Banking

LAGOS (Capital Markets in Africa) — With many headlines competing for the financial world’s attention already this year, it would be easy to overlook one of the most significant changes that will take place in 2021: the end of Libor in new contracts. Once dubbed “the world’s most important number,” Libor is a benchmark interest rate with mind-boggling reach, impacting trillions of dollars in business loans, student loans, mortgages and more. Although Libor’s use is pervasive,…

NAIROBI (Capital Markets in Africa) — Kenya received debt repayment suspensions for a total of $600 million from China and the Debt Service Suspension Initiative and has requested the Group of 20 to consider a similar freeze for amounts expected after June, according to the central bank. The amount suspended was due in the first half of 2020 and will be repaid over five years, Governor Patrick Njoroge told reporters in the Kenyan capital, Nairobi….

LAGOS (Capital Markets in Africa) — The Nigerian government has become dependent on central-bank borrowing and will struggle to wean itself off the copious money printing that has raised concerns about the health of Africa’s largest economy, according to market observers. After revenue collapsed during the oil shock of 2015, Africa’s biggest crude producer turned to the central bank, borrowing about a third of its debt from the apex lender to cover a budget deficit…

LAGOS(Capital Markets in Africa) — The Central Bank of Nigeria plans to obtain all the necessary approvals required to start the operations of a proposed commodities exchange within the next 90 days, Governor Godwin Emefiele said on Thursday. “In the next 90 days we should be able to really begin the first launch and this will involve approvals on repositioning, restructuring, setting up bureaus, board structures, board committees, governance committees,” Emefiele said at a briefing…

JOHANNESBURG (Capital Markets in Africa) — South Africa’s only female banking boss, Basani Maluleke, quit unexpectedly as chief executive officer of African Bank Holdings Ltd. after only three years in the job. Maluleke, also the first Black woman to lead a major lender in South Africa, will leave on April 30 “to pursue other career opportunities,” the company said in a statement Monday. Chief Financial Officer Gustav Raubenheimer will take over as acting CEO. South Africa’s financial…