The Editorial Team |

Nigerian Naira Gains as Central Bank Ensures Dollar Supplies

LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s naira strengthened against the dollar, heading for its first gain since starting to trade without a peg three days ago, as the central bank sought to stabilize the market through the sale of dollars. The naira rose by 1.1 percent to 281.5 per dollar by 1:53 p.m. in Lagos, the commercial capital of Africa’s largest economy, after earlier dropping as much as 0.5 percent. The regulator has intervened in the market by…

Rwanda Sees Accommodative Stance as Prudent Ahead of MPC

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Kigali, Rwanda, Capital Markets in Africa: The Rwandan central bank’s “accommodative” monetary policy stance is prudent because inflation is expected to remain below the government’s target, Governor John Rwangombwa said ahead of a rate-setting committee meeting next week. Consumer-price growth in the tea-growing East African nation is expected to remain below the government’s target of 5 percent this year, Rwangombwa said in an interview June 20 in the Tanzanian commercial capital, Dar es Salaam. Rwanda’s MPC is…

Infrastructure | Ethiopia Plans $8 Billion Investment in Clean Energy

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Addis Ababa, Ethiopia, Capital Markets in Africa: Ethiopia plans to install almost 13,000 megawatts of renewable energy over five years in a bid to bring power to three out of every four citizens who currently live without electricity, a top government official said. “Currently we have an installed capacity of about 4,200 megawatts,” said Motuma Mekassa, Ethiopia’s electricity minister, in an interview at the Africa Energy Forum in London. It will cost “at least” $8…

Private Equity | Harith, Africa Finance Merge $3.3 Billion Assets to Boost Growth

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LAGOS, Nigeria, Capital Markets in Africa: Africa Finance Corp. and Harith General Partners Pty Limited. merged their African power assets in a bid to promote growth across the continent. The new entity’s portfolio will be valued at $3.3 billion and have 1.3 gigawatts of capacity in operation and under development, according to a joint e-mailed statement from the development institution and private equity company. The joint venture, which provides energy to 30 million people in 10…

Nigeria’s Naira Pulls Back From Record Low as Stocks Advance

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LAGOS, Nigeria, Capital Markets in Africa: Nigeria’s naira gained on the second day of trading without a peg after the central bank spent more than $4 billion on Monday to clear pent-up demand for foreign currency. Stocks advanced and dollar-bond yields fell to 10-month lows. The currency of Africa’s biggest economy strengthened 0.7 percent to 280.5 per dollar by 10:44 a.m. in Lagos, the commercial capital, after declining as much as 1.4 percent earlier to a record…

Kenya | NIC of Kenya to Acquire Assets of Collapsed Lender Imperial

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NAIROBI, Kenya, Capital Markets in Africa: NIC Bank Limited, Kenya’s ninth-biggest lender by market value, will acquire the deposits and some of the assets of collapsed lender Imperial Bank Ltd., central bank Governor Patrick Njoroge said. The Nairobi-based bank will conduct due diligence on Imperial, which was placed under statutory management in October, and will absorb most of its branches and staff, Njoroge told reporters Tuesday in the capital, Nairobi. The acquisition of the assets was agreed with the…

Africa’s Richest Person Drops $3.7 Billion on Plunging Naira

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LAGOS, Nigeria, Capital Markets in Africa Nigerian billionaire Aliko Dangote, Africa’s richest person, fell 25 places on the Bloomberg Billionaires Index on Monday as the naira tumbled on its first day of trading without a peg to the U.S. dollar. Dangote’s fortune fell $3.7 billion, knocking him to No. 71 on the Bloomberg ranking, down from No. 46 on Friday. The majority of Dangote’s $12.7 billion fortune is derived from a 91 percent stake in Dangote Cement…

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