The Editorial Team |

Nigeria Traders to Start Exchange Rate in Black Market Fight

LAGOS (Capital Markets in Africa) – Nigeria’s money-changers will introduce an exchange rate for the naira to help the central bank combat unregulated trading. Licensed dealers, known as bureaux de change, or BDCs, will post an exchange rate each Monday on their website from Jan. 16 to “highlight positive rate development in the market” and counter domains such as abokifx.com, which publishes unofficial prices daily, Aminu Gwadabe, the head of the local BDC association, told reporters…

Ghana President Picks Investment Banker as Finance Minister

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ACCRA (Capital Markets in Africa) – Ghana appointed investment banker Ken Ofori-Atta as finance minister following elections last month that saw the return to power of the New Patriotic Party. The announcement was made by President Nana Akufo-Addo on Tuesday in comments on Citi FM radio. Ofori-Atta, 57, held the post of executive chairman of the Accra-based investment bank Databank Financial Services Ltd. for 12 years until 2012 and served as director of fundraising during the NPP’s campaign for the…

MTN Drops Most in Month as Naira Traders Plan Weaker Rate vs USD

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JOHANNESBURG (Capital Markets in Africa) — Telecom operator’s shares drop after currency traders in MTN’s biggest market, Nigeria, announce plans to introduce parallel exchange rate of 399 per dollar for naira from January 16. Stock falls as much as 4.6%, trades 3% lower at 129.89 rand as of 11:57 am in Johannesburg; biggest drop since Dec. 15. Nigerian retail currency traders will set the FX rate before the central bank meeting and they’ve set it…

African banks’ regulation and supervision is improving, Says Moody’s

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LAGOS (Capital Markets in Africa) – While increased regulation and improved supervision have strengthened the financial stability of African banks, progress has not been uniform and gaps remain, especially in the areas of enforcement and cross-border coordination, Moody’s Investors Service said in a report today. The report, entitled “Banks — Africa: Gaps in Banking Regulation and Supervision Are Progressively Being Addressed”, is now available on www.moodys.com. Moody’s subscribers can access this report via the link…

Africa Finance Corp plans maiden sukuk soon

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LAGOS (Capital Markets in Africa) – Africa Finance Corp (AFC), a pan-African multilateral institution based in Nigeria, is likely to make a debut U.S. dollar sukuk issue by early February, banking sources close to the deal said on Wednesday. If AFC makes a final decision to go ahead with the proposed debt sale over coming days, the sukuk will be issued in two or three weeks through a private sale, a banking source familiar with the…

Global Growth Edges Up to 2.7 Percent Despite Weak Investment

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LAGOS (Capital Markets in Africa) – Global economic growth is forecast to accelerate moderately to 2.7 percent in 2017 after a post-crisis low last year as obstacles to activity recede among emerging market and developing economy commodity exporters, while domestic demand remains solid among emerging and developing commodity importers, the World Bank said in a report released on Tuesday. Growth in advanced economies is expected to edge up to 1.8 percent in 2017, the World…

Egypt Core Inflation Nears 12-Year High After Pound Slumps

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CAIRO (Capital Markets in Africa) – An Egyptian consumer price gauge that strips out volatile items rose the fastest in almost 12 years in December, after the central bank abandoned currency controls and triggered a slump in the pound. Annual core inflation climbed to 25.86 percent, its highest level since February 2005, according to data compiled by Bloomberg. Earlier, the state-run statistics agency reported that annual urban inflation accelerated to 23.3 percent in December, its highest since Bloomberg started…

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