The Editorial Team |

Nigerian Naira Forward Contracts Jump as Nigeria Eases Interbank Rules

LAGOS (Capital Markets in Africa) – Naira six-month non-deliverable forward contracts rise 1.3%, most on closing basis since April 27, to 360 per dollar. 1-month contracts +0.8% to 331/USD, 3-month contracts +1% to 342.

Nigeria’s Buhari Recovering in U.K., Will Return Soon, Wife Says

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LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari is recovering fast from an undisclosed ailment while on medical leave in the U.K. and preparing to return to the West African nation, according to his wife. Buhari, who has been abroad for almost a month, will be back “soon” in Nigeria, the office of Aisha Buhari said in an emailed statement Tuesday, without giving further details. Vice President Yemi Osinbajo serves as acting leader…

Kenya Electoral Body Fires Procurement Officer as Vote Nears

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NAIROBI (Capital Markets in Africa) – Kenya’s electoral body fired its head of procurement as it seeks to source ballot papers less than two months before the country’s presidential elections. The Independent Electoral & Boundaries Commission “has relieved the procurement director, Mr. Lawy Aura, of his duties,” the Nairobi-based body said on its Twitter account on Tuesday. “We are addressing the delayed sourcing of ballot papers.” The dismissal comes a week after the body placed…

Barclays Rejected Zimbabwe Management-Buyout Bid in Favor of FMB

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JOHANNESBURG (Capital Markets in Africa) – An offer for Barclays Plc’s Zimbabwe unit by its management and backed by funds from the country’s social security agency lost out to Malawi’s First Merchant Bank Ltd. It’s a “shame” that Barclays Bank of Zimbabwe Ltd. didn’t stay with local investors, National Social Security Authority Chairman Robin Vela said by phone from the capital, Harare, on Monday, confirming that the agency was willing to fund the deal. “Barclays…

Kenya Airways Debt Swap May Give State a Controlling Stake

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NAIROBI (Capital Markets in Africa) – Kenya’s government agreed to swap loans it provided to Kenya Airways Ltd. for equity, a conversion that may give the state a controlling stake in the national carrier, Treasury Secretary Henry Rotich said. The government will also guarantee 77 billion shillings ($745 million) of the airline’s debt to lessors and domestic banks, enabling Kenya Airways to extend its loan repayments to 10 years, Rotich told reporters Tuesday in the capital, Nairobi….

South Africa Unexpectedly Tips Into Second Recession in 8 Years

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s economy fell into a recession for the first time since 2009 after it contracted for a second straight quarter in the first three months of the year as all bar two industries shrank. Gross domestic product receded an annualized 0.7 percent in the first quarter from a contraction of 0.3 percent in the previous three months, Statistics South Africa said in a report released on Tuesday in the capital,…

South Africa Gets S&P Reprieve as Local Debt Averts Junk

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JOHANNESBURG (Capital Markets in Africa) – S&P Global Ratings left its assessment of South Africa’s foreign-currency debt at the highest junk level and its rand bonds at the lowest investment grade, granting the country a reprieve after a downgrade in April. The foreign-currency rating was affirmed at BB+, S&P said in a statement Friday. The assessment on rand debt, which comprises about 90 percent of the country’s portfolio, was maintained at BBB-. The outlook on both…

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