The Editorial Team |

Devaluation Looms for Nigeria Even as Forwards Ease on Oil

LAGOS (Capital Markets in Africa) – The Nigerian naira’s recovery in the forwards market may be deceptive. The currency is destined to weaken, however, long policy makers hold out. Six-month contracts declined to their lowest level since September last week as crude oil, Nigeria’s top export, advanced about 20 percent after OPEC agreed to a production cut in November. A drop in forwards would typically be a sign of growing confidence in a nation’s economy and currency, but…

Kenyan Central Bank Said to Warn Bankers Over Shilling Comments

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NAIROBI (Capital Markets in Africa) — Central bank warns bankers, traders not to make comments, forecasts about shilling that it deems too negative, according to people familiar with matter. Some bank executives summoned to meetings with policy makers last week, others telephoned individually. Central bank blames speculators for shilling’s recent slide; told bankers to allow currency to be guided by market fundamentals. Kenyan Shilling has weakened every trading since December 23, longest losing streak since…

West African Leaders Meet on Gambia Standoff as Deadline Looms

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BANJUL (Capital Markets in Africa) – The Economic Community of West African States meets in the Nigerian capital Monday to discuss how to get Gambian President Yahya Jammeh to step down next week without the bloc having to resort to force. Nigerian President Muhammadu Buhari hosts his Senegalese and Liberian counterparts in Abuja on Monday, according to a statement e-mailed by the Nigerian presidency. Sierra Leone Vice President Victor Bockarie Foh and former Ghanaian President John Mahama will also attend, it said….

Oil Falls as OPEC Output Curbs Offset by Growth in U.S. Drilling

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LONDON (Capital Markets in Africa) – Oil fell for the first time in four days as an increase in U.S. drilling activity fanned speculation that OPEC production cuts could revive output in North America. Futures slid as much as 2.1 percent in New York after rising 3.2 percent the previous three sessions. Gulf oil producers Saudi Arabia, the United Arab Emirates, Qatar, Oman and Kuwait are implementing the cuts they promised, Nawal Al-Fezaia, Kuwait’s OPEC governor,…

Marcopolo Eyes Africa and Middle East to Increase Exports by 50%

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ACCRA (Capital Markets in Africa) – Bus maker Marcopolo SA is using Brazil’s rough roads as a calling card to enter markets as remote as Ghana and Cameron as it tries to shield its business from a recession at home. The company started exporting to 12 new countries in the past year and now ships to 40 markets worldwide, according to Ricardo Portolan, the exports manager at the Caxias do Sul-based company. That helped put it on…

Nigerian Militants Threaten to Widen Attacks on Oil Industry

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LAGOS (Capital Markets in Africa) – The Niger Delta Avengers, a militant group whose attacks on infrastructure curbed Nigerian oil output last year, threatened to widen its campaign after becoming frustrated with government talks. “The Nigerian state is not ready for any form of dialogue and negotiation with our people to addressing the issues sustaining the unending sufferings and deprivation,” the Avengers said in a Jan. 6 posting on its website. The militants said the Jan. 3 award by…

Zimbabwe Bank Suspends Use of Visa Cards as Cash Crunch Worsens

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HARARE (Capital Markets in Africa) – CBZ Holdings Ltd., Zimbabwe’s largest bank, suspended the use of Visa Inc. cards for local transactions as the country struggles to cope with a cash shortage. Charges on making transactions are very expensive for customers, CBZ Chief Executive Officer Never Nyemudzo said by phone from Harare, the capital, on Friday. Money also has to be settled outside the country for accounts that are held overseas in foreign currency, he said. The…

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