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Glo has helped make Ofala huge tourism spectacle – Obi of Onitsha
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Glo has helped make Ofala huge tourism spectacle – Obi of Onitsha

Igwenwanyi Achebe, wife of Obi of Onitsha, presents the key to a brand new tricycle, also known as keke, to one of the lucky winners of the Globacom Ofala 2019 raffle draw, Mr. Mofunanya Onochie, on Saturday at the Onitsha Ime Obi, during the Azu […]

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Nvidia is bringing ray tracing to more remastered PC classics
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Nvidia is bringing ray tracing to more remastered PC classics

According to a job listing that was spotted by DSOGaming, Nvidia’s Lightspeed Studios, which was responsible for Quake II RTX , is “cherry-picking some of the greatest titles from the past decades and bringing them into the ray tracing age, giving them state-of-the-art visuals while […]

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Aisha Buhari gives reason for her long absence from Aso Rock
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Aisha Buhari gives reason for her long absence from Aso Rock

Aisha Buhari, wife of Nigerian President Muhammadu Buhari has revealed why she’s been away for some months. In a statement released by her Special Assistant Media Olabisi Olumide-Ajayi, Aisha Buhari said she took the long vacation to be with her children. Mrs. Buhari said she […]

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Zimbabwe plans new currency as dollar shortage bites: finance minister

Zimbabwe plans new currency as dollar shortage bites: finance minister

Zimbabwe will introduce a new currency in the next 12 months, the finance minister said, as a shortage of U.S. dollars has plunged the financial system into disarray and forced businesses to close.

In the past two months, the southern African nation has suffered acute shortages of imported goods, including fuel whose price was increased by 150 percent on Saturday.

Zimbabwe abandoned its own currency in 2009 after it was wrecked by hyperinflation and adopted the greenback and other currencies, such as sterling and the South African rand.

Photo: Bitcoinist.com / Reserve Bank of Zimbabwe

But there is not enough hard currency in the country to back up the 10 billion U.S. dollars of electronic funds trapped in local bank accounts, prompting demands from businesses and civil servants for cash which can be deposited and used to make payments.

Finance Minister Mthuli Ncube told a townhall meeting on Friday a new local currency would be introduced in less than 12 months.

“On the issue of raising enough foreign currency to introduce the new currency, we are on our way already, give us months, not years,” he said.

Zimbabwe’s foreign reserves now provide less than two weeks cover for imports, central bank data show. The government has previously said it would only consider launching a new currency if it had at least six months of reserves.

Locals are haunted by memories of the Zimbabwean dollar, which became worthless as inflation spiraled to reach 500 billion percent in 2008, the highest rate in the world for a country not at war, wiping out pensions and savings.

A surrogate bond note currency introduced in 2016 to stem dollar shortages has also collapsed in value.

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Glo has helped make Ofala huge tourism spectacle – Obi of Onitsha
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Glo has helped make Ofala huge tourism spectacle – Obi of Onitsha

Igwenwanyi Achebe, wife of Obi of Onitsha, presents the key to a brand new tricycle, also known as keke, to one of the lucky winners of the Globacom Ofala 2019 raffle draw, Mr. Mofunanya Onochie, on Saturday at the Onitsha Ime Obi, during the Azu […]