The Editorial Team |

Tesla Now Accepts Bitcoin as Payment for Cars, Musk Says

LAGOS (Capital Markets in Africa) — Having stunned the market with its audacious bet on Bitcoin earlier this year, Tesla Inc. will now start accepting the world’s largest electronic currency as payment for its electric cars. Chief Executive Officer Elon Musk on Wednesday tweeted that “you can now buy a Tesla with Bitcoin” and that paying by Bitcoin will also be available to customers outside the U.S. later this year. He added that Tesla will only use…

Democrats Step Back on Vow to Bar Biden Nominees Over Diversity

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LAGOS (Capital Markets in Africa) — Two Democratic senators backed off a threat to vote against all of Joe Biden nominees who are White and heterosexual after they received assurances that his administration would bolster its efforts to select Asian-American or Pacific Islander candidates. Tammy Duckworth of Illinois was joined in the initial pledge by Senator Mazie Hirono, a Hawaii Democrat. The loss of their votes could jeopardize the confirmation of Biden nominees in an evenly divided…

Nigeria to Cushion Subsidy-Cut Impact, Buhari Adviser Says

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LAGOS (Capital Markets in Africa) — Nigeria is considering ways to cushion the impact of fuel-subsidy cuts as it weighs the possibility that the reform may stoke popular discontent, an adviser to the nation’s president said. While those policies are being formulated, the state is continuing interventions that it says cost an estimated 744 billion naira ($1.8 billion) a year from 2006 to 2019 to maintain lower gasoline prices. That’s equivalent to about 10% of…

NIGERIA REACT: CBN Holds Key Rate, Clarifies Exchange Framework

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LAGOS (Capital Markets in Africa) — The Central Bank of Nigeria kept its key policy rate unchanged at 11.5% at its March meeting, as was widely expected. The decision reflects the committee’s desire to strike the right balance between support for the economy and the need to contain the country’s rising inflation pressures. Governor Godwin Emefiele also confirmed the devaluation of the naira but rejected claims the CBN had moved to a flexible exchange rate…

Nigeria Using Managed-Float Forex Regime, Central Bank Says

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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

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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

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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…

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