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Central African Republic launches own cryptocurrency called ‘Sango’

Published

2 years ago

July 4, 2022

The Central African Republic (CAR), has launched it’s own cryptocurrency known as ‘Sango’, making the country the first in Africa to launch the construction of its digital currency with the potential of becoming the first African crypto-hub.

The launch of ‘Sango’ on Sunday is coming two months after President Faustin Archange Touadéra said the country will follow the example of El Salvador to become the second country in the world to adopt bitcoin as an official alongside the CFA franc which is the official legal tender in the African country.

Making the announcement of the launch of the bitcoin, President Touadéra said with the creation of the ‘Sango Coin’ and making the CAR a “Crypto Island,’ the platform will allow the virtual currency to become “the catalyst for the tokenization of the vast natural resources” of the country and Africa in general.

“The Central African Republic is sitting on a mountain of untapped wealth, including gold, diamonds, rare metals, and the ‘Sango Coin’ will be direct access to our resources for the world to attract investors and jump-start the engines of the economy,” Touadéra said.

According to the President, the “Sango initiative,’ named after the country’s official language outside French, comes in the midst of the global cryptocurrency crisis, where the price of bitcoin is in free fall and many crypto platforms are facing bankruptcy.

However, in the Yoruba mythology in Nigeria, ‘Sango’ is the most popular of gods known as Orisha. Sango is the god of thunder and lightning and as well one of the most worshipped gods all over the world, cutting across many countries especially in South America.

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Moroccan annual inflation rises to 0.8% in November

Published

23 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”