The Markets

LAGOS (Capital Markets in Africa) — Nigerian regulators approved a coronavirus vaccine that was developed by AstraZeneca Plc and the University of Oxford for emergency use in the West African nation. “The Serum Institute of India Ltd. on Feb. 10 submitted a dossier on the Covishield vaccine, which it is producing under license from AstraZeneca, and it was found to be safe and well-tolerated in adults above 18 years of age, the National Agency for…

LAGOS (Capital Markets in Africa) — Nigeria’s Securities and Exchange Commission has suspended previously announced plans to regulate cryptocurrencies, until those dealing in them are able to open bank accounts in the West African nation. Last week, the Central Bank of Nigeria ordered financial institutions to close accounts dealing in cryptocurrencies, saying the transactions posed risks to the economy, but those measures are now on hold. “For the purpose of admittance into the SEC regulatory incubation…

LAGOS (Capital Markets in Africa) — Looking for the adrenaline rush of investing in Bitcoin but without the bother of crypto-exchanges and digital wallets? An exchange-traded fund might appeal, except an investor won’t find one tracking Bitcoin in the $5.8 trillion U.S. ETF universe — at least not yet. While exchange-traded crypto-tracking products exist in Europe, U.S. regulators have repeatedly batted down attempts to introduce them citing concerns about potential manipulation and thin liquidity. Yet…

LAGOS (Capital Markets in Africa) — Nigerian bonds tumbled, pushing their yields as much as 164 basis points higher Tuesday, on forecasts for higher rates and inflation. Debt across all maturities of central bank-issued Open Market Operations Bills, also known as OMO, continued to drop in price in Tuesday’s trade with the average yield rising 95 basis points to close at 6.4% as against Monday’s 5.5%, according to a note by FSDH securities. Yields on…

LAGOS (Capital Markets in Africa) — The frenzied rally in Bitcoin lost momentum on Tuesday after prices hit a new all-time high of $48,000. The cryptocurrency pulled back in the early U.S. hours, trading up 2.9% on the day around $46,000. Prices are still up more than 30% since the beginning of February. While the trading action was calmer, there’s still a fierce debate over whether Tesla’s $1.5 billion investment in Bitcoin will lead to…