The Editorial Team |

Nigeria Officials Pledge Naira Announcement Within Weeks

LAGOS, Nigeria, Capital Markets in Africa: Nigerian officials said they are still working out the details of a new currency policy and may make an announcement within the next month, according to bond investors who met with a delegation led by Finance Minister Kemi Adeosun in London on Tuesday. When asked how long before a more flexible foreign-exchange regime was unveiled, investors were told it would probably be “days or weeks,” said Kevin Daly, a money manager…

Zimbabwe’s Black Market, Where the Dollar Trades Against Itself

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HARARE, Zimbabwe, Capital Markets in Africa: In Zimbabwe — the country that once suffered 500 billion percent inflation — one dollar may now cost you as much as $1.07. A shortage of banknotes is resulting in a new black market more than seven years after Zimbabwe abolished its own money, the Zimbabwean dollar, and adopted the greenback and other foreign currencies to avoid exactly that sort of unofficial trading. The cash crunch has intensified in…

Hydra-Headed Violence Haunts Nigeria as Economy Weakens

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LAGOS, Nigeria, Capital Markets in Africa: Just as Nigerian President Muhammadu Buhari appeared to be gaining the upper hand against the Boko Haram Islamist insurgency, more rebellions have exploded across Africa’s most populous nation while the government grapples with the worst economic crisis in decades. They range from renewed attacks in the southern oil-rich Niger River delta that have cut monthly oil shipments to the lowest in about three decades to attempts to revive the secessionist state…

Ghana in Talks to Consolidate $1.2 Billion Energy Utility Debt

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ACCRA, Ghana, Capital Markets in Africa: Ghana is in talks with domestic and foreign banks to consolidate its energy sector utilities’ $1.2 billion debts, Finance Minister Seth Terkper said. The state won’t be responsible for the debt, which will be accounted for by the energy companies, Terkper said in an interview in the capital, Accra. Ghana’s Chief Director at the Petroleum Ministry, Thomas Akabzaa, said Tuesday the country will sell $2 billion of bonds to clear $1.5 billion in debt…

Oil Climbs to 10-Month High as Falling U.S. Supplies Trim Glut

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LAGOS, Nigeria, Capital Markets in Africa: Oil advanced to the highest level in more than 10 months as weekly U.S. industry data showed crude stockpiles declined, reducing a glut. Futures rose 1.3 percent in New York after climbing 3.6 percent the previous two sessions to close above $50 a barrel Tuesday for the first time since July. Inventories fell by 3.57 million barrels last week, the American Petroleum Institute was said to report. Repair work on a…

Market Watch | Emerging Markets Climb for Fifth Day on Higher Oil, China Data

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LAGOS, Nigeria, Capital Markets in Africa: Emerging-market stocks rose for a fifth day with currencies as crude oil extended gains above $50 a barrel and Chinese trade data bolstered confidence the world’s second-biggest economy was stabilizing. Equity valuations rose to a one-year high as commodity producers led shares to the longest winning streak in two months. South Africa’s rand, Brazil’s real and Russia’s ruble helped lift a gauge of currencies to a one-month high. Chinese stocks in Hong Kong…

Centum of Kenya Profit Surges 25% on Equity Investment Gains

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NAIROBI, Kenya, Capital Markets in Africa: Centum Investment Co., Kenya’s biggest publicly traded investor, said full-year profit grew 25 percent, driven by gains on the country’s stock market. Net income jumped to 9.95 billion shillings ($98.3 million) in the 12 months through March from 7.94 billion shillings a year earlier, the company said Wednesday in a statement published in the Nairobi-based Business Daily newspaper. Investment and other income increased to 24.2 billion shillings from 11.8…

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