Nigeria | - Part 25

What Investors Need to Know About Nigeria’s New Exchange Window

LAGOS (Capital Markets in Africa) – There’s a lot riding on Nigeria’s new foreign-exchange platform. The system — called the Investors’ and Exporters’ FX Window — is the government’s latest attempt to lure back traders who fled in the past two years. The idea is that by creating a market for some types of investment transactions, policy makers can satisfy calls to float the currency without risking an inflationary spiral that may come from a devaluation. Eventually,…

Guinness Nigeria records 29% growth in revenue in Q3

Posted on by The Editorial Team

Lagos – April 27, 2017 – Guinness Nigeria Plc, the nation’s leading alcoholic beverage manufacturer and a subsidiary of Diageo Plc, has released its unaudited results for the nine months ended 31 March, 2017. The results detail revenue growth of 29% and a 6% increase in gross profit when compared to the same nine-month period in 2016. While the first half volume growth continued in the third quarter, the third quarter also benefited cycling a…

Nigeria Senator Says Work on 2017 Budget Stalled by Police Raid

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – A Nigerian lawmaker said work on passing the overdue 2017 budget stalled after police raided his house last week and took away key papers. The police denied confiscating any budget-related document. “The police truncated work on the 2017 budget by the invasion of my house,” Senate Appropriations Committee Chairman Danjuma Goje told reporters Wednesday in the capital, Abuja. “I don’t know if the police are now working on the…

Nigeria’s Buhari Seeks Approval of $7 Billion Borrowing Plan

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari asked lawmakers to approve a plan for the government to borrow $7 billion through 2018 from abroad to develop railroads and support an economic recovery. The Export-Import Bank of China approved $6 billion of loans for railroad projects, including $3.5 billion to build a line connecting the commercial capital, Lagos, with the south eastern city of Calabar, according to a letter from Buhari to the lawmakers, which Bloomberg saw…

World’s Deepest Devaluation Makes Egypt Assets RenCap’s Top Pick

Posted on by The Editorial Team

CAIRO (Capital Markets in Africa) – Egypt is reaping the rewards of a painful devaluation. The plunge that sent its currency tumbling the most in the world over the past six months has made the nation’s assets among Renaissance Capital Ltd.’s top picks in developing nations. The Egyptian pound is now the cheapest of all emerging-market and African currencies after it scrapped controls in November, the investment bank’s real effective exchange rate model shows. The…

Nigeria Said to Let Market Set Naira Rate on Exchange Window

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s central bank will let the market determine the naira’s rate in a new foreign-exchange window for portfolio investors as the nation struggles to revive its economy amid a dollar shortage. Naira forward contracts and banking stocks rose. Governor Godwin Emefiele told senior bankers that he would tolerate the naira weakening in the window, which started today, according to a person who attended meetings with the policy maker over the past two…

Nigerian Banks Seen Benefiting as Dollars Start to Flow

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – An increase in dollar sales by Nigeria’s central bank is giving the country’s lenders reason to cheer. “We see an improvement in the number of letters of credit, bills being settled and remittances being allowed,’’ Segun Ajibola, president of the Chartered Institute of Bankers of Nigeria, said in an interview in Lagos, the nation’s commercial hub, on April 21. “Ordinarily, a margin will always be left behind for banks,…

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