The world’s less developed states are reappearing in international debt markets, putting up with slightly higher borrowing costs in a race to beat a growing aversion to risk that could shut them out for some time. Kenyan President The uptick in yields may, however, make local corporate borrowers reluctant to tap the markets, even […]
Read MoreAfrica’s richest man, Nigerian Aliko Dangote, plans to invest $400 million in a cement plant in Kenya, the east African nation’s president’s office said. Billionaire Aliko Dangote Dangote owns various businesses under the umbrella company of Dangote Group, among them, Dangote Cement, which said in May it was investing $5 billion to build cement […]
Read MoreA bond auction in Nigeria this week is likely to meet with low demand as a weakening currency reduces the appeal of longer dated instruments. Kenyan debt costs are expected to fall due to increased liquidity. NIGERIA Nwankwo, DG of Nigeria DMO Lacklustre demand is expected at a bond […]
Read MoreNigeria’s naira weakened to a fresh 20-month low against the U.S. dollar on the interbank market on Friday, as direct central bank forex sales to lenders failed to meet demand, traders said. Naira and dollar exchanging hands The naira closed at 164.1 to the dollar, compared with a 163.6 close on the previous day. […]
Read MoreThe Group of 20 powers said on Friday the world economy was improving but it was too early to declare an end to crisis with emerging markets facing increasing volatility. The prospect that the Federal Reserve may rein in its expansive monetary policies as soon as this month has plunged into turmoil some emerging […]
Read MoreKenyan shares rose for the third straight session on Friday lifted by investors picking up stock they considered cheap after a bear run, while the shilling held steady. CBK Governor. Ndung’ The benchmark NSE-20 share index rose 0.7 percent to 4,677.60 points. The index has recovered from a two-week slide as investor […]
Read MoreMinister of National Planning Commission, Shamsuddeen Usman Nigeria’s economy grew 6.18 percent year-on-year in the second quarter, down from 6.56 percent in the previous quarter, due to oil production outages, the National Bureau of Statistics (NBS) said on Friday. Crude oil output from Africa’s biggest producer averaged 2.11 million barrels per day (bpd) in the […]
Read MoreNigeria sold 153.92 billion naira ($941.41 million) in treasury bills this week with maturities ranging between three months and one year, the central bank said on Friday. CBN Gov, Sanusi There was 22.97 billion naira worth of 91-day paper sold at 10.9 percent, compared with 11.09 percent at the previous auction on Aug. 21, […]
Read MoreWorker in a cocoa farm in Nigeria Nigeria is reforming its farming sector to bolster production and draw investment but companies this week said more needs to be done to tackle entrenched corruption, poor infrastructure and rogue government agencies. Nigeria’s annual economic summit focused on agriculture for the first time, in line with President […]
Read MoreNigerian interbank lending rates rose to an average of 18 percent on Friday, up from 11.25 percent last week, driven by the withdrawal of about 242 billion naira ($1.48 billion) from the banking system by the central bank on Thursday. CBN Abuja office Traders said the central bank debited accounts of banks on Thursday, […]
Read More