West Africa | - Part 7

Nigerian Central Bank Issues New Policy Actions in the Foreign Exchange Market

ABUJA (Capital Markets in Africa) – In continuation of efforts to increase the availability of Foreign Exchange in order to ease the difficulties encountered by Nigerians in obtaining funds for Foreign Exchange transactions, the Central Bank of Nigeria (CBN) is providing direct additional funding to banks to meet the needs of Nigerians for Personal and Business Travel, Medical needs, and School fees, effective immediately. The CBN expects such retail transactions to be settled at a…

Ghanaian banks face high asset risks, despite solid capital buffers, stable funding, Says Moody’s

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – High asset risks pose the biggest challenges for banks in Ghana, says Moody’s Investors Service in a report published today. Moody’s report, entitled “Banks — Ghana; Ghanaian banks face high asset risks, despite solid capital buffers, stable funding and an economic recovery,” is available on www.moodys.com. Moody’s subscribers can access this presentation via the link provided at the end of this press release. “We expect asset risk for banks…

Central Bank of Nigeria boosts key industries with $2.83 bln for economic recovery

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s central bank has disbursed $2.83 billion to critical sectors of the economy in December and January, it said in a statement on Thursday, in an attempt to kick-start a struggling economy and alleviate a drought of foreign currency. Nigeria’s economy is wallowing in its first recession in a quarter of a century, hamstrung in part by low exports of the crude oil on which the government depends for…

Nigeria not sure yet how much to borrow from World Bank

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LAGOS (Capital Markets in Africa) – Nigeria has not decided yet how much it wants to borrow from the World Bank, its budget minister said on Wednesday, to help pay for record spending of $24 billion this year. Diplomats and officials told Reuters last week the oil producer plans to present the required economic reform proposals to the World Bank this month to borrow at least $1 billion. “The figure will depend on the (2017)…

IMF may consider extending Ghana aid deal, says its Ghana country head

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ACCRA (Capital Markets in Africa) – The International Monetary Fund (IMF) may consider extending its three-year aid deal with Ghana if the new government requests an extension, the Washington-based lender said on Wednesday. The West African country is more than halfway through a $918 million programme signed in April 2015 to restore fiscal balance to an economy dogged by deficits, high public debt and inflation. The government of Nana Akufo-Addo, which took office in January…

Bargain Hunting Pushes Nigerian Benchmark Index to Close Higher

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LAGOS (Capital Markets in Africa) – Performance in the Nigerian equities market deviated from the 2-day bearish trend, as the All Share Index (ASI) rose 0.4% to close at 25,130.26 points while YTD loss trimmed to -6.5%. Consequently, investors gained N33.9bn as market capitalization improved to N8.7tn. Gains in counters which had previously declined – NIGERIAN BREWERIES (+4.2%), DANGCEM (+0.6%) and FORTE (+10.2%) – ensured the market closed positive. However, market activity was mixed as volume traded rose 11.7% to settle at…

Nigerian Equities Sink Further as Large-Cap FMCGs Extend Losses

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LAGOS (Capital Markets in Africa) – The All Share Index (ASI) of the Nigerian Bourse closed negative today, losing 84bps to close at 25,032.17 points, as the bearish run in large-cap FMCGs continued unabated. Consequently, investors lost N73.5bn as market capitalization declined to N8.6tn, while MTD and YTD loss of the benchmark index worsened to 3.9% and 6.9% respectively. Today’s performance was dragged by sustained sell-pressure on NIGERIAN BREWERIES (-5.0%), in addition to losses in NESTLE (-3.9%) and ZENITH(-3.8%). However,…

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