The Editorial Team |

Nigeria Wants Banks to Alter 65% of Loans Amid Economic Fallout

LAGOS (Capital Markets in Africa) — Nigeria’s central bank wants the nation’s lenders to restructure almost two-thirds of all loans to help borrowers cope with lower oil prices and economic fallout from the coronavirus. Loans worth 7.8 trillion naira ($20 billion) to 35,640 customers are already being reorganized out of 18.9 trillion naira in credit across the industry, Central Bank of Nigeria Governor Godwin Emefiele said on Monday. The central bank would be “more comfortable” if 65% of loans…

Harvard Undercuts Own Logic in Foreign-Student Fight, U.S. Says

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LAGOS (Capital Markets in Africa) — Harvard University can’t argue that foreign students taking online-only classes in the U.S. will get a lesser education if they continue those studies from abroad because Americans on its campus this fall will basically be learning the same way, the government said. The Trump administration on Monday fired back at a lawsuit filed last week by Harvard and the Massachusetts Institute of Technology. The two sued over a new ban…

Donald Trump Downplays Fauci Rift, Now Says Pair Has Good Relationship

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NEW YORK (Capital Markets in Africa) — President Donald Trump on Monday said he had a “good relationship” with Anthony Fauci, the nation’s top infectious disease expert, despite evidence of a growing rift between the two men as coronavirus cases surge in several states. “I get along with him very well,” Trump told reporters during an event at the White House. “I like him, personally.” The conciliatory tone was a notable shift after White House…

Pence Tells Governors to Protect Citizens However They Can

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NEW YORK (Capital Markets in Africa) — Vice President Mike Pence told U.S. governors Monday that the administration would back them on any measures to contain the coronavirus pandemic as 13 states reached an alarming rate of positive tests. On a conference call, Pence said those states have rates of higher than 10%, according to a person who listened to the private session and requested anonymity to discuss it. The vice president has consistently argued…

Navigating Nigeria’s Foreign-Exchange Maze to Fair Value

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LAGOS (Capital Markets in Africa) — Nigeria, under pressure from multilateral lenders, has vowed to untangle its Byzantine foreign-exchange regime that deters investment in Africa’s biggest economy. But the slow pace of change signals the path to a single rate that could be long and confusing for investors. The collapse of oil prices in March forced the central bank to take the first step, adjusting its official currency peg against the dollar to 360 naira…

What to Watch in Commodities: Goldman, OPEC+, Copper, Rio, China

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LAGOS (Capital Markets in Africa) — Commodity investors may witness a powerful split-screen moment this week as U.S. earnings season throws a spotlight on companies’ pandemic-driven pain just as China announces its mammoth economy has returned to growth. And with a keen watch on both of those conflicting trends, OPEC and its allies may announce plans to start tapering historic output cuts. Among corporates reporting are top banks including Goldman Sachs Group Inc., whose commodities unit…

Ugandan Banks to Cut Loan Rates After Governor Threatens Action

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KAMPALA (Capital Markets in Africa) — Ugandan lender pledged to reduce the cost of borrowing after the central bank threatened to set pricing in line with the lowest benchmark interest rate recorded. Commercial banks “heeded the governor’s call” and will review interest rates downwards within 30 days, the Uganda Bankers’ Association said in a statement on its website. Bank of Uganda said it considered determining rates if lenders didn’t reduce loan prices to reflect the…

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