Nigeria’s central bank has released inaugural guidelines for banks opening cryptocurrency accounts, while retaining its ban on them holding or trading in virtual assets on their own behalf, Bloomberg News reported. The rules, published on the central bank’s website on Tuesday, flesh out the regulator’s decision last month to lift its prohibition on banks operating accounts for crypto service providers. “Current trends globally have shown that there is need to regulate the activities of virtual assets service providers which include cryptocurrencies and cryptoassets,” it said.

Ethiopia became Africa’s latest defaulter after it failed to make an interest payment following the end of a grace period on Monday, Bloomberg News reported. The Horn of Africa nation had to pay a $33 million coupon on Dec. 11. The government didn’t want to make the payment because it “wants to treat all creditors in the same way,” Ahmed Shide, Ethiopia’s minister of finance said on state TV on Thursday. Hinjat Shamil, senior reform advisor at the Ministry of Finance confirmed Monday that the payment had not, and will not be paid.

Nigeria's central bank has lifted a ban on transacting in cryptocurrencies, while saying global trends had shown a need to regulate such activities, the bank said in its latest circular, Reuters reported. The Central Bank of Nigeria (CBN) in Feb. 2021 barred banks and financial institutions from dealing in or facilitating transactions in crypto assets, citing money laundering and terrorism financing risks.

The U.S. Securities and Exchange Commission (SEC) on Monday filed charges against Nigerian businessman Dozy Mmobuosi and three companies of which he is CEO, alleging they inflated the financial performance of the companies and key subsidiaries to defraud investors, Reuters reported. The SEC said in a statement that it filed charges in U.S. District Court in New York against Mmobuosi, who made headlines this year following a bid to buy an English premier league team.

Ethiopia's only international government bond slipped in price on Monday after credit ratings agency S&P Global Ratings downgraded it to "Default" after the east African country failed to make a key 'coupon' payment, Reuters reported. The $1 billion bond, which matures in December 2024 with a full principal repayment known as a bullet payment, dipped 0.4 cents on the dollar to 66.5 cents having jumped roughly 10% since the start of the month.

Ethiopia's government told bondholders on Thursday it was hoping to negotiate a rework of its single international bond quickly and was set to include a form of "loss reinstatement" provision for investors, three sources attending the call told Reuters. The global investor call was part of Ethiopia's eleventh hour push to resuscitate an overhaul of its $1 billion Eurobond after disclosing on Dec. 8 that it failed to reach an agreement with a core group of bondholders.

Somalia on Wednesday secured a $4.5 billion debt relief deal from its international creditors, the International Monetary Fund and World Bank said, which will allow the nation to develop economically and take on new projects, the Associated Press reported. The deal comes as part of a debt forgiveness program —called the Heavily Indebted Poor Countries initiative— overseen by both organizations.

Ethiopia looks set to miss an interest payment due later on Monday on its December 2024 dollar bond, becoming the latest emerging-market sovereign to default on debt, Bloomberg News reported. The country’s finance ministry said on Friday, it was “not in a position to pay” the $33 million coupon because of the nation’s “fragile external position.” It added that “restricted discussions” it had held with a group of bondholders had thus far been unsuccessful.

Somalia is expected to get major debt relief this week, slashing its debt-to-GDP ratio to less than 6% in a historic move that would allow it to rejoin the international financial system after roughly 30 years, Reuters reported. The war-scarred East African country is set for the relief under the World Bank and International Monetary Fund's (IMF) Heavily Indebted Poor Countries (HIPC) Initiative. An IMF media advisory on Monday said Somalia was scheduled to reach the "Completion Point" under HIPC on Dec. 13, calling it "a major milestone in its development path".

Pepkor Holdings Ltd., Africa’s largest clothing retailer, is exploring a potential takeover of South African rival Edgars, Bloomberg News reported. The owner of chains including Pep, Ackermans and Tekkie Town is considering paying as much as 2.4 billion rand ($126 million) for the 94-year-old brand, which three years ago was bought out of business rescue by retail holding company Retailability Pty Ltd., the people said. Talks could yet fall apart and another buyer may emerge, they said.