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Our FX Dealer, Omar El-Gazzar, comments on the use of the US dollar as a settlement currency for Africa’s hard-to-reach markets.
Omar shares his concerns about the reliance of many African countries on the US dollar for cross-border payments instead of facilitating South-South currency flows. He explains that '45% of payments made from Africa are made in Dollars, made using the SWIFT network. This creates significant friction as the USD exists parallel to regional currencies, directly impacting trade and market growth. Intra-African payments alone made in intermediate currencies are estimated to cost the continent $5bn each year, which restricts local prosperity'.
