Nigeria to raise 157 bln naira via Treasury bills next week

Nigeria plans to raise 157.05 billion naira ($978.20 million) via treasury bills with maturities of between three months and one year on May 7, the central bank said on Wednesday.The bank said it would sell 22.05 billion in three-month bills, 30 billion naira of six-month paper and 105 billion naira in one-year bills, using the Dutch auction system.Results of the auction are expected the following day, the bank said in a stateme...

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nigerian naira steady, seen gaining next week

The Nigerian naira was broadly steady against the dollar on the interbank market on Wednesday as dollar liquidity remain sufficient to meet demand by importers and other end-users.The naira closed at 160.60 to the dollar, little changed from the previous day's close of 160.68.Traders said demand for the dollar remained weak while inflows from oil companies the previous day kept the market liquid."The naira is seen strengthening next week as we are expecting NNPC - the state-owned energy company- to sell dollars and some oil companies are yet to...

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Nigeria's forex reserves rise 0.89 month-on-month to $38.14 billion

CBN Ag. Governor, Alade Nigeria's foreign exchange reserves rose 0.89 percent month-on-month to $38.14 billion by April 28, from $37.80 billion by March 28, data from the central bank showed on Wednesday. The forex reserves of Africa's biggest economy however dipped by 21.92 percent year-on-year as they stood at $48.85 billion a year earlier.Nigeria's forex reserves fell drastically earlier in the year in the wake of U.S Federal Reserve tapering...

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Kenya central bank holds key lending rate at 8.5 pct

President Kenyatta Kenya's central bank held its key lending rate at 8.5 percent on Wednesday, saying its monetary policy stance was delivering the desired results, despite inflation ticking upwards in April.  Below is the full Monetary Policy Committee statement on the decision:        The Monetary Policy Committee met on 30th April, 2014, to review market developments and the outcomes of its previous monetary policy...

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Nigerian banks rush for eurobond to boost power sector lending

CBN Ag, Gov, Alade Nigeria’s drive to overcome a mismatch between demand for electricity and generating capacity is prompting the nation’s lenders to sell dollar bonds to finance power projects. The government of President Goodluck Jonathan, which sold 15 state-owned power generation and distribution companies last year, is spending $3.5 billion to boost transmission capacity this year in Africa’s most populous nation by 50 percent from 4,000...

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Nigerian naira gains on oil firms' dollar sales

Ag CBN Gov, Alade Nigeria's naira strengthened against the dollar on the interbank market on Tuesday on support from energy companies' dollar sales. The local currency strengthened to 160.58 per dollar from its 161.08 close the previous day.Traders said a unit of ExxonMobil sold $70 million to some banks, while Royal Dutch Shell sold an undisclosed amount of dollars."Weak demand for the dollar coupled with sales by two energy companies provided...

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Europe considers dropping ban on South African orange juice

President Zuma The European Commission has proposed dropping a ban on South African citrus imports to keep orange juice on Europe's breakfast tables this summer but said it could be re-imposed if shipments contain a fungal disease. The European Union, which buys 1 billion euros ($1.4 billion) of South African citrus exports every year, banned mainly oranges, lemons, and tangerines from South Africa late last year because of a fungal disease found...

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Kenya delays 2014 growth forecast after 2013 disappoints

President Kenyatta Kenya has delayed the release of its official economic growth forecast for this year by more than a month after saying on Tuesday that the economy grew less in 2013 than expected. East Africa's largest economy grew by 4.7 percent last year, a slight acceleration from 2012's 4.6 percent figure but less than the government's projection of just above 5 percent after low rainfall curbed production in the key agricultural sector.The...

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Bharti Airtel profit surges on India mobile market recovery

Airtel symbol Bharti Airtel Ltd, India's top mobile phone carrier, reported a surge in quarterly profit, in line with expectations, as reduced competition in the world's second-biggest mobile phone market helped push call prices higher. Consolidated net profit surged 89 percent to 9.62 billion rupees ($158.9 million) for its fiscal fourth quarter to end-March, New Delhi-based Bharti Airtel said on Tuesday. The figure compared with analysts'...

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Nigerian lending rates flat on ample liquidity

Nigerian interbank lending rates held steady for the fifth week in a row on Friday at an average of 10.5 percent, reflecting increased liquidity in the banking system. Dealers said payments to government agencies and cash from maturing treasury bills had boosted market liquidity. The cash balance that lenders hold at the central bank opened at a surplus of 767 billion naira on Friday, up from 278 billion naira last week. The secured Open Buy Back was unchanged for the fifth consecutive week at 10.25 percent, 1.75 percentage points below the...

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Nigeria's treasury auction 4-1/2 times oversubscribed

Kakawa Discount House chief, Jaiyeola A Nigerian short-term debt sale was 4-1/2 times oversubscribed by local pension funds and foreign investors on Wednesday, driving yields down across maturities, dealers said.Nigeria received 680.14 billion naira ($4.21 billion) in subscriptions for Treasury bills ranging from 3-month to one-year maturities. It had aimed to raise 150.61 billion naira ($932 million) and the heavy demand pushed yields down more...

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Nigeria to export around 1.8 mln bpd of crude in June

Petroleum minister, Madueke Nigeria is to export around 1.8 million barrels per day of crude oil in June, compared to an initially planned 1.53 million bpd in May, data from trade sources showed on Wednesday. The slight recovery in export levels is largely due to a return to near full production of the Forcados grade of crude oil. Flows of the grade were disrupted by a leak in a pipeline, which operator Shell said it is repairing. The...

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