Nigerian interbank rates ease on expectation of budget disbursal

Nigerian interbank lending rate eased to an average of 15.25 percent on Friday, from 42.5 percent last week, after some lenders rediscounted their treasury bills to access some cash and dealers anticipated a budget disbursal.The overnight lending rate had climbed to 80 percent on Tuesday, as banks scrambled for naira cash to pay for their foreign exchange purchases and meet other obligations."Many banks rediscounted their treasury bills holdings to get some cash support ... and this helped to eased the pressure on the market," one dealer said.The...

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Yields rise over 200 basis points at Nigeria debt auction

Nigeria sold 53.50 billion naira worth of sovereign debt at an auction on Wednesday, where yields climbed more than 200 basis points across the board on paper with maturities ranging between 3-year and 20-year.The Debt Management Office (DMO) said it sold 7.5 billion naira in the 3-year debt note at 15.49 percent, compared with 12 percent at the previous month's auction. The debt office had initially offered 10 billion naira of the 3-year bond.It sold 18 billion naira worth of 10-year paper at 15.2 percent, against 12.8 percent at the previous...

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Nigerian central bank restricts dollar holdings to curb speculation on naira

Nigeria's central bank has barred banks from holding their own funds in dollars in order to end speculative pressure on the ailing naira currency, the governor said on Thursday.Godwin Emefiele told Reuters in a phone interview that he believed the current naira band, set last month, was "appropriately priced at this time", signalling a will to defend the currency, although it is currently trading below the band."We do not want speculators in this market any longer," he said. "The banks are not supposed to hold any funds (in dollars) of their own....

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Nigerian overnight interbank lending rate spikes to record high

Nigeria's interbank overnight lending rate spiked further by 20 percentage points on Tuesday to 80 percent following drop in liquidity on large naira cash withdrawal by the state-owned energy company."The NNPC withdrew more cash from the system today, hitting hard on some banks, which have to resort to borrowing heavily from other banks to cover their position," one dealer said.NNPC last week sold about $300 billion naira to some lenders as part of its usual month-end dollar sales and put the naira proceeds into its account with the central bank.The...

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Nigerian overnight rate up to 60 pct on NNPC withdrawal

Nigeria's interbank overnight lending rates spiked 15 percentage points on Monday to 60 percent, from 45 percent on Friday, after the state-owned energy firm recalled a portion of its deposits with commercial lenders to its account with the central bank, traders said.NNPC last week sold about $300 billion naira to some lenders as part of its usual month-end dollar sales and put the naira proceeds into its account with the central bank."Lending rates went up today because of the NNPC cash recall and payments for foreign exchange purchased at the...

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Nigerian naira gains on oil firms' dollar sales

Nigeria's naira firmed against the dollar on the interbank market on Monday, supported by dollar sales by two energy companies and a naira cash shortage in the banking system, traders said, adding that they expected further gains this week.The local currency closed at 178.70 to the dollar, 0.66 percent firmer than 179.90 it closed at Friday.A unit of French oil company Total sold $74 million to some lenders, while Nigerian Liquefied natural Gas (NLNG) company sold an undisclosed amount, boosting dollar liquidity."The market was a bit calmer today...

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Nigerian bond yields to rise, Kenya's to hold steady

Yields on Nigerian bonds are expected to rise next week with investors expected to cut back on their positions before the year-end in order to raise local currency for their obligations.Nigeria's local debt market has experienced a sell-off in recent weeks on concerns about falling global oil prices and their impact on the local currency, which has lost about 11 percent against the dollar this year.The central bank devalued the naira by 8 percent in a one-off move last week as it sought to stem a slide in the country's foreign exchange reserves...

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Nigeria naira at new record low after cbank sells dollars at its new band

Nigeria's naira hit a new record low against the dollar on Tuesday, sliding further away from the central bank's new target band as demand for the greenback continued unabated, dealers said.The unit eased to a low of 187.55 naira on the interbank market in volatile trades shortly after the market opened, as dealers scrambled to fill demand orders not met at a central bank auction the previous day.The central bank sold dollars at its new target mid-band of 168 naira at an auction on Monday and depreciated the currency by 1.78 percent from 165 naira...

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Nigerian naira falls further, devalued level faces test

Nigeria's naira fell 2.5 percent on Friday, despite central bank intervention, and it briefly touched a record low on concerns OPEC's decision not to cut oil output would put further pressure on Nigeria's shaky finances.The central bank has struggled to keep the naira within its preferred band even after devaluing the currency by 8 percent on Tuesday in a bid to halt a slide in Nigeria's foreign reserves. Oil sales provide around 95 percent of those reserves.The naira briefly touched a record low of 180.90, according to Thomson Reuters dealing...

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Nigeria's interbank lending rates ease to 12 pct on liquidity boost

Nigeria's interbank lending rates slipped on Friday by 800 basis points to around 12 percent for overnight placement, following the retirement of about 415 billion naira ($2.32 billion) in matured treasury bills.The overnight placement rose to 20 percent from 15 percent on Wednesday, draining about 568 billion naira from the banking system. The increase went to meet a 500-basis-point hike in cash reserve requirements (CRR) for lenders.The central bank raised the CRR on private-sector deposits at its monetary policy committee meeting on Tuesday....

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Nigeria currency devaluation to curb banks' Eurobond bonanza

* Nigerian firms issued $5 billion hard currency bonds since 2007 * Banks' foreign currency exposure at $10 billion-analyst  * Naira devaluation should not endanger repayments Nigerian banks' overseas borrowing bonanza looks to be over in the wake of a dramatic currency devaluation this week, but while risks are rising, repaying existing debt should not be a problem for most. Companies in Africa's largest economy have rushed in recent years to take advantage of rock-bottom global borrowing costs and investors' hunger for yield, selling some...

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Nigeria naira down 1.7 pct on OPEC decision not to cut output - dealers

Nigeria's naira fell 1.7 percent in early Friday trade to 177.25 against the dollar as markets reacted negatively to a decision of the OPEC oil exporting group not to cut crude output, dealers said.Saudi Arabia blocked calls on Thursday from poorer members of OPEC, including Nigeria, to cut output, sending oil prices plunging.Nigeria's currency touched a record low against the dollar on Wednesday, a day after the central bank devalued it by 8 percent in a bid to halt a slide in its foreign reserves -- 95 percent of which derive from oil sales.Falling...

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Saudi, UAE signal no push for OPEC oil cut

OPEC leader Saudi Arabia and fellow member the United Arab Emirates signalled on Wednesday they were unlikely to push for a major change in oil output at the group's meeting this week to prop up prices that have collapsed by a third since June.Saudi Oil Minister Ali al-Naimi said he expected the oil market "to stabilise itself eventually" after talks with non-OPEC member Russia on Tuesday yielded no pledge from Moscow to tackle a global oil glut jointly.OPEC's meeting on Thursday will be one of its most crucial in recent years, with oil having...

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Nigeria c.bank to drain 568 bln naira from bank accounts, banks scramble for funds

Nigeria's central bank on Wednesday advised banks it would drain a combined 568 billion Nigerian naira ($43 billion) from their accounts to meet the 500 basis-point hike in cash reserve requirements on private sector deposits with lenders.The planned withdrawal triggered a scramble for funds in the interbank lending market, where the cost of borrowing among banks almost doubled, dealers said.The overnight interbank borrowing rate closed at 20 percent on Wednesday compared with 10.25 percent on Tuesday.The bank central bank hiked the CRR on private...

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Nigeria overnight lending rate doubles to 20 pct after cbank action

Trading on Nigeria's almost doubled on Wednesday, after trading resumed a day after the central bank hiked the cash reserve ratio (CRR) for commercial banks to hold deposits from individuals and businesses, dealers said.Dealers said commercial lenders were scrambling for cash in anticipation of the central bank enforcing the CRR on Wednesday, so interbank rates rose sharply from 10.25 percent the previous day.Initially, the overnight market was not giving quotes on Wednesday because they were waiting for information from the central bank on when...

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Nigeria's Access Bank sees 'little' impact from naira devaluation

• Nigeria devalued currency by 8 pct this week• Devaluation likely to hit demand for bank's rights issue Nigeria's Access Bank does not expect the naira's devaluation to have a significant impact on its business as most of its dollar facilities have been loaned to clients generating foreign currencies, its chief executive said on Wednesday.Nigeria's central bank devalued the naira by 8 percent and raised interest rates by 100 basis points on Tuesday, hoping to stem losses to its foreign reserves from defending the currency against weaker oil prices....

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Nigeria cenbank lowers naira band, raises interest rate by 100 bps

Nigeria's central bank lowered the target band for the naira on Tuesday, and it raised interest rates by 100 basis points to 13 percent, as it sought to stem losses to its foreign reserves from defending the local currency.The central bank moved the band to 160-176 naira to the U.S. dollar, compared with 150-160 naira previously, owing to prolonged naira weakness and high dollar demand. The naira has taken a beating over the past few months, as falling oil prices have shaken confidence in the assets of Africa's leading energy producer. Defending...

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Nigeria central bank breaches its forex band ahead of rate meeting

Nigeria's central bank sold dollars outside its preferred currency band at its forex auction on Monday, signalling it could shift the band to weaken the naira after its policy meeting on Tuesday, dealers said.The central bank usually sells dollars at its twice weekly forex auctions at 150-160 naira, a band it adopted in November 2011 after a decline in oil prices forced it to spend billions of dollars in reserves to defend the naira.A slump in oil prices this year has pushed the naira down 10 percent versus the dollar. On Monday the Nigerian currency...

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Nigeria's overnight lending rate halves to 9.75 percent

Nigeria's overnight lending rate fell to 9.75 percent on Friday, from 18 percent at the previous close, after government monthly budget disbursals flowed into the banking system, dealers said. Liquidity had dried up after pension funds snapped up bonds before an expected central bank ruling on naira cash reserve ratios on Tuesday that it hopes will tighten liquidity to support the currency. The naira has lost 10.5 percent this year. It has been under particular pressure in the past two months as falling oil prices sapped appetites for assets...

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Nigeria's bond eyes rate setting policy meeting

Nigeria's debt market is expected to take its next direction from the outcome of the central bank's rate-setting Monetary Committee meeting scheduled for early next week.     Traders said they were cautious since the committee could take measures to support the flagging local currency, including a possible hike in cash reserves requirements.     The committee will meet for two days from Nov. 24, against the backdrop of a steep drop in the price of crude oil that has put significant pressure on the naira currency.    ...

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Nigeria to lower oil benchmark for budget as crude falls

Nigeria to revise oil benchmark lower to $73 per barrel Oil price fall will impact revenues, expenditure - Fin Min Minister rejects calls to print more naira  Nigeria plans to lower its assumed benchmark oil price for next year's budget by $5 per barrel to $73 and use reserves to meet ongoing government spending, its finance minister said on Sunday. Ngozi Okonjo-Iweala said a six percent drop in oil revenues following a world crude price decline would require the government to cut non-essential spending and raise more revenue. She said...

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Nigerian interbank rate up 287 bps as cbank supports naira

Nigeria's overnight interbank lending rate jumped 287 basis points to 10.87 percent on Friday as the central bank mopped up liquidity via treasury bill sales to ward off pressure on the naira, dealers said.The naira currency has come under pressure over the past two months from falling global oil prices, dampening appetite for assets in Africa's biggest economy and chief oil exporter.Though the central bank has been intervening this year to prop up its value, the naira has lost 7.2 percent since Jan. 2.The bank sold more than 200 billion naira...

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Nigeria's naira trading outside cbank's band despite interventions.

Nigeria's naira firmed 0.88 percent on Friday, after the central bank stepped up dollar sales to try to support the currency, under pressure as the price of oil, the country's main revenue earner tumbled to a four-year low.Howevrr, although the central bank has spent billions of dollars this week in interventions, the naira is still worth 2.7 percent less against the dollar than when the week started and remains outside the bank's preferred trading band.In the latest session, the unit had initially weakened to 173.77 naira against the greenback,...

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Nigeria stocks rise for third day as local funds buy shares

Nigeria's index rose for the third straight session after a 12-day sell-off, as domestic investors snapped up relatively cheaper consumer and oil and gas stocks dumped by foreign funds, stockbrokers said on Wednesday.Foreign investors, who dominate trades on the Nigerian bourse, have been pulling money out after the price of oil collapsed and the naira currency weakened. Brokers said the sell-off drove stocks to new lows, which spurred buying interest from local pension and retail investors. The all-share index had climbed 0.84 percent to 33,951...

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Nigeria consumer inflation eases to 8.1 percent y/y in Oct

Inflation dips in Oct on lower food prices CPI still within cbank target band of 6 to 9 percent Nigeria attracted $6.5 billion in foreign investments in Q3  Nigeria's consumer price inflation eased for the second consecutive month to 8.1 percent in October, from 8.3 percent the previous month, driven by lower food prices, the statistics bureau said on Sunday. Food prices, the biggest contributor to headline inflation, declined to 9.3 percent last month, down from 9.7 percent in the previous month. "In October, the pace of increase in...

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Nigerian stocks, bonds slide as foreign investors exit

Nigeria's main stock index fell 11.52 percent in one week to 33,225 points as naira worries and oil price risk unnerved foreign investors, the major buyers of local shares.Yield on Nigeria's 3-year bond fell 64 basis points on Friday as local pension funds snapped up debt from exiting foreign investors.Foreign investors, who dominate stock and bond trades in Nigeria, have continued to pulled money out of the country's financial markets after the oil price, which had dropped to a new four-year low below $82 a barrel on Wednesday, steadied around...

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Higher liquidity to spur demand for Nigerian bonds

Increased money market liquidity after the central bank capped the amount of idle cash that banks can deposit with the regulator will drive demand for bonds by local investors, helping to offset a sell-off by foreign funds.Nigerian assets have taken a beating in recent weeks on the back of a drop in the price of crude oil. In a bid to force banks to lend to the productive sector and stimulate economic growth, Nigeria's central bank restricted lenders and discount houses from placing more than 7.5 billion naira each as deposits with the regulator.This...

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Nigerian interbank rates at three-year low on new central bank rules

Nigeria's interbank lending rates slipped to a three-year low after the central bank announced a restriction on the volume of idle cash that banks can place with it, traders said.The central bank on Thursday restricted lenders and discount houses from depositing more than 7.5 billion naira ($45.25 million) each, increasing interbank naira liquidity.Interbank lending rates closed around 8 percent across the board on Friday, 2.2 percentage points lower than last week's 10.2 percent.Dealers said many banks were taken aback by the new limit on central...

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Nigerian naira gains 2.3 pct as central bank sells dollars

Nigeria's naira rose 2.35 percent against the U.S. dollar on Friday after the central bank sold dollars to prop up the value of the local currency.The naira closed at 165.90 to the dollar compared with 169.90 to the dollar the previous day.The naira had touched new intraday lows of 173.02 on Friday amid demand for dollars, partly from foreign investors unnerved by falling oil prices exiting Nigeria and partly from domestic importers worried about the risk of a currency devaluation.Dealers said the central bank sold undisclosed amount of dollars."We...

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Africa's richest man targets Nigeria's rice deficit

Nigeria enjoys a perfect rice-growing climate over a vast area yet it is the world's second biggest importer of the staple, often from countries in its warm, wet tropical latitude like top exporter Thailand.It's one of those baffling Nigerian paradoxes, like the fact that it is Africa's top oil producer yet suffers frequent fuel shortages; or that it is sitting on the world's eighth largest gas reserves but can only produce a few hours of power a day.As with the other bottlenecks holding back Africa's biggest economy, decades of bad governance...

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Nigerian markets fall, central bank intervenes as weak oil price pressures naira

• Foreign investors exit Nigeria assets on naira concerns • Main stock index down 1.6 pct at 36,744 points • Stocks down 9.6 pct this year as investors exit • Naira down 4.3 pct in 2014, unnerved by falling oil price   Nigeria's main share index hit a 13-month low and government bonds fell on Tuesday as foreign investors pulled out of Nigerian assets, prompting the central bank to sell dollars to support the ailing naira.     Nigeria's currency has come under pressure in the past two months from falling global oil prices, dampening...

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Oil hits four-year low near $82 after Saudi Arabia cuts U.S. prices

Brent crude oil fell to a more than four-year low near $82 a barrel on Tuesday, after top oil exporter Saudi Arabia cut sales prices to the United States.     Front-month Brent crude touched a low of $82.08, its weakest since October 2010, and was down $2.10 at $82.68 a barrel by 1030 GMT.     U.S. light crude <CLc1> was down $2.20 at $76.58 a barrel. It touched a session low of $75.84, its weakest since October 2011, as its discount to Brent hovered around $6.     The Brent price plunged more than 50 cents below...

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Nigerian naira falls on low supply of dollars

Nigeria's naira slipped against the dollar on the interbank market on Monday, driven by tight supplies of the U.S. currency and sustained strong demand from offshore investors selling their equity holdings.The local currency closed at 165.75 to the dollar, compared with 165.65 on Friday.A unit of Addax sold $10 million to some lenders, Eni sold $2 million while Royal Dutch Shell sold an undisclosed amount of dollars. But aggregate dollar flows were seen as insufficient to support the local currency."Many offshore investors in fixed income assets...

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Nigerian interbank rates falls after AMCON retires bonds

Nigeria's interbank lending rates eased to 10.2 percent on average on Friday, from 10.37 percent last week after state-owned 'bad bank' AMCON repaid matured bonds, buoying liquidity in the system, traders said.Nigeria's state-backed AMCON repaid 867 billion naira ($5.24 billion) worth of bonds on Friday, cutting its liabilities to around 3 trillion naira, bankers said. Dealers said 30 percent of the repaid bond -- about 260 billion naira -- was expected to enter the system in the form of cash on Friday, while the balance would be in treasury bills,...

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Nigerian 'bad bank' AMCON redeems 867 bln naira in bonds

Nigeria's state-backed 'bad bank' AMCON repaid 867 billion naira ($5.24 billion) worth of bonds on Friday, cutting its liabilities to around 3 trillion naira, bankers said.Dealers said 30 percent of the bond, representing about 260 billion naira, is expected to come in the system in form of cash, while the balance would be in treasury bills, transferring that part of the liability to the central bank.AMCON was set up to absorb bad debts left over from a 2008/9 financial crisis that nearly bankrupted nine lenders until the central bank bailed them...

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Nigerian Breweries seeks shareholder approval for merger

Nigerian Breweries, said on Friday it would seek shareholder approval on Dec. 4 for its plan to merge with rival Consolidated Breweries.Heineken, the majority shareholder in Nigerian Breweries, acquired a controlling stake in Consolidated Breweries in 2005 and is seeking to merge both businesses to take advantage of Nigeria's growing market for beer and malt drinks.In a notice to shareholders, Nigerian Breweries said it planned to exchange four of its shares for five of Consolidated Breweries, involving up to 396.85 million ordinary shares in total.Nigerian...

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Nigeria's forex reserves down 1.9 pct month-on-month to $38.7 bln

Nigeria's foreign exchange reserves fell 1.94 percent month-on-month to stand at $38.76 billion on Oct. 29, the lowest level in more than three months, data from central bank showed on Friday.The reserves also dropped 14.28 percent year-on-year, compared with $45.22 billion the same time last year. The reserves were last seen at the current level on July 21, when they stood at $38.72 billion.Since last month Nigeria's central bank has increased the amount of dollars sold at its twice-weekly foreign exchange auction, and also sells dollars directly...

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Oil drops below $87 as U.S. GDP and Fed boost dollar

• Dollar hits 3-1/2-week high against currency basket• U.S. advance Q3 GDP +3.5 percent (consensus +3.0)• Improved outlook on U.S. economy helps cap losses in oilBrent crude oil slipped below $87 a barrel on Thursday as expectations U.S. interest rates may rise sooner than expected pushed the dollar to its highest in more than three weeks.A 3.5 percent annual rise in third-quarter U.S. gross domestic product reported on Thursday came a day after the U.S. central bank gave a surprisingly upbeat assessment of the economy, reinforcing a more hawkish...

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Nigerian naira seen stable next week

Nigeria's naira is seen stable around its current range as more energy companies buy the local currency to fund month end domestic payments and the central bank also provides support.The naira currency closed at 165.65 to the dollar on the interbank market, compared with 164.80 last Thursday.The naira has been under pressure over the past five weeks, unnerved by falling global oil prices, which caused offshore investors to cut back their positions in the debt and stock markets.Traders said demand for hard currency was gradually slowing down, while...

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Nigerian police withdraw speaker's guards after defection to opposition

Nigeria's police said on Thursday it had withdrawn all security personnel guarding parliament speaker Aminu Tambuwal, the country's fourth most powerful government official, following his defection to the opposition coalition.Tambuwal defected to the All Progressives Congress (APC) from the ruling People's Democratic Party (PDP) on Tuesday, a move that gave it a much needed boost in its campaign to unseat President Goodluck Jonathan in February 2015 elections. He has not yet resigned as speaker.The withdrawal of Tambuwal's security detail indicates...

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Nigeria’s Mobile-Phone Companies to list on stock exchange soon

The Nigerian Stock Exchange said it’s making headway in persuading the four mobile-phone companies in Africa’s largest economy to sell their shares.“The stance has moved from them not wanting to list to them looking at how to deal with the issues that would make it unattractive to list,” Chief Executive Officer Oscar Onyema said by phone fromSeoul today. “We’re gaining traction.”Africa’s second-biggest bourse after the Johannesburg Stock Exchange is trying to entice more companies to place initial public offerings to better mirror the make-up...

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Nigeria naira firms 0.18 pct as oil companies sell dollars

The Nigerian currency firmed 0.18 percent to 165.40 naira against the U.S. dollar on Wednesday, after two multinational oil companies sold the greenback on the interbank market, dealers said.Dealers said the local unit of ExxonMobil sold $50 million, while French oil firm Total sold $88 million, to boost dollar liquidity on the interbank market.The naira has been under pressure over the past five weeks, unnerved by falling global oil prices, which caused offshore investors to cut back their positions in the debt and stock markets. Nigeria is northeast...

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Nigeria grants 5-year VAT exemption on capital market fees

Nigeria granted market transaction fees a five-year exemption from value added tax (VAT) on Tuesday as part of measures to encourage investment in the share market of Africa's top economy.The exemption from the 5 percent VAT rate covers commissions on bond as well as equity trades."The elimination of VAT on stock market transaction fees will ultimately reduce the cost of transactions for investors, and will encourage investments in the Nigerian capital market," Nigerian Stock Exchange (NSE) Chief Executive Oscar Onyema said in a statement.The local...

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Nigeria further limits banks' foreign currency borrowings

Bank trying to ease pressures on naira, stem dollar demand Naira down almost 4 percent this year as oil prices fall Lenders tap international debt markets to shore up capital  Nigeria's central bank has cut the limit on banks' foreign currency borrowings to 75 percent of shareholders’ funds from 200 percent, according to a central bank circular seen by Reuters on Tuesday. The regulation replaces a 2001 rule capping foreign borrowings, including Eurobonds, at 200 percent of shareholders’ funds as Nigeria tries to manage exchange rate...

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Nigerian naira falls 0.15 pct despite oil firm dlr sales

Nigeria's naira currency weakened marginally by 0.15 percent against the dollar on the interbank market on Monday, on a renewed surge in dollar demand despite about $112 million in sales by an oil company.A unit of French oil major Total sold about $112 million to some lenders on Monday, but was insufficient to support the naira.The local currency fell to 165 to the dollar compared with 164.74 it closed at on Friday, due to increased dollar demand from importers and corporations stocking up for year-end sales.The naira had recovered from a 7-month...

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Nigerian bond yields seen rising

Increased demand for Nigerian government bonds from local pension funds this week buoyed debt note prices after four weeks when falling global oil prices and a rapid decline in the value of the naira currency had forced offshore investors to gradually exit. Traders said most offshore investors stayed on the sidelines this week, while the pension funds took the front seat in the local debt market of Africa's biggest economy. "The offshore investors might further cut back on their bond holdings as we gradually approach the year end, but this will...

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Nigeria central bank to regulate bank dividend payments

* Central Bank's decision could hurt banking stocks* Banks must meet capital adequacy ratio, have cash reserves* Central bank wants banks to loan to real economyNigeria's central bank has introduced new rules to prevent banks that do not meet minimum capital requirements from paying dividends in a bid to shore up the sector, according to a document seen by Reuters.The central bank said in a circular dated Oct. 8 sent to lenders and discount houses that the amount banks can pay in dividends would depend on their capital levels, statutory reserve...

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Nigeria interbank rates stay flat as cenbank cancels T.bill sale

Nigeria's interbank lending rates remained unchanged at 10.37 percent for the fourth week on Friday after the central bank cancelled the sale of fresh open market (OMO) bills as investors demanded higher yields.The central bank had offered to sell treasury bills in the week, but withheld the auction due to demand for high yields by investors as the risk of holding Nigerian assets has risen with falling oil prices and a weakening naira currency, dealers said.Instead it repaid 170 billion naira ($1.03 billion) worth of matured OMO bills this week,...

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MTN shares hit after cuts Nigerian growth forecast

Sees Nigeria user additions at 3.5 mln Adds 1.4 mln users in South Africa Shares down more than 4 pct MTN Group Africa's largest mobile telecoms operator, slashed its full-year forecast for Nigerian subscriber growth by nearly a third on Thursday, raising concern about its ability to fight off competition in its top market and sending its shares sliding. The Johannesburg-based company has been fighting to stay in the lead in Nigeria, Africa's most populous country, ahead of competitors such as the UAE's Etisalat , India's Bharti Airtel and privately-owned...

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Nigeria naira hits 8-month low as firms hedge currency risk

Nigeria's naira eased to an 8-month closing low of 165.55 against the dollar on Tuesday, due to strong dollar demand from importers and companies reducing their exposure to the local currency, dealers said.The naira fell 0.16 percent from Monday's close of 164.28 to the dollar, a level last seen on Feb. 21, a day after the president suspended the central bank governor, sending financial markets into a tailspin.Concerns about the falling price of oil, Nigeria's main source of foreign currency earnings, contributed to the drop. The local subsidiary...

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Why I will not support a Buhari presidency again‏

I am aware that the statement I'm about to make will surely attract range of rage from many of my friends across the globe, nonetheless am compelled to go ahead with my decision to renounce my support for the great general. In the last couple of weeks, I have been ruminating over my ardent support for a General Mohammudu Buhari presidency since his foray into the political arena. My conclusion has been that under the prevailing circumstances in our country today, a Buhari presidency remains a mirage, especially with the successful transformation...

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