The Nigerian naira staged a fresh recovery across the foreign exchange markets as the monetary authority launched plans to uncaged the dollarized economy. The apex bank began FX backlog payment to deposit money banks estimated at $7 billion.

Zambia’s agreement with Eurobond holders could reduce the country’s debt default risk, according to Fitch Ratings. The authority is striving to boost fiscal performance and drive economic growth following its debt default that locked out the country from external financing.