The Editorial Team |

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

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…

Mauritius Eyes Nigeria, Other Africa Markets to Grow Tourism

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Port Louis, Mauritius, Capital Markets in Africa: Mauritius is targeting Nigeria and other African nations to help sustain growth in tourism revenue that’s expected to reach almost 10 percent this year, Deputy Prime Minister and Tourism Minister Xavier Luc Duval said. The country received 114,796 visitors from Africa in the first five months of this year, accounting for 22 percent of the total, according to Statistics Mauritius. Of the visitors from Africa, more than half came from the…

Kenyan Central Bank Signals Rates on Hold as Inflation Slows

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NAIROBI, Kenya, Capital Markets in Africa: Kenya’s central bank signaled it will keep interest rates unchanged after inflation slowed to within the government’s target range. The bank last month cut its benchmark lending rate by one percentage point to 10.5 percent, the first reduction in three years, as consumer-price growth eased to 5 percent, the slowest pace since June 2013. Inflation will probably remain steady even as fuel costs rise and after the Treasury announced tax increases…

Oil Halts Gain Near $49 Before U.S. Stockpile Data, Brexit Vote

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LAGOS, Nigeria, Capital Markets in Africa: Oil halted gains near $49 a barrel as markets awaited weekly U.S. stockpile data, while the U.K. referendum on membership of the European Union remained too close to call. Futures slid as much as 1 percent in New York. U.S. inventories probably fell by 1.5 million barrels last week, keeping them more than 100 million barrels above the five-year average, according to a Bloomberg survey before government data Wednesday. Separate polls showed leads…

Congo Franc Hits New Low Against Dollar on Parallel Market

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Congo, Capital Markets in Africa: The Democratic Republic of Congo’s franc fell to a record low against the dollar on the parallel market as the slump in commodity prices takes its toll on Africa’s biggest copper producer. The Congolese franc traded at an average of 1,001 to the dollar on the parallel market on June 16, the Prime Minister’s office said Monday in an e-mailed statement, bringing its decline this year to 7 percent. On the official market, the…

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