The Editorial Team |

Zambia Inflation Accelerates to 12-Year High As Kwacha Weakens …

Lusaka, Zambia, Capital Markets in Africa — Zambian consumer prices accelerated for a sixth consecutive month to a fresh 12-year high amid a power crisis and currency weakness. Prices rose by 21.8 percent year-on-year in January from 21.1 percent a month earlier, the Central Statistical Office said in a statement handed to reporters on Thursday in Lusaka, the capital. Prices rose 1.3 percent in January from the previous month, it said. Inflation has in Zambia, Africa’s second-biggest copper producer,…

Nigeria’s President Buhari says naira devaluation would kill naira

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LAGOS, Nigeria, Capital Markets in Africa — Nigerian President Muhammadu Buhari yet to be convinced that country will benefit from any official devaluation of naira, his spokesman Garba Shehu says in Facebook post, citing comments made in Nairobi on Wednesday. While export-driven economies may benefit from devaluation of currencies, weakening exchange rate “will only result in further inflation and hardship for the poor and middle classes in Nigeria’s import-dependent economy”. Devaluing naira will…

Nigeria’s FX traders lower speculation on naira devaluation …

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LAGOS, Nigeria, Capital Markets in Africa — FX traders lower their speculations against the naira, as the Central Bank of Nigeria ignore investors/analysts devaluation calls at the Tuesday’s press brief. At the press brief, the central bank governor Emefiele provided no suggestions that the central bank is ready to devalue the naira and ease the import controls which enable the interbank exchange rate to be fixed between 197-199 naira per dollar since March 2015. Even though the black-market rate…

Nigerian Central Bank keeps interest rate at 11%, turns deaf hear to currency devaluation …

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ABUJA, Nigeria, Capital Markets in Africa — Nigeria’s central bank Monetary Policy Committee (MPC) held the policy rate at 11 percent after lowering it from a record 13 percent in November 2015, Governor Godwin Emefiele informed reporters on Tuesday in Abuja, the capital. That was in line with economists and analysts expectations. Emefiele said the twelve members of the bank’s Monetary Policy Committee voted unanimously to keep the rate unchanged. The bank also held the cash reserve…

Bank of Ghana retains policy rate at 26 percent, slower inflation …

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ACCRA, Ghana, Capital Markets in Africa — The Bank of Ghana kept its policy rate unchanged at 26 percent on Monday, citing a slower pace of consumer price inflation, the central bank governor Dr Kofi Wampah stated in a press conference at the end of the Monetary policy Committee Policy meeting. Dr Kofi Wampah, announced that inflation rose to 17.7 percent in December 2015, up marginally from 17.6 per cent in November. “This indicates some…

Africa Equity Weekly | 22 Jan 2016: Relief for Nigeria and South Africa Investors but not Kenya’s …

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Lagos, Nigeria, Capital Markets in Africa — As the week ending 22nd January 2016 came to a close, the African equity markets continued in the red district. Out of the eighteen African equity indices four ended in positive district and thirteen in the negative region (Illiquid Swaziland All Share index remained unchanged to end at 327.5 points) compared to the previous week ending Friday 15th January 2016. The overall average return of the eighteen stock…

Oil recovers some losses but the impacts continue

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Lagos, Nigeria, Capital Markets in Africa — Crude oil prices recovered some losses last week, with Brent crude ending at US$32.18/bbm after falling to a 12-year low of US$27.88 on Wednesday. Prices still remain down YTD (Brent down 15% and WTI down 18%). The chairman of Saudi Arabia’s state oil company has recently commented that the collapse below US$30/bbm is “irrational” and that prices would be higher by the end of 2016. However, the sustained…

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