At the time of negotiating the currency conversion agreement, a barrel of oil then cost about US$100 on the world market. Although they spent the Namibian dollars in Oshikango, the kwanzas in Namibia’s commercial banks at the border town became too much. Despite tough economic conditions in Angola, BNA has been managing to repay back the money and is expected to pay its last instalment of R600 million in June. He said, unfortunately, dishonesty people quickly found ways to skirt around the rules and black market currency exchanges contributed to the halting of the currency agreement. BNA then facilitates currency exchange at commercial banks and Bureau de Changes in Santa Clara in Angola through their normal banking transactions,” said Zemburuka.

Source: The North Africa Journal May 18, 2018 10:41 UTC