Condia Insider: Tower Heist Uganda

We have prepared context and insights about this week’s leading news. The stories are:

• CBN cuts interest rates for the first time since COVID
• Hiridjee tightens hold on Jumia, faces tower fight in Uganda
• South Africa just got chip-blocked

CBN cuts interest rates for the first time since COVID

For the first time since COVID-19 locked us indoors, Nigeria’s Central Bank has cut its interest rates, nudging the Monetary Policy Rate (MPR) down to 27% from 27.50%.

Why now? Inflation has been slowing for five straight months, hitting 20.12% in August (still high, but at least moving in the right direction). The naira’s also showing some muscle, thanks to fatter foreign reserves—$43 billion in September, up from just $14.5 billion in July. That’s an increase Governor Cardoso will happily take credit for.

Last updated: September 24, 2025