Nigeria | - Part 42

Sub-Saharan Africa 2017 Growth to accelerate by 2.9 Percent, World Bank Says

LAGOS (Capital Markets in Africa) – Growth in Sub-Saharan Africa is estimated to have decelerated to 1.5 percent in 2016, the lowest level in over two decades, as commodity exporters adjust to low commodity prices. Regional GDP per capita contracted by 1.1 percent. South Africa and oil exporters account for most of the slowdown, while activity in non-resource intensive countries—agricultural exporters and commodity importers—generally remained robust. Commodity prices are expected to stabilize, but stay well…

Nigeria Traders to Start Exchange Rate in Black Market Fight

Posted on by The Editorial Team

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…

MTN Drops Most in Month as Naira Traders Plan Weaker Rate vs USD

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) — Telecom operator’s shares drop after currency traders in MTN’s biggest market, Nigeria, announce plans to introduce parallel exchange rate of 399 per dollar for naira from January 16. Stock falls as much as 4.6%, trades 3% lower at 129.89 rand as of 11:57 am in Johannesburg; biggest drop since Dec. 15. Nigerian retail currency traders will set the FX rate before the central bank meeting and they’ve set it…

Nigerian Equity Market Sustains Uptrend and the All Share Index up 1.3%

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – After depreciating on the first three trading days of the year, Nigerian equities sustained the uptrend observed last Friday as the All Share Index recorded a 1.3% appreciation at the close of trade today. Performance today was largely driven by a rebound in the prices of DANGCEM (+1.2%), UCAP (+9.6%), TOTAL (+0.3%) and GUARANTY (+4.9%). Consequently, market capitalization improved N113.1bn to settle at N9.2tn. Activity, however, waned as volume and value traded declined 0.6% and 7.4% to…

Devaluation Looms for Nigeria Even as Forwards Ease on Oil

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The Nigerian naira’s recovery in the forwards market may be deceptive. The currency is destined to weaken, however, long policy makers hold out. Six-month contracts declined to their lowest level since September last week as crude oil, Nigeria’s top export, advanced about 20 percent after OPEC agreed to a production cut in November. A drop in forwards would typically be a sign of growing confidence in a nation’s economy and currency, but…

Oil Falls as OPEC Output Curbs Offset by Growth in U.S. Drilling

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LONDON (Capital Markets in Africa) – Oil fell for the first time in four days as an increase in U.S. drilling activity fanned speculation that OPEC production cuts could revive output in North America. Futures slid as much as 2.1 percent in New York after rising 3.2 percent the previous three sessions. Gulf oil producers Saudi Arabia, the United Arab Emirates, Qatar, Oman and Kuwait are implementing the cuts they promised, Nawal Al-Fezaia, Kuwait’s OPEC governor,…

Nigerian Militants Threaten to Widen Attacks on Oil Industry

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The Niger Delta Avengers, a militant group whose attacks on infrastructure curbed Nigerian oil output last year, threatened to widen its campaign after becoming frustrated with government talks. “The Nigerian state is not ready for any form of dialogue and negotiation with our people to addressing the issues sustaining the unending sufferings and deprivation,” the Avengers said in a Jan. 6 posting on its website. The militants said the Jan. 3 award by…

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