The Intra-Africa Currency Swap!
Quote from Ndubuisi Ekekwe on July 8, 2023, 7:08 PMWelcome a new playbook in Africa and we are going to see a lot of it: "Nigeria and Ethiopia's central banks have reached a deal to swap $100 million in funds blocked as a result of a shortage of foreign currency in both countries, according to the Ethiopian news outlet, The Reporter. Under the deal, both Dangote Cement and Ethiopian Airlines will swap funds from their trapped revenue in Nigeria and Ethiopia."
Magically, no one needs Euro, USD or GBP for this to happen. Hello Fintech, did you copy at scale?
Welcome a new playbook in Africa and we are going to see a lot of it: "Nigeria and Ethiopia's central banks have reached a deal to swap $100 million in funds blocked as a result of a shortage of foreign currency in both countries, according to the Ethiopian news outlet, The Reporter. Under the deal, both Dangote Cement and Ethiopian Airlines will swap funds from their trapped revenue in Nigeria and Ethiopia."
Magically, no one needs Euro, USD or GBP for this to happen. Hello Fintech, did you copy at scale?