Yield on Nigerian bond to decline on strong demand

Yields on Nigerian bonds are expected to decline next week as falling Treasury bill returns increase the appeal of longer-dated instruments.  Nigeria sold 124.69 billion naira in Treasury bills on Wednesday, with yields lower across all tenors   Traders said bond yields have inched up slightly this week on profit-taking by investors in the wake of the U.S. Federal Reserve postponing the tapering of its stimulus programme.  "With the decline in yields on Treasury bills at this week's auction, bonds will be attractive to many local...

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Nigerian naira firms vs dlr after cenbank measures to curb money laundery

Nigerian naira currency gained about 1 percent on Friday against the US dollar as the foreign exchange market reacted to central bank measures to tackle money laundering. Naira and Dollar in exchange    The local currency closed at 159.9 to the dollar on the interbank market, compared with 161.6 at the previous day's close.    Nigeria's central bank reintroduced the retail selling of dollars to banks' customers, in place of...

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Nigerian lending rates fall on ample naira cash

Nigerian interbank lending rates eased this week to an average of 14.25 percent, compared with 15 percent last week, supported by ample naira liquidity from matured Open Market Operations (OMO) notes and cash calls from joint oil ventures. First Bank CEO, Onasanya    Traders said about 85 billion naira ($525.99 million) in matured treasury bills was repaid by the central bank on Thursday, while an unspecified amount of cash call payments...

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Nigeria central bank cracks down on money laundering

Nigeria's central bank has announced new measures to tackle money laundering it says is weakening the naira currency and risks pushing up inflation, and which it suspects is linked to early political campaigning for 2015 elections. CBN Gov, Sanusi    "Available statistics indicate that Nigeria has become the largest importer of U.S. dollars," the regulator said in Friday's notice explaining that its twice-weekly wholesale foreign exchange...

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Kenya sees no big economic impact from attack, Eurobond "on course"

Kenya does not see a significant impact on its economic growth from the attack by Islamist militants on a shopping mall, and it plans to go ahead with a debut Eurobond issue this financial year, the finance minister said on Friday. Westgate in Kenya    The east African nation's growth target for 2013 remained at 5.5-6 percent, Henry Rotich said in a statement, adding that tourism was stable and would not suffer "long lasting effects"...

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Fitch Affirms Nigeria's Rivers State at 'BB-'; Outlook Stable

Fitch Ratings has affirmed Rivers State's Long-term foreign and local currency ratings at 'BB-' and National Long-term rating at 'AA-(nga)'. The Outlooks are Stable. KEY RATING DRIVERS Rivers Gov, Ameachi The affirmation reflects Fitch's expectations of the state's continuing stable performance, improving transparency, high capital spending as well as rising financial debt in in light of weak socio-economic indicators by international standards. Under...

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Nigeria sells 124.7 bln naira T-bills, yields drop

Nigeria sold 124.69 billion naira ($771.60 million) in treasury bills on Wednesday, with maturities ranging between three months and one year with yields lower across the board, central bank data showed on Friday. CBN Gov, Sanusi   The bank sold 31.83 billion naira worth of 91 day paper at 10.85 percent, compared with 11 percent at the previous auction on Sept. 19.    The regulator sold 33.78 billion naira in the 182-day note at...

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Nigeria earns $20 bln from crude export in 7-month - NNPC

Nigerian National Petroleum Corporation (NNPC) has produced an average 2.19 million b/d of crude oil over January-July, and earned $20.9 billion from crude exports over the same period, according to the corporation's chief executive, Andrew Yakubu. NNPC MD, Yakubu Output and revenue however, could have been higher if not for large-scale oil theft, pipeline vandalism and illegal bunkering in the Niger Delta region, which severely disrupted production...

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Nigerian naira seen trading within narrow range next week

   The Kenyan shilling is expected to strengthen next week due to dollar inflows from offshore investors who took part in a bond auction on Wednesday. Tanzania's shilling is likely to rise further amid a slowdown in importer demand for hard currency.   NIGERIA    The naira is seen trading within a narrow range next week and should receive support from dollar sales by oil companies and direct sales to banks by the central...

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Real estate investors shun Egypt as foreign firms retreat

 A flight by foreign companies from violent unrest in Egypt threatens to drive up vacancy rates at offices and malls and prompt international investors to shift funds to sub-Saharan real estate. Protesters in Egypt    The army overthrew and imprisoned President Mohamed Mursi in July and the ensuing crackdown on his Muslim Brotherhood movement has killed about 900 people. This has prompted many multinational companies to scale down...

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Nigeria to raise 135-235 bln naira debt in Q4

 Nigeria plans to issue between 135-235 billion naira ($843.49 mln-$1.47 bln) in sovereign bonds maturing in August 2016 and July 2030 in the fourth quarter of the year, the Debt Management Office (DMO) said on Thursday.  DMO DG, Nwankwo    The amount being proposed is within the volume of actual debt issuance in the third quarter, totalling 203.78 billion naira.     Latest date released by the DMO showed that...

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Nigeria SEC suspends Cashcraft Management Ltd, directors from market

Nigerian Securities and Exchange Commission (SEC) has suspended Cashcraft Asset Management Limited, its Directors and Sponsored Individuals from all capital market activities. SEC DG, Oteh In a statement published on its website, the apex regulator of the capital market said the company and its promoters are suspended “as a result of the company’s violation of Section 155 of the ISA 2007 in its management of Anchor and Bedrock Unit Trust...

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