FOREIGN EXCHANGE MARKET

The dollar advanced on Friday to multi-month highs as investors sought safety amid the intensifying war in the Middle East and growing doubts about any path to de-escalation. Against a basket of currencies, the dollar edged up to 99.93 but was set to record a 2.3% gain this month, its strongest advance since July of last year. The Australian dollar was under pressure at $0.6881, after slipping 0.8% overnight to a low of $0.6876. The New Zealand dollar looked fragile at $0.5758, after losing 0.8% overnight to a low of $0.5751. It has fallen 1.2% on the week and is threatening support at $0.5712.

The Indian rupee is expected to depreciate and cross 94 rupees to a dollar, pressured by risk aversion, rising US Treasury yields, and Brent crude oil prices remaining above $100 a barrel due to fears that the war in Iran will drag on. The 1-month non-deliverable forward indicated that the rupee would open in the 94.20-94.25 range against the US dollar, after stabilizing near its historic low of 93.9775 on Wednesday.

MONEY MARKETS

Following its simultaneous auction of 364-day fungible Treasury bills and 3-year and 5-year fungible Treasury bonds, the Public Treasury of Togo collected 27.500 billion FCFA on Friday, March 20, 2026, from the WAEMU financial market. According to UMOA-Titres, the amount put up for auction was 25 billion FCFA. The issuer received total bids of 134.575 billion FCFA, resulting in a coverage rate of 538.30% for the amount put up for auction.

The State of Burkina Faso raised 76.999 billion FCFA on Wednesday, March 25, 2026, on the WAEMU financial market. This was at the end of its simultaneous auction of 364-day fungible Treasury bills and 3, 5, and 7-year fungible Treasury bonds, organized in partnership with UMOA-Titres. For this, the Burkinabe Public Treasury put up a total of 70 billion FCFA for auction. The total amount of bids reached 139.203 billion FCFA, corresponding to a coverage rate of 198.86% for the amount put up for auction.

STOCK MARKETS

For the second time in its history, the 7th edition of the BRVM Awards 2026 opened on Thursday, March 26, in Dakar. This event has become a structuring meeting for the capital markets of the West African Economic and Monetary Union (WAEMU). The event, which concludes on March 27, 2026, is themed "The BRVM at the crossroads of technology and sustainability for better financing of WAEMU economies," and the ceremony recognizes the market's best performances, technological innovations, and sustainable finance initiatives.

The last trading session of the week at the Regional Stock Exchange was marked by remarkable performance, with the total value of transactions sharply increasing to 5.473 billion FCFA, compared to 920.551 million FCFA the day before. In the same vein, equity market capitalization gained 166.02 billion FCFA to reach 15,660.629 billion FCFA. In contrast, bond market capitalization declined by 25.532 billion FCFA, to 12,018.494 billion FCFA.

Stock market indices generally moved upwards: the BRVM Composite rose by 1.07% to 406.18 points, as did the BRVM 30 (+1.07%). The BRVM Prestige recorded a gain of 1.29%, while the BRVM Principal gained 0.61%. Finally, the Composite Total Return index also increased by 1.07%, confirming the positive market trend.

COMMODITIES

After US President Donald Trump stated that talks to end the war with Iran were going well, oil prices fell on Friday and were heading for their steepest weekly decline in six months. At 3:53 GMT, Brent crude was down 84 cents, or 0.8%, at $107.17 a barrel, while US West Texas Intermediate lost $1.02, or 1.1%, to $93.46 a barrel, paring gains from an earlier bullish session.

Supported by a weaker dollar and bargain hunting, gold advanced more than 1% on Friday but was heading for a fourth consecutive weekly decline. Spot gold rose 1.1% to $4,428.30 an ounce at 02:28 GMT, but the bullion has retreated about 1.3% since the start of the week. US gold futures for April delivery gained 1.1% to $4,423.40. Gold has fallen about 17% since the start of the Israeli-American war against Iran on February 28, pressured by a stronger US dollar, which has gained more than 2% over the same period.

Spot silver prices rose 1.1% to $68.80 an ounce. Spot platinum gained 2.1% to $1,865.13, while palladium advanced 2.7% to $1,389.80.

COMPANIES

Palm oil producer PALMCI increased its revenue by nearly 15% in fiscal year 2025 to XOF 197.6 billion ($347.1 million), driven by higher sales of manufactured products and ancillary revenues. Net profit declined to XOF 15.5 billion ($27.2 million), from XOF 15.9 billion ($27.8 million) a year earlier. Raw material purchases were the main drag, increasing by over 50% year-on-year and compressing value added and operating margins across the board.

BANKS AND INSURANCE

The 11th African Regional Conference on Inclusive Insurance will be held from March 25 to 27, 2026, in Lomé, Togo. The event is organized by Togo's Ministry of Health, Public Hygiene, Universal Health Coverage, and Insurance, in partnership with Munich Re Foundation, FinProbity Solutions, and Microinsurance Network. The objective is to share experiences and increase insurance penetration in West Africa.

The eighth Nigeria-European Union dialogue was held on Monday, March 23, in Abuja. On this occasion, the European Investment Bank, through EIB Global, and the Bank of Industry signed two loan agreements totaling 135 million euros ($156.3 million). Nigerian authorities aim to strengthen the private sector's production capacities and improve supply systems. To this end, the first agreement allocates 50 million euros as a credit line to local manufacturers of pharmaceuticals, vaccines, and diagnostic equipment. The second agreement allocates 85 million euros to private sector companies, including cooperatives and SMEs active in cocoa production and dairy supply. The program dedicates 70% of this funding to these two sectors.

On Tuesday, March 24, 2026, the first quarterly consultation meeting between the National Director of the BCEAO and the General Managers of credit institutions for the year 2026 was held in Cotonou at the BCEAO's Main Agency. The statutory meeting between the BCEAO National Director and the General Managers of credit institutions addressed two main important points with bank officials. The first point concerns the participation of credit institutions in the WAEMU Interoperable Instant Payment System Platform (PI-SPI), and the second focuses on a presentation of the modifications introduced by Regulation N°06/2024/CM/UEMOA relating to the external financial relations of WAEMU member states.

The Africa-Community of Latin American and Caribbean States (CELAC) High-Level Forum was held in Bogotá, Colombia, from March 18 to 21, 2026. Under the leadership of its President, Serge Ekue, the West African Development Bank (BOAD) participated in the first Forum alongside African and Latin American development banks. The CELAC-Africa High-Level Forum was held under the theme "Trade, Development Cooperation, and Historical Reparations." This forum brought together development banks from Africa and Latin America to discuss the challenges of financing sustainable development and climate transition.

Data from the Central Bank of Nigeria (CBN) reported on Monday, March 23, by local press, indicate that Nigeria is reducing its petrol import bill thanks to increased domestic refining. Nigeria had long covered a large part of its petrol needs through imports due to limited refining capacities and underperforming public infrastructure. According to the data, these imports declined to approximately $10 billion in 2025, after reaching $14 billion a year earlier.

On March 24, 2026, the BEAC initiated a new liquidity injection operation into the community's banking system. The official communiqué announced that the offer made by the issuing institution to commercial banks was increased to 400 billion FCFA, up by 50 billion FCFA compared to the last operation organized on March 17, 2026. The new envelope made available by the BEAC reached the level of demand expressed by banks during the March 17 operation, at the end of which the central bank could not satisfy the liquidity needs of certain credit institutions: demand had outstripped supply.

The Guinean subsidiary of Vista Bank Guinea announced that it had obtained a financing agreement of up to $20 million from the International Finance Corporation (IFC). The funds will primarily be directed towards micro, small, and medium-sized enterprises (MSMEs), with particular attention paid to women-led businesses, which are expected to benefit from at least 25% of the funds, or $5 million. These businesses will use these resources to finance their current activities, including the purchase of inventory and inputs, in key sectors of the Guinean economy such as trade, services, transport, and construction.

FINANCIAL CRIMES

The interim Minister of Tourism and Leisure, Gabriel Mbairobe, announced in a press release published on Monday, March 16, that Cameroon plans inspection missions across its entire tourism and leisure sector. The goal is to comply with regional anti-money laundering requirements. The operation will aim to trace the origin of investments, in a context of strong growth in hotel and leisure establishments in urban centers. The authorities intend to verify the compliance of the capital used with regulatory standards, as part of an effort to strengthen financial transparency.

On Tuesday, March 24, 2026, the public prosecutor in Abidjan requested heavy sentences against influencer and artist Apoutchou National and his co-accused Lionel Pcs. Seven years of firm imprisonment and a fine of 240 million FCFA were requested against the influencer. Indeed, the case concerns facts of money laundering and offenses related to gambling and money transfers on electronic networks. It also involves significant damage claims made by the State and the National Lottery of Côte d'Ivoire (LONACI).

On Wednesday, March 25, 2026, the official launch of a research project on combating financial crime in Côte d'Ivoire took place. This launch was held in collaboration with the Laboratory of African and Comparative Political Studies (LEPAC) of Alassane Ouattara University (UAO) in Bouaké. The research project on combating financial crime in Côte d'Ivoire is part of the project to support financial integrity actions in Côte d'Ivoire (SAIF-CI), implemented by Expertise France with financial support from the European Union, amounting to 3.2 billion FCFA for the period from July 2024 to July 2027.

On Thursday, March 26, the Namur correctional court sentenced a 28-year-old from Huy to six years in prison for drug trafficking and money laundering. A fine of 32,000 euros and a confiscation of 164,925 euros were also pronounced. The defendant imported large quantities of cannabis and cocaine into the judicial districts of Liège and Namur. A community service sentence of 150 hours was also pronounced. The prosecution had requested seven years of firm imprisonment.

GOVERNANCE

The Chadian Ministry of Finance indicated in a press release published on its Facebook page on March 23, 2026, that "on March 16, 2026, the financial rating agency Standard & Poor's (S&P) confirmed the sovereign rating of the Republic of Chad at 'B-', with a stable outlook." The decision by Standard & Poor's (S&P) "reflects the institution's confidence in the country's economic momentum, driven by robust growth, moderate debt levels, and constant support from international partners," the ministerial document states.

REGIONAL GROWTH

The 10th edition of the Africa Energy Market Place will take place from April 8 to 9, 2026. This meeting is organized by the African Development Bank (AfDB) in partnership with the Gabonese State. Themed "Stakeholder Consultation on the National Energy Pact for the Implementation of Mission 300," the Africa Energy Market Place is an ambitious initiative. It aims to connect 300 million Africans to electricity by 2030. For this edition organized in Libreville, the challenge will be to translate the ambitions of Mission 300, a joint initiative of the World Bank and the AfDB, which aims to massively expand access to electricity on the African continent by 2030, to the national level.

The 14th Ministerial Conference of the World Trade Organization (WTO) was held from March 26 to 29, 2026, in Yaoundé, Cameroon, focusing on major issues related to the future of global trade. Among the items on the agenda were the reform of the Geneva-based institution, development issues, agriculture, e-commerce, investment facilitation, and the ever-sensitive issue of fisheries subsidies.

Morocco will host GITEX AFRICA MOROCCO from April 7 to 9, 2026. This is a major pan-African event dedicated to technologies, startups, and digital policies. Themed "Artificial Intelligence for Inclusive Transformation," GITEX AFRICA 2026 will bring together governments, investors, and tech players around key topics: connectivity, cybersecurity, smart cities, and the rise of fintech on the continent. It is a unique opportunity to connect, learn, and shape the future of innovation in Africa.

The 14th Ministerial Conference of the World Trade Organization (MC14) is being held from March 26 to 29, 2026, in Yaoundé (Cameroon). Ministers are participating to examine the challenges and opportunities facing the multilateral trading system and to take action on the future work of the WTO. Themed "Accelerating the formalization of informal trade and strengthening trade corridors for sustainable and inclusive development," the meeting highlights several high-impact economic projects: simplified trade regimes for SMEs and small traders, reduction of non-tariff barriers and informal payments, integration of informal actors into formal value chains, expanded access to financing, better utilization of the AfCFTA, and improved cross-border logistics.