots and can be used by illiterate persons since it can be prompted by voice. It is also cheaper.



&#8220;For people who are not that financially buoyant, they still have this opportunity to use even as little as 10 naira to ask lots of questions that will actually benefit them, I am so happy,&#8221; said Olutubosun.



Viamo said the device was targeted at the world&#8217;s poorest and remotest communities and is being expanded to Pakistan, India and Tanzania after being first launched in Zambia.



Viamo is supported by development agencies in the United States and the United Kingdom, among others. UNICEF has partnered with Viamo to provide information on HIV, tropical diseases, nutrition, water, sanitation and hygiene.



(Reporting by Seun Sanni in Lagos and Abraham Achirga in Abuja; Editing by Sharon Singleton)

An AI (Artificial Intelligence) sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai

No smartphone or internet? No problem; AI-backed phone has the answers

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="548" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TP3J7GYZQFJPRMG5M7QAFSB3M4-820x548.jpg" alt="" class="wp-image-466201" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TP3J7GYZQFJPRMG5M7QAFSB3M4-820x548.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TP3J7GYZQFJPRMG5M7QAFSB3M4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TP3J7GYZQFJPRMG5M7QAFSB3M4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TP3J7GYZQFJPRMG5M7QAFSB3M4-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TP3J7GYZQFJPRMG5M7QAFSB3M4-1536x1026.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TP3J7GYZQFJPRMG5M7QAFSB3M4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A view shows a Microsoft logo at Microsoft offices in Issy-les-Moulineaux near Paris, France, January 25, 2023. REUTERS/Gonzalo Fuentes</figcaption></figure>



JOHANNESBURG, March 14 (Reuters)&nbsp;&#8211;&nbsp;A&nbsp;major internet outage affected&nbsp;West and Central Africa&nbsp;on&nbsp;Thursday, the internet observatory Netblocks said,&nbsp;as&nbsp;operators of multiple subsea cables&nbsp;reported&nbsp;failures.



The cause of the cable failures was not immediately clear.



African subsea cable operator SEACOM confirmed that services on its West African Cable System were down and that customers who relied on that cable were redirected to the Google Equiano cable, which SEACOM uses.



&#8220;The redirection happens automatically when a route is impacted,&#8221; it said via email.



Ivory Coast was experiencing a severe outage, while Liberia, Benin, Ghana and Burkina Faso were seeing a high impact, Netblocks&#8217;s data showed.



Internet firm Cloudflare said&nbsp;in a post on the X social media platform&nbsp;that major internet disruptions were ongoing in Gambia, Guinea, Liberia, Ivory Coast, Ghana, Benin and Niger.



&#8220;There seems to be a pattern in the timing of the disruptions, impacting from the north to the south of Africa,&#8221; Cloudflare Radar said.



South African telecoms operator Vodacom&nbsp;VODJ.J&nbsp;also blamed connectivity issues on undersea cable failures&nbsp;that impacted&nbsp;the country&#8217;s network providers.



(Reporting by Anait Miridzhanian, Ngouda Dione and Nqobile Dludla; Editing by Hugh Lawson, Alex Richardson and Bernadette Baum)

A Microsoft logo is seen in Issy-les-Moulineaux near Paris

West, Central Africa see major internet outage with undersea cables down

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="523" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/SINVWFGWQBKE5P2HMXE3TSGHTE-820x523.jpg" alt="" class="wp-image-465766" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/SINVWFGWQBKE5P2HMXE3TSGHTE-820x523.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/SINVWFGWQBKE5P2HMXE3TSGHTE-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/SINVWFGWQBKE5P2HMXE3TSGHTE-141x90.jpg 141w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/SINVWFGWQBKE5P2HMXE3TSGHTE-768x490.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/SINVWFGWQBKE5P2HMXE3TSGHTE-1536x979.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/SINVWFGWQBKE5P2HMXE3TSGHTE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A supporter of Senegalese presidential candidate Anta Babacar holds posters as he waits for her electoral campaign caravan to arrive in Thiaroye on the outskirts of Dakar, Senegal March 10, 2024. REUTERS/ Zohra Bensemra</figcaption></figure>



March 13 (Reuters)&nbsp;&#8211;&nbsp;Senegal holds a delayed election on March 24 to elect a successor to President Macky Sall, who is stepping down after two terms.



Below are some of the main issues influencing voters.



<h2 class="wp-block-heading" id="h-lack-of-jobs">LACK OF JOBS</h2>



Successive administrations have struggled to curb youth unemployment &#8211; an increasingly urgent issue for its fast-growing population, more than 60% of whom are now under the age of 25.



The share of young Senegalese not in employment, education or training stood at 35% in 2019. Since then the economic fallout from the coronavirus pandemic has further squeezed the job market.



Frustration at the lack of opportunities has spurred support for opposition firebrand Ousmane Sonko, particularly among the young. He is not running, but has called for supporters to back Bassirou Diomaye Faye, who is seen as a strong contender.



<h2 class="wp-block-heading" id="h-cost-of-living">COST OF LIVING</h2>



External shocks including the pandemic, Russia&#8217;s war on Ukraine and the appreciation of the dollar have hit growth and helped drive up the cost of living &#8211;&nbsp;a major concern in a country where around a third of the population of 17 million live in poverty, World Bank data shows.



Inflation has been declining slower than expected from a peak of 14% in late 2022, partly due to food price rises, according to the International Monetary Fund. India&#8217;s rice export restrictions have been especially painful for Senegal, where rice is the main staple.



These economic hardships have undermined support for the current authorities despite subsidies for poor families.&nbsp;Nearly three-quarters of Senegalese judged the government to be mishandling the economy, according to a 2023 poll by Afrobarometer.



The same poll showed that the number of people who believed the economic situation to be bad had risen to 62% in 2022 from 33% in 2017.



<h2 class="wp-block-heading" id="h-migration">MIGRATION</h2>



Many voters hope that whoever of the 19 candidates wins the presidency will make it easier to find work and earn a living in Senegal, curbing the flow of Senegalese risking their lives in the quest for better prospects abroad.



Migration from West Africa to Europe via the dangerous Atlantic route more than doubled in 2023 from 2022 with more than 39,900 people reaching Spain&#8217;s Canary Islands &#8211; mostly from Senegal and neighbouring Gambia, according to Spanish interior ministry data.



There is no reliable data on the number of people who don&#8217;t survive the perilous passage by wooden boat on the open ocean.



&#8220;The youth are not working and have nothing. The consequence is that they will die at sea,&#8221; said student Oumy Tall at a campaign rally of opposition candidate Anta Babacar, who has promised to create more jobs.



<h2 class="wp-block-heading" id="h-oil-boom">OIL BOOM</h2>



The launch of oil and gas production later in 2024 is set to boost the economy, raising questions about whether the natural resource wealth will benefit the wider population and create jobs.



Candidates&#8217; campaigns have targeted this concern. The Sonko-backed opposition coalition has promised to renegotiate energy contracts to maximise revenues, while Amadou Ba of the ruling Benno Bokk Yakaar (BBY) coalition is running on the slogan &#8220;Prosperity Shared&#8221;.



<h2 class="wp-block-heading" id="h-thwarted-postponement">THWARTED POSTPONEMENT</h2>



Recent political turmoil linked to the authorities&#8217; unsuccessful bid to postpone the vote by 10 months may have further undermined support for the ruling BBY coalition.



The move provoked widespread protests and revived fears Sall wanted to tweak the constitution to extend his mandate. He denies this.



There are no official public election polls, but of those who voted for Sall in the last election, only 60% are believed to be planning to vote for BBY&#8217;s candidate this time, according to internal government polling.



(Reporting by Alessandra Prentice; Additional reporting by Ngouda Dione; Editing by Bate Felix and Nick Macfie)

Senegal kicks off short election campaign after poll delays

Key issues shaping Senegal’s presidential vote

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="539" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/ATJS62K74VJT5CFRC7KPK6PTRI-820x539.jpg" alt="" class="wp-image-465004" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/ATJS62K74VJT5CFRC7KPK6PTRI-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/ATJS62K74VJT5CFRC7KPK6PTRI-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/ATJS62K74VJT5CFRC7KPK6PTRI-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/ATJS62K74VJT5CFRC7KPK6PTRI-768x505.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/ATJS62K74VJT5CFRC7KPK6PTRI-1536x1011.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/ATJS62K74VJT5CFRC7KPK6PTRI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Farouk Dalhatu, a tomatoes seller attends to buyer in a community market of Agodo in Lagos, Nigeria March 6, 2024. REUTERS/Seun Sanni/file photo</figcaption></figure>



ABUJA, March 11 Reuters)&nbsp;&#8211;&nbsp;Blessing Joseph has been weaving bags, sandals and jewellery earning enough money to feed her son and send him to school. But since November, she has fallen on hard times as customers have stopped coming and she and her son routinely go to bed hungry.



She is among millions in Africa&#8217;s largest economy, grappling with the worst cost of living crisis in decades, that has deepened since President Bola Tinubu introduced bold but unpopular economic reforms after he assumed office last May.



Last year, Joseph could easily make 30,000 naira ($18.83) a week but now she will be lucky to get 5,000 naira, she said.



&#8220;People used to place orders. I&#8217;ll design for them, sometimes even (for) weddings I&#8217;ll make souvenirs for them, but now those orders are not coming,&#8221; said the 29-year-old Abuja resident.



&#8220;It has been very, very difficult, especially that I have a son and he needs to go to school, he needs to eat.&#8221;



Tinubu inherited an economy that was already struggling with record debt, high unemployment, low oil output, subsidies that drained government finances and power shortages that have crimped growth.



Nigeria imports food and fuel and was buffeted by high global prices due to the Russia-Ukraine war, just as it had exited a COVID-19 induced recession in 2020.



Tinubu, who campaigned on a &#8220;Renewed Hope&#8221; slogan, removed a costly petrol subsidy and foreign currency controls, in an effort to improve government finances, restore credibility with investors and kick-start the economy.



But inflation has soared to its highest in three decades and the naira currency is slumping to record lows, pressured by acute dollar shortages. Prices of food, cooking gas, medicines, fuel, and public transport have shot up, squeezing household budgets.



&#8220;With about 8 percent of Nigerians deemed food insecure, addressing rising food insecurity is the immediate policy priority,&#8221; the International Monetary Fund said on March 4. after a staff visit.



Nigeria&#8217;s problems have also rippled through company boardrooms.



Foreign companies like Procter &amp; Gamble will stop manufacturing in Nigeria, while drug makers GSK Plc and Bayer AG will contract third parties to distribute their products, in part due to tough operating conditions and the naira slump.



Africa&#8217;s biggest telecoms operator MTN GroupMTNJ.J posted a big fall in full-year profit citing naira devaluation, which also prompted soap maker PZ Cussons PlcPZC.L to issue a profit warning.



<h2 class="wp-block-heading" id="h-food-price-surge">FOOD PRICE SURGE</h2>



At Agodo market in Lagos, tomato seller Farouk Dalhatu has just served his first customer in eight hours. The market is unusually quiet for the time of day when there is often a cacophonous din of traders and customers haggling over prices.



A basket of tomatoes now costs 55,000 naira &#8211; about double the national minimum wage &#8211; up from 12,000 naira in December. That has forced many of Dalhatu&#8217;s friends to quit the business.



&#8220;They are just trying to find what they can eat now and not do the tomatoes business,&#8221; he said, pointing to several empty stalls.



Escalating food prices are the major driver of inflation.



Widespread insecurity in food growing areas &#8211; including abduction for ransom by armed gangs, a long-running Islamist insurgency and farmer-herder clashes &#8211; is adding to the woes by keeping many farmers away from their fields.



&#8220;We have an emergency on our hands in terms of the social consequences of this reform, in terms of this food insecurity,&#8221; said Muda Yusuf, CEO at business advocacy firm Promotion of Private Enterprise, referring to the currency and fuel subsidy reforms.



Labour unions led some protests last month and have threatened to shut down the country to demand a tenfold rise in the minimum wage.



In response, the government on Thursday started national consultations on a new monthly minimum wage, which has been pegged at 30,000 naira since 2019.



A presidency spokesman declined to comment, but Tinubu&#8217;s administration has announced handouts of cash, grains, fertiliser and seed to vulnerable groups.



Unions say this is not enough and that focus should be on &#8220;substantive issues&#8221; that have been under discussion with the government since June 2023.



&#8220;These include critical matters such as wage increases, social welfare programs, infrastructure development, and the revitalisation of key sectors such as education and healthcare,&#8221; the Nigeria Labour Congress said in a statement.



For Joseph in Abuja, a thriving business and providing for her son is all she wants.



&#8220;I am just thinking about what he will eat if he comes back (from school),&#8221; she said while shuffling through empty pots.



($1 = 1,593.3400 naira)



(Reorting by Abraham Achirga in Abuja, Angela Ukomadu, Seun Sanni and MacDonald Dzirutwe in Lagos, Graphics by Libby George, Editing by Jane Merriman)

FILE PHOTO: An aerial view shows traffic and houses in Libreville

Hard times in Nigeria as reforms deepen cost of living crisis

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WJJQC2DZSRPNJLG46HWROZZG7M-820x547.jpg" alt="" class="wp-image-463604" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WJJQC2DZSRPNJLG46HWROZZG7M-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WJJQC2DZSRPNJLG46HWROZZG7M-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WJJQC2DZSRPNJLG46HWROZZG7M-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WJJQC2DZSRPNJLG46HWROZZG7M-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WJJQC2DZSRPNJLG46HWROZZG7M-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WJJQC2DZSRPNJLG46HWROZZG7M-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Senegal&#8217;s President Macky Sall in Brussels, Belgium October 25, 2023. REUTERS/Johanna Geron/File Photo</figcaption></figure>



DAKAR, March 6 (Reuters)&nbsp;&#8211;&nbsp;Senegalese President Macky Sall has scheduled a delayed presidential election for March 24, the government said on Wednesday after a top court ruled that a proposal to hold the vote after his mandate expires on April 2 was unconstitutional.



The announcement caps a dramatic evening that saw Sall dissolve the government and replace Prime Minister Amadou Ba with Interior Minister Sidiki Kaba so that Ba, the ruling coalition&#8217;s presidential candidate, can focus on his electoral campaign, the presidency said.



Earlier the Constitutional Council ruled that a proposal from a national dialogue commission for the vote to be held on June 2 was not in line with the constitution.



&#8220;The President of the Republic informed the Council of Ministers that the date of the presidential election had been set for Sunday 24 March,&#8221; the council of ministers said soon after in a statement.



The decision is the latest twist in a month-old electoral crisis that has sparked violent unrest and warnings from Senegal&#8217;s international allies that its reputation as one of coup-hit West Africa&#8217;s more stable democracies is under threat.



The&nbsp;new date was welcomed by opposition presidential candidate Anta Babacar, who was among the majority of the 19 contenders in the race who were pushing for the vote to be held as soon as possible.



&#8220;I think this is very good news. This is the reason why we were fighting for these past weeks and days, because we knew that it was actually possible to hold these elections before April 2,&#8221; she told Reuters.



The turmoil originates in a thwarted bid by the authorities&nbsp;in early February&nbsp;to postpone the Feb. 25 poll to December. Sall cited concerns about electoral disputes for the move, but some of the opposition said it amounted to an attempted institutional coup.



Wednesday evening also saw parliament approve an amnesty law proposed by Sall in a bid to ease tensions&nbsp;as he navigates&nbsp;the&nbsp;standoff with the opposition.



The law could grant amnesty to hundreds of protesters and opposition members accused of crimes relating to anti-government protests in the last three years, but it would also likely let security forces off the hook for excessive and sometimes deadly use of force against protesters, Human Rights Watch (HRW) warned on Tuesday.



At least 40 people have been killed during violent clashes since March 2021 with no accountability, according to HRW.



Much of the political unrest was triggered by concerns that Sall was trying to muzzle his opponents and hold onto power past the end of his mandate, which he has denied.



A fresh round of protests broke out last month after he announced the plan to postpone the vote.



(Additional reporting by Portia Crowe, Sofia Christensen, Ngouda Dione; Writing by Sofia Christensen and Alessandra Prentice, Editing by William Maclean and Diane Craft)

FILE PHOTO: Senegal’s President Macky Sall

Senegal schedules presidential election for March 24

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/GettyImages-1840408269-820x547.jpg" alt="" class="wp-image-463361" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/GettyImages-1840408269-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/GettyImages-1840408269-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/GettyImages-1840408269-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/GettyImages-1840408269-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/GettyImages-1840408269-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/GettyImages-1840408269-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The Central Bank of West African States (BCEAO) headquarters in Dakar, Senegal, on Saturday, Nov. 25, 2023. West Africa&#8217;s growth slowed to 3.7% this year from 3.9% in 2022 due to the global economy and higher inflation, the Economic Community of West African States said. Photographer: Damian Lemaski/Bloomberg via Getty Images</figcaption></figure>



DAKAR, March 6 (Reuters)&nbsp;&#8211;&nbsp;West Africa&#8217;s&nbsp;regional central&nbsp;bank kept its main lending rate unchanged at 3.5% in a decision announced on Wednesday.



&#8220;This decision &#8230; takes into account the reduction in inflationary pressures and the improvement of the union&#8217;s external accounts,&#8221; the bank said in a statement following a Monetary Policy Committee meeting in Dakar.



The Central Bank of West African States (the BCEAO) covers Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo.



This is a developing story&#8230;



(Reporting by Diadie Ba; Writing by Nellie Peyton; Editing by Alexander Winning)

Senegalese Economy as West African Bloc Sees Growth Slowdown

West Africa central bank leaves main lending rate at 3.5%

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="536" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TWPFC2BD5BP3RMHTKU7RSFBWQM-820x536.jpg" alt="" class="wp-image-463006" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TWPFC2BD5BP3RMHTKU7RSFBWQM-820x536.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TWPFC2BD5BP3RMHTKU7RSFBWQM-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TWPFC2BD5BP3RMHTKU7RSFBWQM-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TWPFC2BD5BP3RMHTKU7RSFBWQM-768x502.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TWPFC2BD5BP3RMHTKU7RSFBWQM-1536x1003.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/TWPFC2BD5BP3RMHTKU7RSFBWQM.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Binance logo is seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration/File Photo </figcaption></figure>



Binance on Tuesday announced that it will discontinue all Nigerian naira services, amid an ongoing legal dispute between the U.S. cryptocurrency firm remains and Africa’s most populous country.



In an update posted on its website, Binance said that, starting this Friday, any remaining naira balances in user accounts will be automatically converted to Tether, a cryptocurrency stablecoin pegged to the U.S. dollar.



The company will not support any deposits of Naira after 2 p.m. UTC on Tuesday and will no longer support withdrawals of the currency after 6 a.m. UTC on Friday, the announcement said.



Nigeria is also one of the world’s biggest crypto markets, but the Nigerian government has demanded almost $10 billion in compensation from Binance, which it accuses of manipulating foreign exchange rates via currency speculation and rate fixing, and arrested two of the firm’s senior executives last week, according to multiple media reports.



The Nigerian naira has lost almost 70% of its value over the past few months, as Africa’s largest economy faces a currency crisis and soaring inflation.

TWPFC2BD5BP3RMHTKU7RSFBWQM

Binance to discontinue Nigerian currency services as legal squabble deepens

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="539" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WCWD7IWFJNOLJEYIJRGNYD7QSI-820x539.jpg" alt="" class="wp-image-462535" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WCWD7IWFJNOLJEYIJRGNYD7QSI-820x539.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WCWD7IWFJNOLJEYIJRGNYD7QSI-300x197.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WCWD7IWFJNOLJEYIJRGNYD7QSI-137x90.jpg 137w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WCWD7IWFJNOLJEYIJRGNYD7QSI-768x504.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WCWD7IWFJNOLJEYIJRGNYD7QSI-1536x1009.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/03/WCWD7IWFJNOLJEYIJRGNYD7QSI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: People participate in a protest against the postponement of the presidential election scheduled on February 25 in Dakar, Senegal February 24, 2024. REUTERS/Zohra Bensemra/File Photo</figcaption></figure>



DAKAR, March 4 (Reuters)&nbsp;&#8211;&nbsp;Writer Moustapha Gueye voted for Senegalese President Macky Sall at the last two elections.



But disappointment in Sall&#8217;s second term and the president&#8217;s thwarted attempt to postpone the next vote have shaken Gueye&#8217;s allegiance to the ruling Benno Bokk Yakaar (BBY) coalition.



Reclining on a sofa at his home in Dakar, Gueye said he was saddened that Sall&#8217;s presidency had culminated in a bitter electoral tussle with the opposition and in unrest that has dented Senegal&#8217;s reputation as one of West Africa&#8217;s more stable nations.



&#8220;These are domestic issues that Senegal should have grown out of,&#8221; he said.



Sall&#8217;s shock decision to issue a decree delaying the election just weeks before it was due to take place in February revived widespread fears that he was trying to tweak the constitution to stay in power longer.



Sall denies this. A court later overruled his order, but too late to keep to the original electoral schedule.



Mechanic Ousmane Sene said he was tired of second-guessing the ruling party&#8217;s intentions.



&#8220;The reason I won&#8217;t vote for Benno (BBY) anymore is simply that I trusted them, but not anymore. That trust has been betrayed,&#8221; he said at his roadside repair shop in a Dakar suburb.



Authorities have still not confirmed a new date for the vote.



As the process grinds on, BBY and Sall will be gauging how the unresolved crisis is swaying other long-time supporters like Gueye and Sene and how it is affecting the chances of their handpicked candidate in the presidential race, Amadou Ba.



<h2 class="wp-block-heading" id="h-total-confusion">&#8216;TOTAL CONFUSION&#8217;</h2>



Sall cited concerns over potential election disputes as the reason for the delay. But many believe BBY and Sall tried to postpone the vote because they were unsure about their own candidate and wanted time to think.



Sall has publicly stood by Ba. But equally public critics of the candidate include at least two cabinet ministers and senior BBY member Souleymane Jules Diop, who took to the radio in late 2023 to accuse Ba of being bland and uninspiring, local media reported.



&#8220;It&#8217;s very evident that the election delay would not have taken place if Macky Sall believed that Amadou Ba was clearly capable of winning the presidency,&#8221; Tochi Eni-Kalu, Africa analyst at political risk consultancy Eurasia Group, said.



A 10-month delay could have bought enough time for a reshuffle of the candidate list, but on Feb. 15 a top court ruled that such a postponement would be unlawful and ordered the election be scheduled as soon as possible.



With Ba still on the ticket for now, the crisis may turn out to have been a politically costly miscalculation by Sall and BBY if their electoral manoeuvring has put off many other voters like Gueye and Sene.



With no official public election polls, shifts in voter intention are hard to measure.



But of those who voted for Sall in the last election in 2019, only 60% are believed to be planning to vote for BBY&#8217;s candidate this time, said statistician Moubarak Lo who, as adviser to the prime minister, produces strategic analysis for the authorities.



Lo said he thought the estimated fall was less a response to the recent upheaval than a natural drop-off in support over the course of a presidential term.



He cautioned against drawing any conclusions about the election outcome at this stage. &#8220;Today, it&#8217;s total confusion,&#8221; he told Reuters on Feb. 24.



<h2 class="wp-block-heading" id="h-opposition-momentum">OPPOSITION MOMENTUM</h2>



All eyes are on whether Sall agrees with a June 2 election date proposed on Tuesday after talks that were boycotted by most of the opposition presidential candidates. Some of them have formed an informal alliance in response to the electoral turmoil.



This closer collaboration could influence the result of the election if it leads to them rallying around a single candidate in a second round in the event no contender secures more than 50% in the first round.



&#8220;It&#8217;s very clear the momentum is on the opposition side now and that could have a bearing on the election,&#8221; Eurasia Group analyst Eni-Kalu said.



&#8220;It&#8217;s become very obvious that it&#8217;s going to be very difficult for Amadou Ba to win outright in the first round,&#8221; he added. &#8220;A lot depends on what happens in the next few weeks in terms of the opposition closing ranks and presenting a united front ahead of a run-off.&#8221;



The electoral turbulence has not deterred all BBY supporters. A pro-BBY rally in Dakar on Feb. 24 attracted hundreds of people, comparable in size to a pro-opposition rally a week earlier.



The crowd chanted and waved Senegalese flags handed out by organisers. One man carried a homemade cardboard sign that said &#8220;Macky, Senegal loves you.&#8221;



Penda, who gave only her first name, said her support for BBY was unchanged by recent events.



&#8220;We are here to show everyone, including the President, that those who love him continue to do so,&#8221; she said.



($1 = 602.7500 CFA francs)



(Additional reporting by Cooper Inveen and Diadie Ba; Editing by Andrew Heavens and Crystal Chesters)

West Africa

Senegal’s new president announces oil, gas and mining sector audit

Nigeria’s central bank raises benchmark rate to 24.75% to tame inflation

New Togo charter weakens future presidents but could extend incumbent’s rule

Senegal’s president-elect Faye vows to govern with humility

Ghana central bank flags worse inflation outlook as it holds key rate

Binance executive escapes Nigerian custody as authorities file new tax charges

Nigeria food banks cut back on handouts as prices soar

South Africa’s MTN annual profit slumps on Nigeria naira devaluation

Ghana economic growth improves in Q4, but slows to 2.9% in 2023

No smartphone or internet? No problem; AI-backed phone has the answers

West, Central Africa see major internet outage with undersea cables down

Key issues shaping Senegal’s presidential vote

Hard times in Nigeria as reforms deepen cost of living crisis

Senegal schedules presidential election for March 24

West Africa central bank leaves main lending rate at 3.5%

Binance to discontinue Nigerian currency services as legal squabble deepens

Senegal election crisis shakes support for Macky Sall’s coalition

News Tips

Advertise With Us

West Africa

Senegal’s new president announces oil, gas and mining sector audit

Nigeria’s central bank raises benchmark rate to 24.75% to tame inflation

New Togo charter weakens future presidents but could extend incumbent’s rule

Senegal’s president-elect Faye vows to govern with humility

Ghana central bank flags worse inflation outlook as it holds key rate

Binance executive escapes Nigerian custody as authorities file new tax charges

Nigeria food banks cut back on handouts as prices soar

South Africa’s MTN annual profit slumps on Nigeria naira devaluation

Ghana economic growth improves in Q4, but slows to 2.9% in 2023

No smartphone or internet? No problem; AI-backed phone has the answers

West, Central Africa see major internet outage with undersea cables down

Key issues shaping Senegal’s presidential vote

Hard times in Nigeria as reforms deepen cost of living crisis

Senegal schedules presidential election for March 24

West Africa central bank leaves main lending rate at 3.5%

Binance to discontinue Nigerian currency services as legal squabble deepens

Senegal election crisis shakes support for Macky Sall’s coalition

News Tips

Advertise With Us

Newsletters