The Editorial Team |

Nigerian Central Bank Adjusts Exchange Rate on Website to 379/$

LAGOS(Capital Markets in Africa) — Nigerian central bank adjusted the exchange rate of the naira on its website to reflect the devaluation of the local currency last month. The Abuja-based bank will exchange a dollar for 379 naira compared with 360 previously as an official exchange rate, according to an update of the rate on its website on Friday. The currency’s official value was reduced by 5.3% to 381 per the dollar last month on…

World’s Best-Performing Gold Stock Doesn’t Operate Any Mines

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LAGOS (Capital Markets in Africa) — The most successful way to be a gold producer may be to not operate any mines. At least, that’s the business model of DRDGold Ltd., the best-performing stock on the MSCI ACWI Select Gold Miners Investable Market Index this year. The company, which specializes in recovering gold from mine dumps in and around Johannesburg, has surged 277% in 2020, also making it the biggest gainer on South Africa’s FTSE/JSE Africa…

The African Island That Stamped Out the Virus Now Needs Tourists

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PORT LOUIS(Bloomberg) — Mauritius was the first African country to get the coronavirus under control. Now its challenge is how to let the tourists that are its economic lifeblood back in. The Indian Ocean island’s success in quelling the outbreak is unique in Africa and comes as the disease is spreading across the continent, with countries from Kenya to South Africa battling a surge in cases since movement restrictions were eased. Mauritius is one of…

Zimbabwean President, Deputy Clash as Economy Tension Grows

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HARARE (Capital Markets in Africa) — Zimbabwean President Emmerson Mnangagwa accused his deputy of plotting against him in a heated exchange, highlighting a rift between the nation’s two most powerful men as the economy implodes. At a meeting of the ruling Zimbabwe African National Union-Patriotic Front’s politburo last week, Mnangagwa shouted at Vice President Constantino Chiwenga, according to two people familiar with the situation. They asked not to be identified because the quarrel hasn’t been publicly…

Africa’s Largest Wireless Carrier MTN to Sell Middle East Units

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LAGOS (Capital Markets in Africa) — MTN Group Ltd. plans to exit the Middle East as Africa’s biggest wireless carrier changes focus to its home continent. The Middle East “environment is becoming increasingly complex and it contributes less to the group’s earnings,” Chief Executive Officer Rob Shuter said on a call with reporters Thursday. The disposals will be done in a phased manner, with its three consolidated subsidiaries in Yemen, Afghanistan and Syria earmarked to be sold…

US Fed Is Headed for a Clash With Hedge Funds, Other Shadow Banks

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LAGOS (Capital Markets in Africa) — The Federal Reserve and other central banks are heading for a collision with shadow lenders — the firms with a sinister nickname that are increasingly dominating global finance. Even as policymakers struggle to reopen their economies in the midst of the coronavirus pandemic, they’ve launched a review of what went wrong with markets in March, when a worldwide dash for cash by investors nearly crashed the financial system and…

Rebound Hangs in Balance for Emerging Markets as Headwinds Grow

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LAGOS (Capital Markets in Africa) — Emerging-market stocks and currencies are within touching distance of erasing their pandemic-fueled losses of 2020. Too bad the virus is still running riot, economies are shrinking and central banks are getting low on firepower. In fact, the backdrop is so grim that investors may soon start to take the view that prices are starting to defy gravity. After falling more than 30% by March, developing-nation stocks as measured by…

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