Africa’s financial landscape is showing contrasting signals, with 12 of 17 major currencies weakening against the dollar in September even as Nigerian billionaire wealth surged and international banks pursued new opportunities in the country.
South Africa’s business activity weakened, while Ethiopia’s move to open a regulated channel for qualified investors to participate in Dangote Refinery’s IPO highlights growing efforts to connect African capital markets.
Here are the stories shaping the week
Africa’s currency recovery reverses as more currencies weaken in September
Africa’s currency recovery reversed sharply in September as 12 of the 17 major currencies tracked weakened against the US dollar, compared with just four in August, as a stronger dollar and rising oil prices renewed pressure on foreign exchange markets.
The reversal marks a significant change from August, when 13 of the 17 currencies appreciated against the dollar, according to data compiled by trading platform African Markets.
Why it matters: Currency depreciation can increase the domestic cost of imported fuel, food and machinery, as well as foreign-currency debt servicing. It can also complicate inflation management and monetary policy, underscoring the fragility of Africa’s recent currency recovery.
Weak demand, supply bottlenecks push South Africa to lowest business activity in 2026
South Africa’s private-sector activity fell to its weakest level of the year in September as weaker demand, higher fuel costs and worsening supply bottlenecks weighed on businesses.
The S&P Global South Africa Purchasing Managers’ Index fell to 49.0 in September from 50.5 in August, slipping below the 50-point threshold separating expansion from contraction.
Why it matters: Prolonged weakness in business activity could weigh on production, employment and investment in Africa’s largest economy. The slowdown also contrasts with Nigeria’s improving business activity, highlighting the increasingly divergent economic conditions across the continent.
Nigeria’s billionaire wealth nearly triples in two years despite no new addition
Nigeria’s dollar billionaire class has become significantly richer over the past two years without adding a single member, highlighting the growing concentration of private wealth among the country’s existing ultra-rich.
The country had four billionaires in 2024, according to Forbes, and still had four in 2026. However, their combined wealth surged from $26.7 billion in 2024 to $73.2 billion as of September 2026.
That represents an increase of $46.5 billion, or 174.1 percent, in less than two years.
Why it matters: The increase highlights how wealth can grow rapidly among established billionaires without broadening the billionaire population. It also raises questions about the concentration of private wealth and the extent to which fortunes accumulated by Nigeria’s richest individuals translate into wider investment, employment and productive capacity.
J.P. Morgan, Absa see Nigeria opportunity as foreign banks exit Africa
International and pan-African banks are deepening their push into Nigeria’s corporate and investment banking market, with J.P. Morgan planning a merchant bank and South Africa’s Absa Group considering a similar move.
The plans come as some European lenders reduce their exposure to African markets, while regional banking groups expand to capture opportunities in trade finance, corporate lending and capital markets.
Why it matters: The interest from J.P. Morgan and Absa could expand financing options for Nigerian companies and intensify competition in corporate and investment banking. It also suggests that the retreat of some foreign lenders is creating room for others to pursue opportunities in Africa’s largest economy. The key test is whether the expansion improves access to finance for businesses.
Ethiopia opens regulated route for qualified investors into Dangote IPO
Ethiopia has taken a step towards connecting its investors to Dangote Petroleum Refinery and Petrochemicals’ public offering, with the Ethiopian Capital Market Authority announcing that participation in the proposed offering will be restricted to qualified investors.
Under the notice, participation is capped at 100 qualified investors unless the authority grants prior approval. Intermediaries must verify each investor’s status, while any solicitation advertisement requires regulatory approval. The offering is not open to the general public.
Why it matters: The arrangement offers a potential route for eligible Ethiopian investors to gain exposure to a major Nigerian industrial asset, extending the cross-border dimension of Dangote Refinery’s IPO. However, the qualified-investor restriction means access will remain limited rather than open to the wider retail investing public in the continent’s second most populous nation.
Related News
Bunmi holds a degree in Economics from the University of Lagos and has over eight years of experience in content writing and journalism. Her career spans roles as a financial and business journalist at BusinessDay Media and TechCabal, and as Head of Research at SBM Intelligence, an Africa-focused market intelligence and strategic consulting firm. She also served as Editor at Finance in Africa, a subsidiary of Businessfront and is currently Assistant Editor, Finance (Africa), at BusinessDay.
