President Bola Tinubu says Nigeria has stabilised and is gradually returning to the path of economic recovery and sustainable growth following difficult but necessary reforms undertaken by his administration over the past three years.

The dollar index (DXY) hovered near 99.2 as investors assessed the latest developments in the Middle East and mixed signals over a possible US-Iran agreement that could end the war and reopen the Strait of Hormuz.

South African Rand (ZAR) rallied against Western currencies late on Thursday after the South African Reserve Bank raised key rates by 25 basis points.

The African Development Bank (AfDB) Group has warned that Africa’s trade finance gap could exceed 100 billion dollars again if rising geopolitical tensions and disruptions to global trade and supply chains persist.

The Nigerian community in South Africa says at least 105 Nigerians have been killed in the country over the past seven years, following the wave of xenophobic attacks against migrants.

The South African Reserve Bank (SARB) raised interest rates by 25 basis points, citing escalating global inflation risks linked to the ongoing Middle East crisis and mounting pressure on domestic fuel and food prices.