Nigeria | - Part 8

Nigeria: Headline Inflation Remains Unchanged In July

Lagos, Nigeria (Capital Markets in Africa) — The National Bureau of Statistics (NBS) released the Consumer Price Index (CPI) report for July today. Headline Inflation for July – measured Year-on-Year (Y-o-Y) – was estimated at 9.2%, unchanged from the rate reported in the Month of June; thus halting a seven consecutive monthly rise in price level since December 2014. According to the NBS report, inflation rate in July was unchanged due to muted rises in…

Central Bank of Nigeria Holds Key Interest Rate at 13%

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Lagos, Nigeria (Capital Markets in Africa) :- The Central Bank of Nigeria (CBN) held its benchmark interest rate unchanged at 13 percent at the Monetary Policy Committee (MPC) meeting today.

Nigeria selects two sites for nuclear power plants

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Lagos, Nigeria (Capital Markets in Nigeria) – Nigeria has selected two sites for the construction of its planned nuclear power plants, as Africa’s biggest economy tries to end decades of electricity blackouts that have blighted its growth. Russia’s state-owned Rosatom, which has been in talks with Nigeria over the nuclear plants, on Friday confirmed two sites had been selected in Africa’s most populous nation and said they would have a total of four reactors. Neither side…

Nigeria’s Transcorp says on track for 850 MW capacity this year

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Lagos, Nigeria (Capital Markets in Africa) – Nigeria’s Transcorp is on track to boost its power generation capacity to 850 megawatts (MW) by the end of 2015 from 610 megawatts last year, the company’s chief executive said on Friday. Transcorp, which also has interests in hotels, oil and gas, was one of several firms to buy government power assets two years ago, sold as part of a privatisation meant to end decades of blackouts in Africa’s…

Former Nigerian Central Bank Governor Joins Blackstone Africa Fund

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Abuja, Nigeria (Capital Markets in Africa) — Blackstone and Black Rhino, the giant private-equity firm, has revealed on Thursday, the appointment of Lamido Sanusi, Emir of Kano and Former Governor of the Nigerian Central Bank, as Chairman of the Board of Directors. Black Rhino was formed in January 2012 to develop and to invest in transformational infrastructure projects in Sub-Saharan Africa’s power generation and fuel transportation sectors. “We are pleased that Emir Sanusi has agreed…

Nigeria’s central bank holds interest rate at 13 pct

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Abuja, Nigeria (Capital Markets in Africa):- Nigeria’s central bank held its benchmark interest rate unchanged at 13 percent on Tuesday, stressing the need to preserve foreign exchange reserves that have been depleted in recent months to support a weakening naira. At the last policy meeting before president-elect Muhammadu Buhari takes office in Africa’s largest oil producer on May 29, central bank governor Godwin Emefiele said it was not possible for the regulator to intervene on…

Nigerian MPC harmonizes CRR on Banks’ Deposits to 31.0%

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Lagos, Nigeria (Capital Markets in Africa):- The Monetary Policy Committee (MPC) at its 244th meeting decided to harmonize the Cash Reserves Requirement (CRR) on public and private sector deposits to 31.0%. The effect of macroeconomic issues in the global space were considered and analysed with the conclusion that no near term external shock is expected to affect the domestic economy. The growth potential of the domestic economy was reported weak but did not call for a…

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