The Editorial Team |

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

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…

Bank of Ghana Said to Suspend 14-Day Bills, Replace With 56-Day

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Accra, Ghana, Capital Markets in Africa — Ghana’s central bank will suspend the weekly auction of 14-day bills after demand surged to a record for the fixed-rate securities and reduced appetite for benchmark notes the government sells to finance operations, according to a person familiar with the plans. The Accra-based Bank of Ghana will offer 56-day bills instead, according to the person, who asked not to be identified because the information isn’t public yet. The…

Nigeria aims to raise US$1 Billion Eurobond to fund budget deficits

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Lagos, Nigeria, Capital Markets ion Africa — Nigeria plans to sell as much as US$1 billion of Eurobonds to help fund a record budget deficit, Finance Minister Kemi Adeosun stated on Friday in an interview at the World Economic Forum in Davos, Switzerland. The Finance Minister explained that the country is planning to hold non-deal roadshows to meet investors and explain the government’s fiscal policies and monetary policies to resuscitate growth. She said: “We’re looking at a maximum of…

Nigeria’s 2016 Budget Deficit Widen As Oil Price Slump

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Lagos, Nigeria, Capital Markets in Africa — The Nigeria’s 2016 budget deficit is estimated at 36 percent after oil prices dropped below the $38 per barrel benchmark estimate set by Africa’s largest economy. The gap will increase to NGN 3 trillion (US$15.1 billion) from NGN 2.2 trillion, or 3 percent of gross domestic product, and will remain within the “comfort zone for the international credit rating agencies,” Finance Minister Kemi Adeosun stated in an e-mailed statement on Thursday. The…

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