Nigeria's forex reserves up 4.6 pct mth-on-mth to $38.9 bln

CBN Gov, Emefiele Nigeria's foreign exchange reserves rose to $38.94 billion on July 24, a 4.67 percent increase over the level a month ago, when they were $37.20 billion, owing to slower draw downs by the central bank to defend local currency.Data from central bank on Thursday showed the reserves of Africa's biggest economy have steadily grown in the last two months "due to increased accretion and moderation in the rate of  depletion," the...

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Nigerian naira flat vs dollar on oil firms' sales

The Nigerian naira closed unchanged against the dollar on the interbank market on Wednesday, after two days public holiday to mark a Muslim festival, supported by dollar sales by two major energy companies.The local unit closed at 161.85 to the dollar, the same level it closed at on Friday before the holiday.A unit of Royal Dutch Shell sold an undisclosed amount of dollars to some lenders, while Eni sold $5 million.Month-end dollar sales by some energy companies have continued to provide support for the local currency in the last two weeks, keeping...

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Nigeria interbank rate rises as central bank drains liquidity

Nigeria's interbank lending rate climbed to 11.12 percent on Friday, compared with 10.50 percent last week, after a central bank open market operation (OMO) drained cash from the system. Traders said the regulator sold OMO bills worth 415 billion naira ($2.6 billion), soaking up liquidity from banks and driving up lending rates. Lenders have been unable to access their cash balances with the central bank for the third week, owing to a system glitch, meaning that banks have been dealing with their own cash flows rather than on sector-wide liquidity,...

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Nigeria sells 134.9 bln naira in T-bills at mixed yields

Bonds Nigeria sold 134.9 billion naira ($833 million) in treasury bills of three-month, six-month and one-year maturities, with three-fifths fetching lower yields than at the previous auction, the central bank said on Thursday, a day after the sale. The central bank on Wednesday sold 34.88 billion naira in the 3-month paper at 9.84 percent, compared with 9.95 percent at the previous auction on July 9. It sold 48 billion naira in the 6-month debt...

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Nigeria naira up 0.12 pct on oil firm dollar sales

The Nigerian naira firmed against the greenback on Wednesday, lifted by month-end dollar sales from multinational oil companies buying the local currency to meet their domestic obligations, dealers said.The local unit closed at 162.08 naira to the U.S. dollar, up 0.12 percent from 162.28 naira the previous day.The local unit of Italy's Eni sold $20 million and France's Total sold $55 million, while two units of Addax sold a total of $10 million and Shell sold an undisclosed amount onto the interbank market, dealers said.Multinational oil companies...

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Nigeria holds rate at 12 pct, wants to lower it later

CBN Governor, Emefiele Nigeria's central bank held interest rates at 12 percent on Tuesday, keeping them at the same level as the last two years, but its new governor said he would be seeking a gradual reduction in rates over the next five years. Governor Godwin Emefiele, at his first Monetary Policy Committee (MPC) meeting since he was sworn in last month, flagged "underlying inflationary pressure" as one reason to be cautious and hold the policy...

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Nigeria's foreign reserves up 3.8 pct mth-on-mth-cenbank

Nigeria's foreign exchange reserves climbed to $38.49 billion on July 18, a 3.8 percent increase on a month ago, when they were $37.09 billion, owing to a more stable local currency, data from central bank showed on Tuesday. Nigeria's naira has remained stable against the U.S dollar in the past two weeks around 161.5-162.25, supported by slowing demand for the dollars and increased dollar flows from independent sources other than the central bank.Africa's top crude exporter's forex reserves were however down 18 percent year-on-year, the data showed....

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Nigeria naira slips 0.21 pct on importer demand for dollars

Naira and dollar The Nigerian naira eased 0.21 percent against the U.S. dollar on Monday, after some importers took advantage of its recent appreciation against the greenback to lock in rates, dealer said.The local currency eased after last week's gains, closing at 162.25 naira to the dollar on Monday after closing Friday at 161.90 naira.Dealers said some importers had set limit orders to buy hard currency and were in the market after recent gains....

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Nigeria's Transcorp doubles first-half profit on hotel, power investments

Transcorp Hilton Hotel, Abuja  Nigerian conglomerate Transcorp reported that half-year pretax profit more than doubled to 8.01 billion naira ($49.4 mln), with its chief executive citing strong performance from hotel and power assets. Transcorp's flagship hotel, managed by the Hilton group in Nigeria's capital city Abuja, was the main venue for an African version of the World Economic Forum that takes place annually in Davis, Switzerland. The...

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Transcorp to expand Nigerian hotel, power investments - CEO

Transcorp Hilton Hotel, Abuja Nigerian conglomerate Transcorp plans to invest around $110 million to expand its hotel network in Africa's biggest economy as it seeks to tap into a growing market for business travellers, its chief executive said on Saturday. New hotels are springing up across Africa, despite bureaucratic delays and poor infrastructure, to take advantage of an increasing number of tourists and business travellers, serving a growing...

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Nigeria interbank rate unchanged for second straight week

Nigeria's central bank gov, Emefiele Nigeria's interbank lending rate was unchanged for the second straight week at an average of 10.50 percent on Friday, supported by ample liquidity as the central bank held back issuance of fresh open market operation (OMO) bills. The central bank has not issued fresh OMO bills for the past one week despite further boosting liquidity in the banking system by paying off about 114 billion naira ($704 mln) in matured...

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Nigeria cocoa shipment resumes after levy dispute ends

Cocoa jute bags in container Exporters have resumed loading of cocoa shipments in Nigeria's second-largest producing area, Cross Rivers state, after the state government suspended on Friday a levy on bean exports, a trade body said. Cocoa shipments from Cross Rivers, which produces annual volumes of around 60,000 tonnes in the world's fourth-biggest producer, had been halted for over a week as exporters protested the state's failure to adhere...

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Kenya sells stake in wines marketer to S.Africa's Distell Group

Assorted wines Kenya has agreed to sell a 26 percent stake in a wines and spirits marketer to South Africa's Distell Group for 860 million shillings ($9.81 million), Kenya's Privatisation Commission said on Friday. The sale of government-owned shares in Kenya Wine Agencies Limited (KWAL) to Distell is part of a bigger privatisation programme first announced in 2011 as a strategy to help improve the east Africa nation's finances and to transfer...

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Southern African, EU negotiators sign new trade pact

Negotiators for Southern African states have agreed a new trade pact with the European Union which will give the countries a bigger market for food exports, South Africa's trade and industry department said.The Economic Partnership Agreement, which has been in the pipeline for a decade, comes in time to beat an Oct. 1 deadline which would have seen Botswana, Namibia and Swaziland lose preferential EU access for their beef, fish and sugar.If ratified by the governments involved, the deal will allow South Africa to export 110 million litres of wine,...

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Ghana's Cocobod to buy more next season, seal $2 bln loan

Cocoa pod and beans Ghana cocoa industry regulator Cocobod will buy at least 950,000 tonnes of cocoa in the 2014/15 crop year, which begins in October, up 5.5 percent on forecasts for the current harvest, according to a parliamentary document and an official. Ghana, the world's No. 2 producer after Ivory Coast, will sign a syndicated loan of $2 billion from international banks in September to finance the purchases and related operations, James...

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Kenya's 2-year bond seen drawing investors

Nigeria's central bank gov, Emefiele Kenya's sale of a re-opened two-year Treasury bond next week is likely to meet with good demand from investors while yields on Nigerian Treasuries could fall due to good liquidity in the markets. KENYAInvestors are likely to pile into next week's sale of a Kenyan 2-year Treasury bond to the detriment of Treasury bills, amid expectations the average yield on bills could fall further.The central bank will auction...

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