Nigeria | - Part 29

Investors Flock to Nigeria Eurobonds, But Won’t Touch the Naira

LAGOS (Capital Markets in Africa) – Nigeria’s oversubscribed Eurobond on Wednesday showed that investors will flock to the country’s dollar assets. But when it comes to naira ones, they’re staying well away. Nigeria got around $3 billion of orders for its $500 million of notes, according to a person familiar with the matter, who asked not to be identified. High demand for the deal, a tap of an existing $1 billion bond due in 2032, allowed bookrunners…

IFC Plans More Nigeria Investment, $1 Billion in Bond Sale

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LAGOS (Capital Markets in Africa)- The World Bank’s private-lending arm plans to boost investments in Nigeria by about 20 percent as Africa’s second-biggest oil producer tries to recover from a recession. The International Finance Corp. is looking to invest about $1.2 billion in Nigeria for the year through June 2018 using equity or debt the IFC raises itself or that it mobilizes from other sources, Country Manager Eme Lore said in a March 22 interview in Lagos,…

Nigeria stock market deals fell 22 pct last month amid naira crisis

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LAGOS (Capital Markets in Africa) – The value of trading on Nigeria’s stock market dropped by 22.3 percent to 74.1 billion naira ($236 mln) in February from a month before, the stock exchange said on Tuesday, as foreign investors kept to the sidelines. Nigeria is battling a currency crisis brought on by low prices for oil, its main export, and now operates multiple currency regimes dominated by central bank intervention, making it difficult to price…

Nigerian Senate Approves Sale of Extra $500 Million Eurobond

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LAGOS (Capital Markets in Africa) – Nigeria’s senate approved a plan on Wednesday for the issuance of an additional $500 million of Eurobonds after demand for the sale of $1 billion of debt securities in February exceeded supply. The West African nation wants to “take advantage of favorable market conditions,” the government said on its Twitter account. The proceeds from the sale will fund projects in last year’s budget, it said. Nigeria has sought other sources…

Nigerian Banks Continue To Face Challenges Amidst Foreign Currency Shortage

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LAGOS (Capital Markets in Africa) – Fitch Ratings says Nigerian banks will continue to face challenges this year, following an extremely difficult 2016. Banks faced multiple threats from the operating environment in 2016, including Nigeria sliding into recession, the economy continuing to suffer from low oil prices and severe shortages of foreign currency (FC). Consequently banks struggled with declining operating profitability (excluding translation gains), sluggish credit growth, fast asset quality deterioration, tight FC liquidity and…

Nigeria’s government revenues fall in February due to lower oil prices

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ABUJA (Capital Markets in Africa) – Nigeria’s distributable government revenues fell to 429.127 billion naira in February from 465.19 billion naira in January due to lower oil prices and attempts to sabotage its oil pipelines, a government statement said on Tuesday. Distributable revenue is government income that is shared at various levels of state including the federal government, state governments and local government councils. Average oil prices fell to $44.74 from $49.57 per barrel in…

Nigerian Central Bank Keeps Key Policy Rate Unchanged at 14%

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LAGOS (Capital Markets in Africa) – Nigeria left its benchmark interest rate unchanged for a fourth consecutive meeting to balance lifting the economy out of its worst slump in 25 years with fighting inflation that’s at almost double the government’s target. The Monetary Policy Committee held the key policy rate at 14 percent, Central Bank of Nigeria Governor Godwin Emefiele told reporters in the capital, Abuja, on Tuesday. That was in line with the forecast of all 17 economists surveyed by Bloomberg. While inflation in Africa’s…

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