Nigerian naira unchanged on oil company's dollar sale

CBN Gov, Emefiele The Nigerian currency was unchanged at 162.90 naira to the dollar at Monday's market close, supported by dollar sales from the local unit of Royal Dutch Shell.The naira had initially eased to 163.05 against the U.S. dollar, dealers said, but recovered after Shell sold an undisclosed amount of dollars to some lenders."Demand was balanced with dollar flow from Shell ... to keep the naira at the same level it closed on Friday,"...

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Nigeria's foreign reserves rise marginally to $37.26 bln by June 26

 Nigeria's foreign exchange reserves rose marginally to $37.26 billion on June 26, up 0.18 percent month-on-month, from $37.19 billion in May, central bank data showed on Monday. But the reserves were down 22.74 percent year-on-year, the data showed. Foreign reserves stood at $48.23 billion on June 26, 2013....

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South Africa appoints four banks for foreign bond issue

South Africa has appointed Rand Merchant Bank, Barclays and Citi Bank as joint lead managers to arrange the issue of a foreign currency bond, while Investec will co-lead, the Treasury said in a statement on Monday. The process of issuing a sukuk remains a medium-term project, the Treasury added....

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Kenya inflation edges up to 7.39 pct in year to June

Kenya's inflation crept up to 7.39 percent in the year to June from 7.30 percent in the previous month, the statistics office said on its website on Monday.The rate, which has risen steadily since April when it was at 6.27 percent, still remained within the government's medium-term target of 5 percent, plus or minus 2.5 percentage points, on either side.During the month, prices of some food commodities like green maize declined, helping the food and non-alcoholic beverages index to fall by 0.26 percent from May, the statistics office said.The housing,...

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Nigeria plans $100-$300 mln diaspora bond by end-2014-debt official

Nigeria plans to issue a bond totalling $100-$300 million aimed at the country's diaspora by the end of the year, a senior debt official said on Monday."We are still working on it, it will be a minimum $100 million and up to $300 million," Abraham Nwankwo, director-general of Nigeria's debt management office, told Reuters on the sidelines of an Africa debt forum, adding the bond would launch "before the year ends".Nigeria chose Stanbic IBTC and Goldman Sachs as lead managers of the diaspora bond in April.Nwankwo said the bond would be sold only...

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Ivorian cocoa arrivals seen at 1,598,000 T by June 29

Cocoa plants Cocoa arrivals at ports in top grower Ivory Coast had reached around 1,598,000 tonnes by June 29 since the start of the season on October 2, exporters estimated on Monday, up from 1,322,000 tonnes in the same period of the previous season. Exporters estimated around 26,000 tonnes of beans were delivered to the West African state's two ports of Abidjan and San Pedro between June 23 and 29, up from 24,000 tonnes during the same period...

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Ghana dlr bond to go ahead despite ratings downgrade - debt official

Ghana will go ahead with plans to launch a Eurobond next month totalling up to $1.5 billion despite a recent ratings downgrade, a senior debt official said on Monday."We think we can be successful - we think before the end of next month we should be there," Samuel Ameyaw, director in the debt management division of Ghana's finance ministry, told an Africa debt forum.Moody's cut Ghana's debt rating on Friday, to B2 from B1, and kept the rating on negative outlook, citing the country's deteriorating fiscal position and rising debt leve...

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Kenya seeks investors for two geothermal power plants

President kenyatta Kenya invited bids on Monday for the construction of two electricity generation plants from underground gas for a combined 60 MW from geothermal power. Endowed with vast geothermal energy resources in the Rift Valley, the east African nation wants to expand its generation capacity by 5,000 MW by 2017 from about 1700 MW now, to lower tariffs and cut costs of doing business.The state-run Geothermal Development Company (GDC) said...

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AFRICA DEBT-Kenyan yields seen continuing an uptrend next week

Kenya's central bank could accept most bids offered at its Treasury bill auction next week, keeping an upward trend on yields, while dealers expect Nigerian yields to trade at similar levels to this week's.KENYAKenyan Treasury yields are expected to inch up when the central bank auctions 12 billion shillings' worth of 91-day , 182-day and 364-day bills.At this week's sale, the weighted average yield on the 91-day bills rose to 11.438 percent from 10.250 percent at their previous sale, while the yield on the 182-day Treasury bills rose to 11.585...

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Nigerian interbank lending rate eases as liquidity climbs

Nigerian interbank lending rates eased to an average of 10.25 percent on Friday, down from 10.37 percent last week, after a liquidity boost from government revenue disbursals and cash calls for joint venture oil production.Traders said the cash balance held by banks at the central bank rose to about 433.2 billion naira ($2.7 bln) on Friday, up from 297 billion naira last week."We don't expect any significant change in rates next week," one dealer said, adding inflows from maturing treasury bills were due then.Lending rates among banks have reached...

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Growing use of ICT in agriculture helping to "transform Africa"

Potatoes  An influential report on education, training and development in Africa shows that the use of information and communication technologies (ICTs) is beginning to have a significant impact on agriculture and may even be helping to make a reality of the African Union’s 2063 Vision of a “transformed continent”.The report’s editor, Dr Harold Elletson, said:“African agriculture is changing. It is steadily becoming more efficient. Much of...

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Nigeria sells 134.5 bln naira in T.bills at mixed yields

CBN gov, Emefiele Nigeria sold 134.5 billion naira ($825.9 mln) in treasury bills with mixed yields on Wednesday, the central bank said on Thursday, amid lower subscription levels compared with its auction last week. The bank sold bills with maturities ranging from 3 months to one year and received subscriptions of 314.3 billion naira for the notes. Demand at a similar auction last week stood at 404.32 billion naira.With Wednesday's issue, Africa's...

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Nigeria's Bayelsa State governor seeks global support to combat environmental degradation

Dickson The Governor of Bayelsa State, the Seriake Dickson, is seeking the support of the international community to hold multinational oil and gas companies operating in the Niger Delta, including Royal-Dutch Shell and Agip, responsible for the environmental devastation they have caused. Dickson detailed a litany of environmental offenses that have threatened local economies, harmed public health, impeded development, and strained the social...

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Nigeria naira broadly flat at 162.90 against U.S. dollar

Nigerian naira ended broadly flat on the interbank market on Wednesday, after strong demand for the U.S. currency countered the effect of dollar sales by two multinational oil companies, dealers said.The local unit closed at 162.90 naira against the dollar, broadly flat compared with Tuesday's close of 162.80 naira, despite ExxonMobil selling $81 million and Eni $5 million to the interbank market."We expect the naira to remain stable ... because we are still anticipating dollar flows from Chevron and Shell," one dealer said.Dealers said the naira...

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Tunisian central bank raises key rate to 4.75 percent to curb inflation

Tunisia's central bank said on Thursday it had raised its key interest rate to 4.75 percent from 4.5 percent to ease inflation pressures, the second rise in six months.Inflation had slowed to 5 percent in March, its lowest level since December 2011, but it rose again to 5.2 percent in April and 5.4 percent in May.Central bank governor Chadli Ayari told Reuters in March that he expected the inflation rate would stand at between 5.2 and 5.3 percent by the end of 2014, down from the average of 6.1 percent last year.The central bank raised its benchmark...

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Uganda selects two final bidders for its oil refinery project

A refinery Two consortia from Russia and South Korea have emerged as the final bidders of Uganda's $2.5 billion refinery after two others from China and Japan were knocked out of the bidding process, the Ministry of Energy said on Tuesday. Uganda is keen to add value to its crude output to maximise earnings from its hydrocarbon reserves, which were discovered in the country along its border with the Democratic Republic of Congo in 2006.Government...

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Surging environmental crime funds conflicts, hurts growth-UN

Illegal refinery in Nigeria Surging environmental crime, from illegal logging to elephant poaching, is worth up to $213 billion a year and is helping to fund armed conflicts while cutting economic growth, a U.N. and Interpol report said on Tuesday. The study, released during a U.N. meeting of environment ministers in Nairobi, called for tougher action to prevent crimes such as illegal logging, fishing, mining, dumping of toxic waste and trade...

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Kenya Airways picks COO Mbuvi Ngunze as new CEO

A plane on the fleet of Kenya Air Kenya Airways has ended its search for a new chief executive, naming Chief Operating Officer Mbuvi Ngunze to replace Titus Naikuni. The long-serving Group Managing Director and CEO retires at the end of November this year after 11 years at the helm of the national carrier.Mr Naikuni joined KQ in February 2003 and was expected to retire last year. However, KQ’s board asked him to stay for one more year to steer...

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Nigerian naira up 0.14 pct on oil firm dollar sale

Emefiele The Nigerian naira firmed 0.14 percent against the U.S. currency on Monday, after the local unit of French oil company Total sold around $101 million in the interbank market, dealers said. The unit closed at 162.57 naira, firmer than Friday's close of 162.80 naira. It had initially weakened to 162.80 naira at intraday trade before the oil company dollars hit the market, dealers said. "I expect more oil companies to sell dollars and the...

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Nigeria interbank rates ease before government funds reach banks

CBN Gov, Emefiele Nigerian interbank lending rates eased to an average of 10.37 percent on Friday, down from 10.87 percent last week, in anticipation of an increase in liquidity as the government makes its monthly budgetary allocations. Nigeria allocates oil revenues to federal, state and local governments every month. The money going to states and local government are distributed by banks. The funds are expected to reach the market by Monday,...

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UK High Court rules Shell could be legally liable for Nigeria spills

Shell logo The UK's High Court ruled Friday that oil giant Shell could be legally liable for two oil spills in 2008 in the Nigeria's Niger Delta if it failed to take reasonable steps to protect its infrastructure.Leigh Day, the lawyers representing 15,000 claimants from the Bodo community in the Niger Delta, filed particulars of the claim against Shell at the High Court last year seeking compensation for the spills which caused environmental damage.At...

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