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Democratic Republic of Congo’s central bank said Thursday that it would ban the use of dollars and other foreign currencies for cash business dealings in the country.
Foreign currencies have gradually overtaken the use of the weak local Congo franc in recent years in stores and other places. The Congo Central Bank has tried and failed in the past to ban the use of the dollar.
The BCC said the latest ban would start in April next year.
“From April 9, 2027, no person will be authorised to carry out cash transactions in foreign currencies” and no commercial bank would be “permitted to physically import foreign currency”, said BCC governor Andre Wameso in a statement.
Transactions in foreign currencies will only be allowed “electronically” through a bank transaction, Wameso added.
The central bank said the measure aimed to “continue the fight against the risk of money laundering and terrorist financing”.
The dollar first started appearing in the local economy in the 1990s when inflation at one stage hit an annual rate of 2,000 percent.
Now, most transactions above the value of $5 are paid for in dollars. Most people have little faith in the local Congo franc which trades at about 2,300 to the dollar, down from 920 to the dollar in about 2010.
Since then the authorities have made several attempts to stop the spread of the US currency.
In 2024, the BCC ordered banks and financial institutions to configure electronic payment terminals to accept only the Congolese franc.
DR Congo, with a population of more than 100 million people, is one of the world’s poorest countries despite a huge mineral wealth that has attracted China, the United States and other countries.
Investors on the Nigerian Exchange Limited recorded a gain of ₦390 billion at the close of trading on Wednesday, as bullish sentiment dominated the market.
The positive performance was largely driven by the release of full-year 2025 financial results by listed companies, which boosted investor confidence.
Market sentiment was further strengthened by FTSE Russell’s latest Equity Country Classification Interim Review, which confirmed Nigeria’s return to Frontier Market status from its previous “Unclassified” position.
The reclassification, set to take effect in September, is expected to attract increased inflows from global tracker funds and Exchange Traded Funds (ETFs) tracking the FTSE Frontier Index.
Read Also: US Stocks Surge On Hopes Iran War Will End Soon
At the close of trading, market capitalization rose from N130.014 trillion to N130.404 trillion, representing a gain of N390 billion or 0.28 percent.
Similarly, the All-Share Index advanced by 562.44 points, or 0.28 percent to close at 202,585.54, up from 202,023.10 recorded on Tuesday. Consequently, the Year-to-Date (YTD) return improved to 30.19 percent.
Despite the overall positive outlook, market breadth closed negative, with 32 losers compared to 22 gainers.
On the losers’ table, UPDCredit declined by 10 per cent to close at N6.75, while Fortis Global Insurance fell by 9.92 per cent to N1.18. Deep Capital Management dropped by 9.85 percent to N5.40 per share.
Also, CHAMS shed 9.47 per cent to close at N3.06, while JaPaul Gold lost 8.82 per cent to settle at N3.10 per share.
Conversely, Universal Insurance topped the gainers’ chart with a 10 percent increase, closing at N1.21. Omatek Ventures rose by 9.78 per cent to N2.47, while VFD Group gained 9.71 per cent to close at N11.30 per share.
In the same vein, Computer Warehouse Group appreciated by 9.64 percent to N21.05, and Livestock Feeds climbed 9.56 percent to close at N7.45 per share.
Meanwhile, trading activity declined, as total volume traded dropped by 12.64 per cent to 1.01 billion shares, valued at N40.57 billion across 52,723 deals.
Access Corporation led the activity chart by volume with 232.98 million shares, accounting for 23.14 per cent of total trades, while Zenith Bank emerged as the most traded stock by value at N6.47 billion, representing 15.94 per cent of the day’s turnover.
Wall Street stocks rocketed higher Tuesday while oil prices retreated after Iran’s president said his country had the “necessary will” to end the war with the United States and Israel, lifting hopes that a resolution was in site.
President Masoud Pezeshkian, in a phone call with the president of the European Council, said Iran had “the necessary will to end this conflict, provided that essential conditions are met — especially the guarantees required to prevent repetition of the aggression.”
The comments prompted a surge in US equities, with the blue-chip Dow index finishing up 2.5 percent, or more than 1,125 points, at 46,341.51.
“This is the first concrete communication coming from Iran that feels verifiable,” said Art Hogan of B. Riley Wealth Management. “The market has been coiled for good news after having been down the last five weeks.”
