Ray Ndlovu

Uganda’s central bank raised its benchmark interest rate by the most in 15 years at an emergency meeting to defend the shilling, after it fell to a record low.

Uganda’s shilling extended gains for a second day Thursday after the central bank delivered its biggest interest-rate increase since 2011 and was suspected of selling dollars.

Cameroon’s dollar-bond yields climbed for a fourth trading session after Fitch Ratings downgraded the sovereign, citing heightened political risks and mounting financing pressures in Central Africa’s biggest economy.

Deutsche Bank AG is betting the Nigerian naira will strengthen against the US dollar as it adds the West African nation to its frontier foreign exchange monitor, a tool it uses to watch currencies in smaller, less liquid markets.

African companies’ hard-currency bond sales are running at the fastest pace in five years, according to Bank of America Corp, which predicts issuance will remain robust over the coming years.

Cameroon is getting hammered by bond investors after a credit downgrade. Having a nonagenarian leader with no public succession plan doesn’t help.

Cameroon is getting hammered by bond investors after a credit downgrade. Having a nonagenarian leader with no public succession plan doesn’t help.

Uganda’s shilling has erased all its gains and plunged to a record low days after a jumbo central bank rate hike and dollar sales to smoothen out currency volatility.

UGX/USD: Shilling Freefall Has Uganda Tapping Meager Reserve War-Chest

Uganda’s finance minister said the nation is committed to seeing through the latest currency volatility fueled by a combination of temporary shocks and deeper structural vulnerabilities.