The Editorial Team |

Nigeria Central Bank to Start Commodity Exchange in 90 Days

LAGOS(Capital Markets in Africa) — The Central Bank of Nigeria plans to obtain all the necessary approvals required to start the operations of a proposed commodities exchange within the next 90 days, Governor Godwin Emefiele said on Thursday. “In the next 90 days we should be able to really begin the first launch and this will involve approvals on repositioning, restructuring, setting up bureaus, board structures, board committees, governance committees,” Emefiele said at a briefing…

Nigeria Seen Devaluing Naira by as Much as 10% in 2021: Survey

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LAGOS(Capital Markets in Africa) — Nigeria’s central bank will probably devalue the naira by as much as 10% this year amid a lingering dollar shortage in Africa’s top oil producer, according to a Bloomberg survey of investors and analysts. Of the 17 survey participants, eight forecasts a devaluation of between 5% and 10% this year. Five saw a devaluation of more than 10% and the remaining four predicted a markdown of as much as 5%….

Novavax Soars After Upbeat Results From Covid Vaccine Trial

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JOHANNESBURG (Capital Markets in Africa) — A new Covid-19 vaccine from Novavax Inc. was effective in big trials in the U.K. and South Africa, though its protective power appeared to be reduced in South Africa, where a worrisome mutation is prevalent. The results indicated that another highly potent vaccine could soon be available to help ameliorate the pandemic, in addition to existing vaccines from Pfizer Inc., Moderna Inc., and AstraZeneca Plc that are authorized in…

Shell Is Back in Court for Nigeria Oil Spills Liability Ruling

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LAGOS (Capital Markets in Africa) — Royal Dutch Shell Plc faces the latest ruling in a long-running legal dispute with Nigerian farmers who say the energy giant is responsible for oil leaks that have polluted their villages. The case is the first in which a company and its foreign subsidiary have been tried in the Netherlands for allegedly breaching duty of care abroad, and it could have far-reaching implications for future suits brought against oil…

Libor Marks ‘Important Day’ With Partial Fix for Derivative Risk

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LAGOS (Capital Markets in Africa) — Untangling the vast global derivatives industry from Libor just got a bit easier. The London interbank offered rate is hardwired into swaps and other contracts worth hundreds of trillions of dollars, but it’s slated to disappear in the not-too-distant future. If the move to replacement rates doesn’t go smoothly, that could cause major discord in markets. A fix that takes effect Monday eases that risk for a large swath of the…

Biden’s China Policy Hinges on How Much Xi Is Willing to Give

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NEW YORK (Bloomberg Businessweek) — As Joe Biden settles into the White House, there’s been endless debate about what his China policy should, could, and will be. Yet it takes two superpowers to tango, so Xi Jinping’s approach to Biden will be every bit as critical as Biden’s to Xi—perhaps even more so. Any significant improvement in U.S.-China relations is impossible unless Xi is willing to dance. Is he? We don’t know with any certainty….

Yellen Takes Charge at Treasury With Economic Rebound Weakening

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NEW YORK (Capital Markets in Africa) — Janet Yellen won confirmation to become U.S. Treasury secretary, building out President Joe Biden’s team as the administration struggles to win bipartisan support for a $1.9 trillion Covid-19 relief plan for shoring up a weakening economic recovery. The first woman to serve in the post, Yellen will take charge of a department with responsibilities spanning tax policy and government spending to financial stability, economic sanctions, and foreign-exchange policy….

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