Wahala dey for foreign exchange market as Naira fall reach N1,387 per dollar for March ending. The currency wey gain small for February don lose am all as volatility return full force. But make we no forget say Naira still be world second best performing currency for this year, with over 7% gain against dollar for first quarter. Na small consolation for importers wey dey feel the heat.
Central Bank Governor Olayemi Cardoso still dey hold tight with monetary policies to control inflation. External reserves dey around $50 billion, and oil production dey improve small. But global tension for Middle East and strong US dollar dey give Naira serious headache. Sam Ogbaraku from Kwik Securities Ltd talk say importers face higher costs, and this fit push inflation up again.
Meanwhile, for African stock market side, Ghana Stock Exchange don carry trophy as Africa best performing securities market. The GSE rally top 43% for first quarter! Tanzania, Nigeria, and Zimbabwe all gain pass 30% – all in dollar terms. Bloomberg report say Ghana fixed income market trading volume jump 88.29% for February 2026 compared to last year.
For Nigeria side, Airtel Africa spearhead strong rebound for Nigerian Exchange. The telecom giant rally 10% to lead gains. But the big news na Dangote refinery IPO wey go happen within next four to five months. Alhaji Aliko Dangote himself talk am. Analysts say this listing go boost NGX well well and fit even strengthen Naira more.
Zenith Bank dey eye London listing for global growth strategy. And Moniepoint, Nigerian digital payments provider, just acquire 78% stake in Sumac, Kenyan microfinance bank. Moniepoint raise $200M series C recently to expand financial inclusion for Africa. Dem also acquire Orda Africa, business management platform for restaurants.
For East Africa, Nairobi Stock Exchange get momentum from Kenya Pipeline Company IPO wey oversubscribe well well. Safaricom MPESA Ziidi trading app launch push daily equity deals pass 20,000 for three consecutive sessions – breaking long-standing records. MPESA just cross 40 million active users.
South Africa JSE see decline in listings from 2017 to 2024, but activity pick up for 2025. Dipula Properties enter FTSE/JSE property indices. Ivy EasyETFs AI Innovation AMETF list for JSE, give investors exposure to global artificial intelligence opportunities. Optasia, Africa local Fintech IPO from last year, acquire Finergi for $29.2M.
MTN Group CEO Ralph Mupita dey push for relaxed competition rules for telecom sector. Him talk say South Africa need consolidation like China, India, and US to finance 5G and AI rollout. Shoprite Group plan to acquire majority stake in R&A Cellular, point-of-sale service provider for informal market.
Media ownership change big for East Africa as Aga Khan Fund for Economic Development sell majority stake in Nation Media Group to Tanzanian businessman Azizi’s Taarifa Group. End of 66-year stewardship. Nation Media Group own Daily Nation, Business Daily, East African, Monitor, Mwanaspoti, Mwananchi, The Citizen, Rwanda Today, plus TV and radio stations.
Centum Investment Company complete sale of remaining interest in Sidian Bank after 22-year investment. Equity Group dey restructure to spin off technology and data division by late 2026. Converted, AI-powered advertising tech company, acquire Mitcha, Egypt leading e-commerce platform for local designers.
UK-based Klipboard acquire South African sales operations platform Skynamo, founded by Sam Clarke. Between 2016 and 2025, fifty African ventures raise $100 million from Ghana, Senegal, Algeria, Tunisia, Egypt, Nigeria, Kenya, Rwanda and South Africa. These companies be next generation M&As and IPO candidates.
The foreign exchange market remain volatile after US President Donald Trump recent speech on Iran conflict. Trump talk say war “very close” to finish but threaten to hit Iran “extremely hard” if deal no reach. About 11 million barrels of oil lost daily amid Strait of Hormuz blockade.
British pound turn red against US dollar, fall to around 1.3200. This affect Naira too, as Naira gain small against pound to N1,836/£. Bank of England remain cautious with rates while CBN maintain Naira stability. Market forecasts project Naira to trade between N1,800/£ and 1,850/£ this week.
Despite all these movements, African currencies generally dey stabilise or rally after years of FX losses. The turnaround dey boost returns for local and foreign investors. Yields on fixed-income investments dey fall as central banks lower interest rates, prompted by falling inflation.
Ghana world-leading 20% stock index gain top 92 indexes tracked by Bloomberg. Only 11 other indexes make gains for March. South Africa FTSE/JSE All Share Index lose 20% – weakest performer in dollar terms. But analysts tout Ghana revamped fiscal policies wey help reduce inflation.
Improved fundamentals solidify Ghana brand as frontier market with enabling business environment. Underlying liquidity risks still dey, but the momentum clear. Telecommunications giant Airtel Africa rally show investor confidence dey return after heavy selloffs for Nigerian market.
Dangote refinery intended IPO later this year go further boost Nigerian bourse. The listing expected to position refinery to unlock significant domestic and foreign investor interest while reshaping debt and valuation dynamics of NGX. Analysts predict it go strengthen Naira further.
Lithium Africa Corp begin trading on Frankfurt Stock Exchange under symbol “6MQ”. The Nairobi Stock Exchange generate significant momentum from Kenya Pipeline Company listing. East African bourse activity go heighten more by Safaricom MPESA Ziidi trading app launch.
JSE listing activity pick up for 2025 and hopefully continue for 2026. Dipula Properties inclusion in FTSE/JSE property indices underscore rising profile within South Africa listed real estate sector. Ivy EasyETFs AI Innovation AMETF code IVYAI provide access to companies developing AI technologies.
South Africa anti-trust regulator dey hold private talks with telecoms industry about relaxing competition rules. This signal regulators in Africa biggest economy may be willing to make changes that could unleash wave of M&As in sector. Discussions be direct response to calls from industry led by MTN Group.
Ralph Mupita, CEO of MTN Group who currently chairs GSMA, draw examples from China, India and US where handful of dominant players marshall scale to roll out nationwide 5G and fibre. Him talk say South Africa should consider similar consolidation to attract investment needed for 5G, 6G and AI.
Shoprite Group acquisition of majority stake in R&A Cellular be deliberate step towards extending financial services ecosystem into South Africa informal economy. The Aga Khan Fund for Economic Development sale of majority stake in Nation Media Group mark Kenya most significant media ownership change in decades.
Shares in Nation Media Group gain nearly 30% on NSE since transaction announced. Centum Investment Company sale of entire remaining interest in Sidian Bank close 22-year investment. First exit attempt come for June 2022 when Centum sign agreement to sell full 83.43% stake to Nigeria Access Bank for KSH4.3B.
Equity Group restructuring to spin off technology and data division aim to decouple high-growth fintech operations from core banking business. Nigerian digital payments provider Moniepoint acquisition of Sumac stake build on expansive trajectory that make am one of Africa fastest-growing financial services companies.
Moniepoint evolve over last five years from provider of technology solutions for banks to itself becoming digital bank. Last year dem launch international remittance service to target payments by Africans living overseas. Acquisition of Orda Africa expand solutions for food service businesses.
These strategic acquisitions to expand footprint on continent as well as foray into sectors where payment process platform can build niche. Converted acquisition of Mitcha mark strategic step toward expanding data-driven digital commerce ecosystem focused on measurable outcomes and real conversions.
By integrating Mitcha network of designers and customers, Converted aim to strengthen ability to build advertising products that translate marketing spending into verified sales. UK-based Klipboard acquisition of South African Skynamo bring together global provider of vertically focused business management software with mobile-first cloud-based platform.
Skynamo founded in 2012 originally as Honeybee by Sam Clarke. Company provide platform for manufacturers, wholesalers, and distributors. Klipboard serve over 55,000 enterprise and SMB customers worldwide. The class of next generation M&As and IPO candidates go exponentially grow momentum being experienced by exchanges currently.
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