The Central Bank of the Democratic Republic of Congo (BCC) has announced plans to prohibit cash transactions in foreign currencies, including the US dollar, starting April 9, 2027, in a fresh attempt to promote the use of the local Congolese franc (CDF) and reduce dollarisation in the economy.

In a statement issued on Thursday, April 9, 2026, the BCC declared that from the effective date, “no person will be authorised to carry out cash transactions in foreign currencies,” and commercial banks will no longer be allowed to import or distribute physical foreign banknotes.

Under the new measure, payments in dollars, euros or other foreign currencies will still be permitted, but only through electronic means such as bank transfers, cards, or mobile money platforms. Cash dealings must be conducted exclusively in Congolese francs.

The BCC’s move aims to strengthen the national currency, enhance monetary sovereignty, and curb the widespread use of the US dollar, which dominates many business transactions in the country despite official policies favouring the CDF.

The Congolese economy has long been heavily dollarised, with foreign currency widely accepted even in everyday dealings.

This is not the first attempt by the BCC to limit dollar use. Previous efforts to ban or restrict foreign currency have largely failed to take full effect, as the dollar remains deeply entrenched in commerce, mining, and daily life across the vast Central African nation.

The announcement comes amid broader initiatives by the central bank, including interventions in the foreign exchange market and efforts to build gold reserves, to support the Congolese franc and reduce reliance on the US dollar.

Analysts and businesses are watching closely to see how the policy will be enforced, given past challenges in implementing similar restrictions in a country where cash remains king and banking penetration is relatively low.

The BCC has urged the public and financial institutions to prepare for the transition and to rely increasingly on formal banking and electronic payment systems.

Further details on implementation guidelines and penalties for non-compliance are expected in the coming months. The public is advised to monitor official communications from the Banque Centrale du Congo for updates.

Crude oil prices fell below $95 per barrel in early trading on Wednesday following a ceasefire agreement between the United States and Iran.

The global oil benchmark fell by about 13% to around $94–$95 per barrel, marking one of the steepest single-day declines in recent years after weeks of war-driven price spikes.

The dramatic selloff came after U.S. President Donald Trump announced a conditional two-week ceasefire, pausing military operations in exchange for the reopening of the Strait of Hormuz—a critical route for global oil shipments.

West Texas Intermediate (WTI), the U.S. benchmark, also dropped significantly to around $95–$96 per barrel, reflecting a broad easing of geopolitical tensions and a rapid unwinding of the war risk premium in oil markets.

Earlier, crude prices had surged above $110 per barrel amid fears of supply disruptions as tensions escalated in the Middle East.

However, the ceasefire has restored some confidence that oil flows will resume, triggering a sharp correction in prices.

Dr. George Elombi, President and Chairman of the Board of Directors at Afreximbank on Tuesday commended members of the Board for their approval of a US$10 billion Gulf Crisis Response Programme (GCRP) to insulate African and Caribbean economies.

” This crisis response programme is in tune with our DNA. We understand how our economies work and the pain points associated with these transitory crises,” said Elombi.

He emphasised that the intervention will support African countries in adjusting smoothly to the crisis while strengthening their resilience to future shocks through interventions that transform the structure of their economies.

The conflict, which escalated on 28 February 2026, has sent shockwaves through the global economy, with African and Caribbean economies bearing the largest share of the brunt.

Given the significance of the Gulf region as a primary global source of oil, Liquid Nitrogen Gas (LNG), fertilisers, as well as the critical role of the Strait of Hormuz, the outbreak has triggered wider repercussions at a global scale, including adversely affecting African and CARICOM economies.

These impacts specifically affect nations that heavily rely on fuel, fertiliser, and food imports, alongside those exposed to Gulf shipping corridors, investment flows, tourism and remittance inflows.

GCRP is designed to, among others sustain essential imports – including fuel, LNG, food, fertiliser, pharmaceuticals – by providing vital short-term Foreign Exchange (FX) and liquidity to support vulnerable member states.

It further aims to empower African energy and minerals exporters to capitalise on elevated prices and rerouted trade flows, by scaling productive capacity in strategic commodities, through pre-export finance, working capital, and inventory financing.

Additionally, it provides short term relief to African and Caribbean member states whose tourism and aviation industries have been adversely impacted by the crisis.

The programme is also designed to build the medium to long-term resilience of African and Caribbean economies against future shocks by scaling productive capacities for producers and exporters of energy, minerals while accelerating the completion of critical energy, port, and logistics infrastructure projects in African and Caribbean member states, delayed by the conflict.