Nigeria | - Part 75

Buhari Says Nigeria’s Currency Squeeze Is a ‘Temporary Phase’

LAGOS, Nigeria, Capital Market in Africa — Nigerian President Muhammadu Buhari said the foreign-exchange squeeze being faced by the country is a “temporary phase” to be overcome when structural problems are addressed. “It grieves me that so many manufacturing industries in the country today are groaning and frustrated because of lack of foreign exchange to import raw materials and spare parts,” Buhari said Monday at the start of a meeting on the economy in Abuja,…

Nigeria | Easing Cycle Over but Committee to Hold-Off on Tightening

Posted on by The Editorial Team

LAGOS, Nigeria, Capital Markets in Africa —-The Monetary Policy Committee (MPC) will be meeting next week (21st and 22nd March 2016) – for the 2nd time in the year – since its last meeting in January 2016 to review developments in the domestic and global fronts as well as take key policy decisions. This meeting is coming against the backdrop of renewed optimism in the global economy, albeit tepid; sustained sub-optimal domestic economic performance and…

Nigerian Equity Markets | 15 Mar 2016: Nigerian Bourse Closes Lower on Profit Warning… NSE ASI down 0.4%

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LAGOS, Nigeria, Capital Markets in Africa — At the end of today’s trading session, the All Share Index declined 0.4% to close at 24,745.13 points as the Nigerian bourse continued its retreat into the negative zone. Congruent to the ASI, market capitalization also declined N37.3bn to settle at N8.9tn. Today’s decline was driven by price depreciation in key Banking counters such as ETI (-9.7%), DIAMOND (-8.8%) and GUARANTY (-2.5%) as ETI issued a profit warning…

Nigeria: February Headline Inflation Surges to 38-month High

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LAGOS, Nigeria, Capital Markets in Africa — The National Bureau of Statistics (NBS) released the Consumer Price Index (CPI) figures for February 2016 today with the major Headline Index and Sub-indices at record high double-digit levels. February Headline Inflation – measured Year-on-Year (Y-o-Y) was estimated at 11.4%, 1.8% higher than 9.6% reported in January. Headline inflation has been on a steady rise since December 2014 (8.0%) with the only decline in October 2015. The current…

Nigeria’s GDP growth slows in 2015 amidst forex liquidity constraints

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LAGOS, Nigeria, Capital Markets in Africa — The Nigeria National Bureau of Statistics released economic performance data for the fourth quarter of 2015 on Friday 11 2016. The release showed that Africa’s largest economy grew by 2.1% year-on-year (yoy) in the fourth quarter against market expectations of 2.85%. The growth rate was also lower than the 2.84% recorded in the third quarter of 2015 and significantly lower than the 5.94% recorded in the fourth quarter of…

Nigerian Central Bank Governor and Investment Minister Talk on FX Supply

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LAGOS, Nigeria, Capital Markets in Africa — Nigerian central bank Governor Godwin Emefiele and Trade and Investment Minister Okechukwu Enelamah are discussing ways to ensure supplies of foreign exchange to manufacturers in the Africa’s largest economy as the slump in oil prices constraint dollar inflows. “My minister is engaging with the central bank governor and other key stakeholders to ensure that the interests of manufacturers are taken care of” in the provision of foreign exchange, Omotara Awobokun, director…

Foreign and Local Investors abandon Nigerian Stocks ….

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LAGOS, Nigeria, Capital Markets in Africa — Total equity transactions at the Nigerian Stock Exchange decreased by 23.93% from N110.56 billion recorded in December 2015 to N84.1 billion (about US$0.43 billion) in January 2016. In comparison to the same period in 2015, total transactions decreased by 55.67% from the N189.72 recorded in January 2015, the figure released by the bourse. In addition, domestic investors conceded about 3.14% of trading to foreign investors as domestic transactions…

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