The Editorial Team |

Nigeria Using Managed-Float Forex Regime, Central Bank Says

LAGOS (Capital Markets in Africa) — Nigeria has not changed its foreign exchange policies from a managed float to a flexible regime, Central Bank Governor Godwin Emefiele said Tuesday. A report concluding that the country has adopted a flexible foreign-exchange rate based on comments by Finance Minister Zainab Ahmed is wrong, according to the Governor. Africa’s largest crude producer now uses the more flexible Nafex rate for all official transactions, abandoning the 379 naira to the dollar…

Cash Is King for Emerging Nations Facing Spike in Yields

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — Cash is king may well be the mantra for emerging markets this year. With the relentless increase in Treasury yields pushing up global borrowing costs, developing-nation bond investors are scrutinizing the cash reserves of governments as they look to pick future winners. Russia, South Africa, and Indonesia may be among the best performers as they have each built up a sizable backstop. “It all boils down to flexibility and…

IMF Mulls Creating $650 Billion in Reserves After Yellen Nod

Posted on by The Editorial Team

NEW YORK (Capital Markets in Africa) — The International Monetary Fund’s board conveyed broad support for drafting a proposal to create $650 billion in additional reserve assets to help developing economies cope with the pandemic, with an eye on considering a formal plan by June. The institution’s executive board discussed the case for the reserves informally on Tuesday, IMF Managing Director Kristalina Georgieva said in a statement after the conclusion of the meeting. Fund staff will develop…

World’s First Wildlife Bond to Track Rhino Populations in Africa

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — A bond designed to raise funds to grow the population of endangered black rhinoceros in South Africa will be sold by the World Bank this year. The five-year, 670 million rand ($45 million) security will be the world’s first wildlife conservation bond and the aim is to sell it in the middle of the year. Returns for investors will be determined by the rate of growth of the populations…

Suez Canal Snarled With Giant Ship Stuck in Top Trade Artery

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) — A giant container ship ran aground in the Suez Canal, blocking off one of the world’s busiest maritime trade routes that’s vital for the movement of everything from oil to consumer goods. The hull of Ever Given, one of the biggest container ships in operation, became wedged lengthways across the canal early Tuesday in Egypt, leaving at least 100 vessels gridlocked as they attempted to transit between the Red…

Africa urged to focus on green investments in energy for a recovery from COVID-19

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – African countries should focus on green investments in energy for a green recovery in the aftermath of the deadly coronavirus pandemic, William Lugemwa, Director of the Private Sector Development and Finance Division at the Economic Commission for Africa (ECA) said Sunday, adding placing investments in sustainable energy among the central recovery goals was critical. In remarks during a side event at the 53rd Session of the Commission and 2021…

Africa Weekly Equity Market Commentary – March 19, 2020

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Overall sentiment on African equity markets was bearish. Among the markets we cover, 10 of them retreated this week – some of them, severely – while 6 advanced and one remained flat. Kenya led the pack as equities in Nairobi jumped 3% and are up 9.75% so far this year. Conversely, Namibian equities lost 6.69% over the 5-day period but remain up 8.25% YTD. West Africa BRVM – Bulls set the tempo on…

« 1 … 104 105 106 107 108 … 1,075 »