Friday, 28 February 2014
Yields on short-dated Nigerian debt seen higher
February 28, 2014
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Yields on short-dated Nigerian fixed-income assets are seen inching up next week as the central banks tightens liquidity to shore up the naira.
The currency of Africa's top crude-oil producer has been under pressure following last week's suspension of central bank governor Lamido Sanusi. Offshore investors sold Nigerian debt and equities.
Dealers said the central bank has issued around 130 billion naira ($787 million) in OMO (open market operations) securities on Thursday and Friday to further tighten liquidity,...
Nigerian interbank rates fall, seen up next week on CRR debit
February 28, 2014
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Nigerian interbank lending rates eased slighty on Friday to an average of 10.75 percent, from 11 percent last week, traders said, but they are seen rising next week on a coming central bank debit to meet cash reserves requirements (CRR).
AG CBN Gov, Alade
About 220 billion naira ($1.33 billion) in matured Open Market Operations (OMO) was repaid by the central bank on Thursday, swelling liquidity in the banking system.
The cash balance that lenders...
Thursday, 27 February 2014
Nigeria orders 26 mln barrels of gasoline in Q1 -sources
February 27, 2014
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Nigeria has granted licenses to more than 30 companies to import around 26 million barrels of gasoline, or around 3.1 million tonnes, in the first quarter of this year, down slightly from the previous quarter, industry sources said.
Nigeria's petroleum minister, Madueke
Nigeria gave the largest allocation of 1.3 million tonnes to state oil company NNPC, according to a list of importers compiled from trade sources by Reuters.
...
Nigerian central bank intervenes for third time this week, naira falls
February 27, 2014
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Nigeria's central bank intervened for the third time this week with dollar sales to try to support the naira on Thursday, but the local currency lost 0.24 percent on the day to hit 164.90 against the greenback, dealers said.
The naira closed at 164.50 per dollar on Wednesday.
The naira currency has lost 3.2 percent this year, hit by lower foreign capital flows and last week's suspension of Nigeria's central bank governor, a critic of the government's record on corruption.
"No amount of intervention can change the direction of the market because...
Zambia GDP adds 25 percent after rebasing - stats office
February 27, 2014
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Zambia's gross domestic product is now estimated to be over 25 percent bigger after a rebasing exercise that updated the base year from 1994 to 2010, the country's statistics office said on Thursday.
"According to the new benchmark estimates the GDP for 2010 is estimated at 97.2 billion kwacha( $16.7 billion). The new estimates are 25.2 percentage points higher than the old," acting Central Statistical Office director Goodson Sinyenga said.
The revisions stem from dramatic changes in the structure of the economy in Africa's leading copper producer....
Wednesday, 26 February 2014
Ghana producer price inflation jumps to 23.3 pct in January
February 26, 2014
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Ghana's annual producer price inflation rose sharply to 23.3 percent year-on-year in January from 15.3 percent in December mainly on utility price hikes and the decline of the local currency, the government statistician said on Wednesday.
The cedi has depreciated around 8 percent so far this year on excessive dollar demand by local firms and commerce operators for their imports.
"The continued weakness in the value of the cedi as we have witnessed in the past months took a heavy toll on manufacturing costs," Philomena Nyarko told a news conference.
She...
Ecobank CEO Tanoh has "failed", bank's top shareholder says
February 26, 2014
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Ecobank chief executive Thierry Tanoh has failed to raise any capital, bring stability or extract efficiencies, according to board member Daniel Matjila, who represents South Africa's Public Investment Corporation (PIC), the bank's largest shareholder.
Ecobank CEO, Tanoh
The PIC supports reconstituting Ecobank's board and would possibly support a change in chief executive, Matjila, the chief investment officer for PIC, told Reuters on Wednesday....
Ecobank board meeting blocked by court injunction
February 26, 2014
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A key Ecobank board meeting at the bank's headquarters in Togo on Tuesday was blocked by an injunction filed by an individual shareholder at a court in the capital Lome, bank officials said.
Nigeria's SEC DG, Oteh
The injunction appears to benefit chief executive Thierry Tanoh because it relieves pressure over a board meeting that could have considered his leadership in the wake of a letter from his top executives asking him to step down.
Ecobank,...
Nigeria's next central bank chief a steady hand, who'll keep out of politics
February 26, 2014
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Nigeria's incoming central bank governor Godwin Emefiele is seen as a steady hand who will maintain tight monetary policy in the face of currency weakness and avoid his predecessor's controversial forays into politics.
President Jonathan
President Goodluck Jonathan swiftly nominated Emefiele as the next governor last week after suspending incumbent Lamido Sanusi, who had become an increasingly vocal critic of the government's record on corruption.
Sanusi,...
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