South African Economy in Crisis

The South African economy is ‘in crisis’ says the country’s finance minister Pravin Gordhan.

 
The comments came ahead of his Budget speech, in which he cut the country’s growth forecast for 2016 to 0.9%, down from 1.7%.

 

Naira Trades N370 to Dollar at Parallel Market

 

The Naira appreciated by N20 on Monday, exchanging for N370 to the dollar at the parallel market. The Naira sold at N390 to one dollar on Feb 19. However, it closed at N199.50 to the dollar as the official bank rate. 

 

Stellar Builds Instant Money Transfer Network in Nigeria 

 

A new low-cost payment transfer network using distributed ledger technology has launched in Nigeria, helping hundreds of thousands of rural women send money via microfinance institutions.

The network is based on technology from non-profit Stellar which has been integrated into the core banking system of Oradian, a fintech firm which specialises in serving MFIs.

Norfolk Man Claimed £53,000 in Benefits While in Nigeria

A 61-year-old Norfolk man who claimed more than £50,000 in benefits while working in Nigeria has been handed a nine-month suspended sentence.

Stephen Allen of St Williams Way, Thorpe St Andrew, claimed £53,941.53 in disability living allowance and incapacity benefits over almost seven years between May 2006 and February 2013 while working out of the country.

Norwich Crown Court heard Allen had been granted benefits in 2004 after a doctor diagnosed him as being unable to work due to mental-health issues.