The Editorial Team |

Nigeria tests waters for possible broad naira devaluation

ABUJA (Capital Markets in Africa) – Nigeria effectively devalued the naira for private individuals on Monday, paving the way for a possible broader move despite stiff resistance from President Muhammadu Buhari. With Buhari abroad for medical treatment and the country’s currency exchange system in chaos, the central bank said Nigerians wanting dollars for travel or to pay foreign school fees could buy dollars at nearly 20 percent above the official rate. Some Nigerians saw the…

IFC and West African Development Bank Support Housing Finance

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LAGOS (Capital Markets in Africa) – IFC, a member of the World Bank Group, today announced a financing agreement with the West African Economic and Monetary Union’s Caisse Régionale de Refinancement Hypothécaire, the regional mortgage refinancing company, to address the pressing need for affordable housing in the West African Economic and Monetary Union (UEMOA) zone. IFC is providing an equity investment of 1.25 billion CFA franc ($2 million) in CRRH-UEMOA. CRRH-UEMOA, a regional initiative launched…

Nigerian Equities Start the Week Bullish … NSE ASI Up 34bps

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LAGOS (Capital Markets in Africa) – The Nigerian bourse opened on a positive note for the first time in three (3) successive weeks. The All Share Index rose 34bps to close at 25,249.49 points whilst market capitalization increased N29.3bn to settle at N8.7tn. As a result, YTD loss trimmed to –6.0%. Market performance was broadly driven by bargain hunting in Consumer Goods bellwether NIGERIAN BREWERIES (+ 4.2%) which took a beating last week. Market activity,…

Nigerian Central Bank Issues New Policy Actions in the Foreign Exchange Market

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ABUJA (Capital Markets in Africa) – In continuation of efforts to increase the availability of Foreign Exchange in order to ease the difficulties encountered by Nigerians in obtaining funds for Foreign Exchange transactions, the Central Bank of Nigeria (CBN) is providing direct additional funding to banks to meet the needs of Nigerians for Personal and Business Travel, Medical needs, and School fees, effective immediately. The CBN expects such retail transactions to be settled at a…

I&M Holdings acquires Giro Commercial Bank, Kenya

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Kenya (Capital Markets in Africa) – I&M Holdings, which owns of I&M Bank, yesterday announced that it has concluded acquisition of 100 per cent shareholding of Giro Commercial Bank. The bank said it would now convert Giro Bank branches to I&M Bank outlets. The conclusion of the transaction follows regulatory and shareholder approval. “The move underscores I&M Group’s expansion strategy, which seeks for opportunities to expand both locally and regionally by way of acquisitions,” I&M…

Bank of Mauritius keeps the Key Repo Rate unchanged at 4%

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PORT LOUIS (Capital Markets in Africa) – The Monetary Policy Committee (MPC) of the Bank of Mauritius unanimously decided to keep the Key Repo Rate unchanged at 4.00 per cent per annum at its meeting today. Growth in major advanced economies is likely to strengthen in 2017. The IMF’s World Economic Outlook Update released in January 2017 projects world growth to increase from 3.1 per cent in 2016 to 3.4 per cent in 2017 and…

Ghanaian banks face high asset risks, despite solid capital buffers, stable funding, Says Moody’s

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ACCRA (Capital Markets in Africa) – High asset risks pose the biggest challenges for banks in Ghana, says Moody’s Investors Service in a report published today. Moody’s report, entitled “Banks — Ghana; Ghanaian banks face high asset risks, despite solid capital buffers, stable funding and an economic recovery,” is available on www.moodys.com. Moody’s subscribers can access this presentation via the link provided at the end of this press release. “We expect asset risk for banks…

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