The Editorial Team |

Nigerian Central Bank Governor Suggests Naira Has Been Devalued

LAGOS (Capital Markets in Africa) — Nigeria’s central bank governor suggested the nation’s currency has been devalued. Addressing bankers at a summit on the economy in Lagos on Friday, Governor Godwin Emefiele said the official exchange rate now stands at 410 to the dollar. That’s 7.6% weaker than the rate of 379 published on the central bank’s website. “In order to adjust for the decrease in the supply of foreign exchange, the naira depreciated at the official…

Bitcoin’s Long-Term Value Doubted Due to ESG, Tighter Rules

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LAGOS (Capital Markets in Africa) — Bitcoin is nursing losses after its worst weekly plunge in almost a year and on one view its longer-term outlook could be even worse because of environmental concerns and tightening regulations. The sheer amount of energy needed to mine Bitcoin and the prospect that governments will create more obstacles for the largest cryptocurrency point to the token losing “most of its value over time,” BCA Research Inc. said. The expense and slowness of…

Business Leaders Sound Unfamiliar Note in Zimbabwe: Optimism

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HARARE (Capital Markets in Africa) — Business executives are sounding decidedly upbeat in Zimbabwe, a sea change from the pessimism they’ve expressed through two decades of economic mismanagement and institutional decay. The southern African nation is reaping the benefits of a commodities boom and good summer rains that are bolstering farm output. A series of reforms spearheaded by Finance Minister Mthuli Ncube is also starting to bear fruit, with the economic-growth outlook improving markedly and…

Troublesome Trio in Emerging Markets Face Yield Spike Scare

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LAGOS (Capital Markets in Africa) — Eight years ago, when the taper tantrum roiled emerging markets, the so-called Fragile Five of Turkey, Brazil, South Africa, India and Indonesia suffered the most. Another spike in U.S. Treasury yields is threatening to wreak havoc on at least three of those nations. The Turkish lira, Brazilian real, and South African rand led major global declines last week in the worst developing-nation currency selloff since late September. Those exchange…

Ramaphosa Eases South African Virus Curbs as New Cases Abate

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JOHANNESBURG (Capital Markets in Africa) — South African President Cyril Ramaphosa eased coronavirus restrictions as the rate of new infections dropped, scrapping most limits on alcohol sales, shortening a night-time curfew, and permitting larger public gatherings. The move to virus alert level 1, from level 3, comes a year after the first Covid-19 case was detected in the country, and will remove most remaining shackles on the struggling economy, Ramaphosa said in a televised address to the…

Jumia Expands in Online Africa Food Delivery in Quest for Profit

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LAGOS (Capital Markets in Africa) — Jumia Technologies AG is expanding in online food delivery as the pioneering Africa e-commerce business looks to grow beyond its main market of trading phones and electronics. Food makes up 20% of overall transactions on the platform and is growing quickly, co-Chief Executive Officer Sacha Poignonnec said in an interview. The company is expanding the service into Egypt, where there is a gap in the market following the exit of Uber…

Comment: Can equities tolerate higher bond yields?

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LONDON (Capital Markets in Africa) – The spike in yields of late has sent shivers through stock markets, which recently reached all-time highs and whose valuations are seen as stretched. But this rise in yields, if contained, isn’t necessarily bad news for stocks. Rather, it suggests to us that the rotation into reflation-driven cyclical stocks may have legs. The inflation influence Global bond yields have been trending higher for some time, but the pace of…

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