The Markets | - Part 206

Nigeria Central Bank Won’t Devalue Naira, Traders’ Union Says

LAGOS (Capital Markets in Africa) – The Central Bank of Nigeria has no plans to devalue the naira, the head of a money changers’ body said after meeting policy makers. Officials are “not looking at devaluation” as rising oil prices boost reserves, according to the Association of Bureaux De Change Operators of Nigeria. The naira was little changed at 315.34 per dollar on Thursday, while Brent crude traded above $56 per barrel. “They assure us that people have…

Emerging-Market Currencies Climb as Lira Rebounds From Lows

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LAGOS (Capital Markets in Africa) – Emerging-market currencies rose the most in 10 months as the Turkish lira’s rebounded from record lows on speculation the central bank will take steps to support it. The MSCI Emerging Market Currency Index surged by the strongest pace since March and a similar gauge of stocks is on track to erase losses recorded after Donald Trump’s election in November. The U.S. President-elect news conference on Wednesday failed to support fiscal expansion…

Kenya to Raise $1.05 Billion of Syndicated Loans to Fund Budget

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NAIROBI (Capital Markets in Africa) – Kenya’s government is raising at least $1.05 billion through syndicated loans, including $250 million already secured from lenders led by PTA Bank, Treasury Principal Secretary Kamau Thugge said. PTA, an East African trade-finance bank based in Burundi, has already disbursed $100 million, while a further $150 million will be received “shortly,” Thugge said in a mobile-phone text message Wednesday. “We are also syndicating $800 million to international banks,” he said. Kenya’s…

Nigeria Traders to Start Exchange Rate in Black Market Fight

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LAGOS (Capital Markets in Africa) – Nigeria’s money-changers will introduce an exchange rate for the naira to help the central bank combat unregulated trading. Licensed dealers, known as bureaux de change, or BDCs, will post an exchange rate each Monday on their website from Jan. 16 to “highlight positive rate development in the market” and counter domains such as abokifx.com, which publishes unofficial prices daily, Aminu Gwadabe, the head of the local BDC association, told reporters…

Egypt Core Inflation Nears 12-Year High After Pound Slumps

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CAIRO (Capital Markets in Africa) – An Egyptian consumer price gauge that strips out volatile items rose the fastest in almost 12 years in December, after the central bank abandoned currency controls and triggered a slump in the pound. Annual core inflation climbed to 25.86 percent, its highest level since February 2005, according to data compiled by Bloomberg. Earlier, the state-run statistics agency reported that annual urban inflation accelerated to 23.3 percent in December, its highest since Bloomberg started…

Gold hits highest in over a month on Brexit, Trump concerns

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LONDON (Capital Markets in Africa) – Gold rallied to its highest level in more than a month on Tuesday as the dollar dipped ahead of a news conference on Wednesday by U.S. President-elect Donald Trump. The market is looking for more clues on Trump’s spending plans in the first speech since his shock win in November, pushing the dollar lower. The pound and stocks also slid on fears of a “hard” Brexit after British Prime Minister…

Mozambique May Defaults on Eurobond Next Week, JPMorgan Says

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MAPUTO (Capital Markets in Africa) – Mozambique is “highly unlikely” to pay a $60 million coupon on January 18, JPMorgan Chase & Co. said, sending the government’s Eurobond tumbling closer to an all-time low. The $727 million of notes due in January 2023 fell 3.2 percent to 57.999 cents on the dollar as of 2:12 p.m. in London, trading less than 2 cents away from an all-time low. The yield rose 90 basis points to 24.05…

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