Morning Biz News – 21 February 2025

Namibia Poised for Historic Trade Milestone
Namibia is set to make history with its first export under the African Continental Free Trade Area (AfCFTA), marking a significant milestone in the country’s trade expansion efforts. According to The Brief publication, the Chamber of Commerce and Industry has called on local businesses with consignments ready for shipment by next month to participate in this groundbreaking initiative. The move is expected to enhance Namibia’s role in intra-African trade and strengthen economic ties across the continent.

Retail Sales Surge in South Africa
Retail trade sales in South Africa recorded a 3.1% year-on-year increase in December, according to Statistics South Africa. The growth was primarily driven by clothing, footwear, and leather goods retailers, which saw a notable 7.8% increase, while general dealers contributed a 2% rise. The latest figures indicate a strong consumer demand despite economic challenges, providing a boost to the retail sector.

Nigeria Maintains Interest Rate to Tackle Inflation
Nigeria’s central bank has decided to keep its benchmark lending rate steady at 27.50%, Governor Olayemi Cardoso announced. According to CNBCAfrica, this decision follows six consecutive rate hikes last year aimed at curbing inflation. Earlier this week, the country’s statistics agency reported a lower annual inflation rate of 24.48% for January after a rebasing exercise, signaling potential economic stabilization.

China Expands Renminbi Use in Global Trade
The People’s Bank of China (PBOC) has announced plans to promote the use of the renminbi (RMB) in cross-border payments, pricing, investment, and financing. As reported by Xinhua News Agency, this initiative aims to enhance international trade and financial transactions, reinforcing China’s strategy to internationalize its currency and reduce reliance on the US dollar.

Latest Financial Indicators

• Exchange Rates: The Namibia dollar trades at 18.33 to the US dollar, 19.25 to the Euro, and 23.22 to the British Pound.
• Gold: Trading at $2,937.13 per fine ounce.
• Brent Crude: Stands at $76.04 per barrel.
• Bitcoin: Valued at $1,800,399.46.

Stay tuned for more updates on financial markets and economic trends