What is truly free in a 'free trade zone', if some African countries are still trading in foreign currencies we have no control over?
The Cairo-to-Cape Town Free Trade Zone is been touted by a couple of leading Western media, as a bigger free trade area, by population, than the European Union or NAFTA. But, what is really free in a ‘free trade agreement’, if Africans are still trading in foreign currencies we have no control over?
It is no longer news that Central Bank of Nigeria (CBN) plans to introduce N5,000 note by January 2013. Many Nigerians are against the creation of this higher Naira currency due to inflation.
South Africa hopes that BRICS countries will switch to calculations in national currencies, the country’s ambassador to Russia, Mandisi Mpahlua, told a scientific conference at Moscow State Institute of International Relations (MGIMO-University) on Wednesday.