Photo: Mr Denys Denya, Senior Executive Vice President of Afreximbank addresses guests during the launch of the Africa Credit Rating Agency in Port Louis, Mauritius on October 7, 2026

African Export-Import Bank (Afreximbank) has declared it’s strong backing for the recently launched Africa Credit Rating Agency (AfCRA) by the African Union.

“AfCRA is an important milestone in strengthening Africa’s financial architecture and expanding the continent’s capacity to generate credible, independent analysis of African credit risk,” said Mr Denys Denya, Senior Executive Vice President of Afreximbank.

Mr Denya emphasised that credit ratings play an important role in determining access to capital, influencing investor perceptions and shaping the cost at which governments, institutions and businesses can finance development.

It is therefore essential that assessments of African credit risk are independent, rigorous and evidence-based, while reflecting a complete understanding of the structures, institutions and economic realities being assessed.

The establishment of AfCRA adds an important African-led source of credit opinion to the market.

Its value will not be measured by whether it produces more favourable ratings, but by the credibility of its analysis, the quality of its data and transparency of its methodology, and its ability to deepen understanding of African sovereigns, sub-sovereigns and corporate credit.

This is particularly important given that many African issuers remain unrated, while local-currency and sub-sovereign markets continue to have limited rating coverage.

Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets.

Alongside fellow members of the Alliance of African Multilateral Financial Institutions (AAMFI), Afreximbank has consistently maintained that African Multilateral Financial Institutions should be assessed on the basis of their fundamentals, performance, legal frameworks, mandates and operating models.

Ensuring that these institutional characteristics are properly understood is essential to achieving informed, balanced and credible assessments of African risk.

Commenting on the uniqueness of the African market, and need for AfCRA’s rating methodology to reflect this, Mr Denya, said: “The rating methodology AfCRA develops must recognise the uniqueness of our environment and its institutional structures.

The Agency must set its own standards and not follow those set elsewhere — it must build a unique identity that conforms to an ‘African best practice.

”Highlighting the need for the autonomy of the Africa Credit Rating agency as it takes off, Mr Denya added: “Most importantly, AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans.

“We must all use it, and in return expect a complete assessment of where we (Africa) stand: the strengths the market has ignored, and the weaknesses we still need to fix.”

AfCRA should therefore be seen as complementary to existing international and regional rating agencies, broadening the range of credible analysis available to investors and issuers while strengthening competition, transparency and analytical capacity within Africa’s credit markets.

As Africa seeks to mobilise the scale of capital required for industrialisation, trade, infrastructure and economic transformation, credible African institutions that improve information, strengthen market confidence and deepen the continent’s financial markets will become increasingly important.

Afreximbank congratulates the African Union, the African Peer Review Mechanism (APRM) and all those involved in bringing AfCRA from concept to launch, and looks forward to the contribution the Agency will make to deeper, more transparent and more efficient African capital markets.

Black Market (parallel market) Rates

₦1370DOLLAR (USD)

₦1825POUND (GBP)

₦1520 EURO (EUR)

₦970 CANADIAN DOLLAR (CAD)

₦65 SOUTH AFRICAN RAND (ZAR)

₦350 UAEDIRHAM (AED)

₦190 CHINESE YUAN (CNY)

₦100 GHANAIAN CEDI (GHS)

₦2300 CFA F.(XOF)

₦2200CFA F.(XAF)

₦850 AUSTRALIAN DOLLAR (AUD)

Official CBN Exchange Rates

DOLLAR (USD)₦1331.19

POUND (GBP)₦1759.16

EURO (EUR)₦1490.80

SWISS FRANC (CHF)₦1600.37CBN

JAPANESE YEN (JPN)₦8.41

CFA FRANC (XOF)₦2.27

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1800.11

CHINESE YUAN (CNY)₦198.91

SAUDI RIYAL (SAR)₦354.51

SOUTH AFRICAN RAND (ZAR)

Kenyan presidential candidate, Patrick Osoi, has warned the President of Dangote Group, Aliko Dangote, against rushing the proposed construction of a 700,000-barrel-per-day refinery in Kenya, insisting that the Nigerian billionaire could be forced to leave the country if he becomes president in February 2027.

Osoi issued the warning in a video shared by AM Media, declaring that he would ensure Dangote returned to Nigeria after his inauguration.

“I want to tell Dangote, please, don’t hurry up to start the refinery, because by next year, February, the time I’m sworn in as the president of this country, you’ll be back going to Nigeria,” he said.

The presidential hopeful argued that Kenya had capable businesspeople who could undertake the refinery project, adding that the country needed a facility capable of meeting its energy requirements.

“Because we are asking a refinery which can do that job. We also have business people in this country who can do that job,” Osoi said.