Nigerian interbank rate falls on budget, treasury bill funds

Nigeria's overnight interbank rate eased to an average of 3 percent on Friday from 5 percent last week after banking system liquidity rose thanks to the March distribution of oil revenues to government agencies and the maturation of treasury bills. Emefiele, CBN gov Africa's biggest economy, Nigeria distributes revenue from its crude exports among its three tiers of government - federal, states and local. A portion of state and local government...

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Nigeria's forex reserves fall 2.68 percent to $27.14 bln in April -cenbank data

Nigeria's foreign exchange reserves fell by 2.68 percent to $27.14 billion as of April 27 from a month ago, when they were 27.87 billion, central bank data showed on Friday.The reserves declined by 5.55 percent from $29.51 billion a year ago.A plunge in oil prices has eaten into the foreign reserves of Africa's biggest economy, with the central bank adopting fixed exchange rate to protect further depletion of its reserv...

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Two-thirds of Nigerian states struggling to pay salaries - president Buhari

Nearly two-thirds of Nigeria's 36 states are struggling to pay civil servants' salaries despite receiving a government bailout, President Muhammadu Buhari's spokesman quoted him as saying on Thursday.Nigeria, Africa's top oil exporter and biggest economy, has been hit hard by the fall in crude prices. Oil sales account for about 70 percent of government revenues. President Buhari Several states around the country raised money on the domestic bond...

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Lafarge Africa raising bond to repay $300 mln Nigeria loan

Lafarge Africa is marketing a 60 billion naira ($302 million) bond to refinance some dollar-denominated debt at United Company of Nigeria (UNICEM), which it bought last year. Lafarge factory Chief finance officer Anders Kristiansson told analysts on Thursday that there was strong interest for the bond and that book-building was expected to open in the second week of May.The cement and clinker mixer said it had received approval from Nigeria's...

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Nigeria's Access Bank gets approval for 100 bln naira debt issue

Nigeria's Access Bank has obtained shareholders' approval to raise up to 100 billion naira from the debt market either through a public offering or a private placement, the lender said on Thursday.Access Bank spokesperson Busola Osilaja said the bank had sought the approval as part of requirements to be able to raise funds at an opportune time. She said shareholders' voted in favour of the plans at a meeting on Wednesday. Last year the top tier commercial lender raised 42 billion naira from existing shareholders to fund expansion and...

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Nigeria's Lagos state completes $840 mln bond restructuring -governor

Nigeria's Lagos state government has restructured 167.5 billion naira ($840 million) of bonds, potentially saving at least 40 billion by paying off the debt more quickly, its governor said on Wednesday, without saying when payment would be made. Nwankwo, DMO chief Lagos, a megacity of 21 million people in the state of the same name, is Nigeria's commercial hub and generates about a third of its GDP.The governor, Akinwunmi Ambode, said the restructuring...

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World Bank and Nigerian president discuss economic crisis, Abacha loot

The World Bank's managing director and Nigeria's president on Wednesday discussed how the multilateral lender could help Nigeria overcome its economic crisis and repatriate more than $300 million stolen by a former military ruler. President Buhari On her second day of meetings with Nigerian officials, World Bank Managing Director and Chief Operating Officer Sri Mulyani Indrawati held talks with President Muhammadu Buhari which centred around plans...

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Kenya Airways gets court order stopping planned strike

Kenya Airways secured on Wednesday a court order stopping a strike planned by the Kenya Airline Pilots Association (KALPA), which was set to start on Thursday.Kenya Airways is one of the largest carriers in Africa, ferrying 10,000 passengers a day on a fleet of Boeing and Embraer planes. The carrier, which is 26.7 percent owned by Air France, has been selling assets, including planes, and plans to lay off 600 people as it battles deep losses. KALPA on Tuesday issued a two-day notice to the carrier saying its members would stop flying planes if...

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Ghana producer inflation dips to 14.3 pct in March, GDP at 4.9 pct in Q4 '15

Ghana's producer price inflation (PPI) fell to 14.3 percent year on year in March from an unrevised 14.5 percent the previous month, driven by a drop in utility prices, the statistics office said on Wednesday.Utility prices were down by 0.5 percentage points from February but inflation in the sector remained at 43.4 percent, deputy government statistician Baah Wadieh said. The high rate for utilities reflects a big increase in water and electricity...

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Nigerian cocoa farmers upbeat on crop outlook on weather

Late rain in Nigeria this year is helping cocoa trees to flower, raising hopes of a good harvest in the world's fourth biggest grower, after dry weather last year hurt output, farmers and analysts said.Farmer Bojor Atangba has been spraying his trees to protect cocoa flowers from insects and clearing weeds to boost output since the rains started, adding that he wanted to produce enough to sell at record high prices in Nigeria. Cocoa beans "We're...

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Nigerian interbank rate rises on decline liquidity

Nigeria's overnight interbank rate rose for the second consecutive week to an average of 6 percent on Friday, from 4.5 percent last week, amid a drop in commercial lenders liquidity level on payment for treasury bills purchases, but rate seen falling next week on budgetary disbursal.Nigeria sold a total of 167.51 billion naira ($841.76 million) worth of debt with maturities ranging between three months and one year, while payment for the purchase is due on Friday.Traders said the cost of borrowing among banks has declined progressively this week...

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Yields on Nigeria's treasury bills rise across board at auction

Yields on Nigerian short-dated treasury bills rose significantly at an auction on Wednesday where the central bank sold a total of 167.51 billion naira ($841.76 million) worth of debt with maturities ranging between three months and one year.The central bank said it sold 36.78 billion naira of 3-month paper at 7.88 percent yield, about 1.78 percentage points higher than at the last auction on April 6.A total of 35 billion naira worth of the 6-month treasury bill was sold at 8.99 percent against 8.69 percent at the previous auction, while 95.73...

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Yields on Nigerian Treasury bills seen up at auction

Yields are expected to rise at Nigeria's local currency denominated treasury bills auction on Wednesday in tandem with a higher inflation figure for March and possible increase in interest rates by the central bank at its meeting next month.Africa's biggest economy plans to raise 167.51 billion naira ($845 million) in treasury bills with maturities ranging between 3-month and 1-year today. Dada, Anchoria chief "The expectation is that yields will...

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Nigeria opens tender seeking partners to revive its ailing refineries

Nigeria's state oil firm NNPC has launched bidding to find partners to overhaul its ailing refineries, it said in a tender published on Tuesday.Africa's top oil producer has been trying to restart its refineries, which hardly produce any petrol due to decades of mismanagement and widespread graft. Motorists have been queuing for fuel for months across Nigeria.Last month, NNPC head Emmanuel Ibe Kachikwu said the firm was in talks with Chevron , France's Total and Italy's to revamp the refineries but would also launch a separate tender in order...

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Nigerian interbank rate rise on cash flow to bond purchases

Nigeria's overnight interbank rate rose on Friday to around 4.5 percent from 3.5 percent last week, after commercial lenders made payments for local currency denominated bond purchases, which drained liquidity in the system.Nigeria sold about 170 billion naira ($855.13 million) in long-tenor local currency bonds on Wednesday, while payment for the debt was due on Friday. The central bank also sold about 63.98 billion naira of 7-month treasury bills at 9 percent on Thursday to further curtail excess liquidity in the banking system.However, 91.42...

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Eni to invest 20 bln euros in Africa in next four years - CEO

Italy's Eni plans to invest about 20 billion euros ($22.5 billion) in Africa over the next fours, mostly in oil and gas, the company's Chief Executive Officer Claudio Descalzi said on Friday."That represents about 60 percent of our investments" (over that period) he said in a presentation at the International Energy Agency in Paris.Descalzi said Eni, which is involved in projects in 15 African countries, will also help boost and diversify the continent's energy mix through investments in renewables."In the long-term we are going to invest much...

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Ivory Coast cocoa farmers, supplies seen hit by price dispute

Cocoa exporters and grinders in Ivory Coast are withholding financing from suppliers amid a dispute over the pricing of mid-crop beans, threatening farmers' incomes and deliveries to ports, industry sources said.Farmers and trading houses predict a 24 percent fall in the harvest this year because of a lack of rain and harsh winds that have diminished the size and quality of beans in the world's biggest cocoa producer. Already this season, arrivals at Ivory Coast's ports have been hit by the poor crop quality. (Now, exporters say they will not finance...

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Commodity slump pushes Africa back into IMF's embrace

Falling commodity prices have pushed several African countries back into the embrace of the International Monetary Fund, which has an opportunity to push for reforms and inject transparency into opaque economies. Oil rig Top of the list is Angola, Africa's second biggest crude producer and third largest economy, which has not borrowed from the IMF since 2009 and just a few years ago had the Fund all but turning a blind eye to missing billions.It...

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AFRICA-FX-Nigerian naira seen weakening on parallel market, Zambian Kwacha firm

Nigeria's naira will likely weaken to the dollar on the parallel market next week due to an anticipated increase of naira liquidity from the government, while greenback sales could strengthen the Zambian kwacha. NIGERIA The naira is seen falling marginally on the parallel market in anticipation of rising naira liquidity from budgetary allocations to government agencies, but will remain unchanged on the official interbank market. Dollars Africa's...

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Missing Nigerian girls identified in new video as calls renew to find them

Nigerian schoolgirls abducted by the Islamist group Boko Haram exactly two years ago have been identified in a new video, raising hopes that they are all alive and renewing global calls for efforts to find them.A video obtained by U.S. network CNN was shown to three mothers of girls abducted two years ago from Chibok in northeast Nigeria in the first possible sighting of the girls since a video of them in captivity was released in May 2014.Boko Haram militants abducted 276 schoolgirls from Chibok on April 14, 2014, of which 57 escaped but 219 are...

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After global oil freeze deal, prospects for cuts unclear and remote

Oil freeze could set basis for future supply agreementsNo prospect of supply cut before late 2016-2017 - delegatesIran, Libya supply, and compliance seen as key uncertaintiesAn oil output cut by global producers, following on from the output freeze initiative, is quite unlikely and would be months away, OPEC sources said, suggesting any additional action to boost prices is remote.  The freeze plan - to be discussed by OPEC and non-members such...

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Nigeria sells 170 bln naira in local currency bonds at higher yields -debt office

Nigeria raised 170.18 billion naira in local currency bonds maturing in 2036, 2026 and 2020 at an auction, the Debt Management Office (DMO) said on Thursday, paying higher returns than at the previous auction on March 16. Nwankwo, DMO boss The office said it sold 40 billion naira ($201 million) of 2036 paper at 13.08 percent at Wednesday's auction, compared with 12.40 percent at the previous auction It also sold 40 billion naira of 2026 debt at...

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Ghana consumer inflation rises to 19.2 pct in March

Ghana's annual consumer price inflation rose to 19.2 percent in March from 18.5 percent in February, pushed up by road transport fare increases, the statistics office said on Wednesday.A major commodities exporter, the West African country is implementing a three-year aid programme with the International Monetary Fund in an attempt to remedy fiscal problems including inflation persistently above government targets. Road transport operators in Ghana...

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Nigeria's Dangote signs Chinese bank loan for two cement plants

Dangote Group, the company owned by Africa's richest man Aliko Dangote, signed a deal on Tuesday for a $2 billion loan from the Industrial Commercial Bank of China Ltd  for two cement plants, he told Reuters."The interest rate is okay, quite favorable with me," Dangote said, without elaborating. "It's for my two cement companies that we are establishing in Nigeria."The deal included China Export & Credit Insurance Corporation (Sinosure) *First published by Reute...

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Nigeria's inflation rises to almost 4-year high in March

Nigeria's annual inflation rose to a near four year high of 12.8 percent in March from 11.4 percent in February, driven by a rise in food prices, the National Bureau of Statistics said.Africa's biggest economy is facing its worst economic crisis in decades fueled by the collapse in crude prices, which has slashed government revenues, weakened the currency and caused growth to slow. The economy grew 2.8 percent last year, its slowest pace in decades.Food prices, which account for the bulk of the inflation basket, rose by 1.4 percent points to 12.7...

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Nigeria to raise 167.5 bln naira in treasury bills

Nigeria plans to raise 167.51 billion naira ($843.67 million) in treasury bills with maturities ranging between 3-month and 1-year on April 20, the central bank said on Tuesday.The bank aims to raise 36.78 billion naira in the 3-month paper, 35 billion naira in the 6-month note and 95.73 billion naira in the 1-year debt, using the Dutch auction system.Nigeria issues short-dated debt to mop-up excess liquidity in the banking system to curb rising inflation, finance a portion of the budget deficit and help commercial lenders manage their liquidi...

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Oil hits 2016 high above $43 on producer meeting hopes

Oil rose above $43 a barrel to its highest level so far in 2016 on Tuesday, supported by hopes that a meeting of oil producers will agree steps to tackle a supply glut, and by a weak U.S. dollar and further signs of strong demand in China.Many members of OPEC plus outside producers such as Russia are meeting in Doha, Qatar, on Sunday to discuss freezing output. The dollar fell to its lowest in nearly eight months against a basket of currencies, supporting...

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Nigeria may save cash for oil projects to make up budget shortfall: finance minister

Nigeria's Finance Minister Kemi Adeosun Nigeria might use money set aside for funding joint venture projects with foreign and local oil firms to make up any shortfall in the 2016 budget if government revenue projections are not met, Finance Minister Kemi Adeosun said on Saturday.The West African nation has been trying to boost tax revenues and the non-oil income to fund a record $30 billion 2016 budget aimed at reviving Africa's biggest economy hit...

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Nigerian interbank rate eases amid drop in liquidity

Nigeria's overnight interbank rate eased on Friday to around 3.5 percent from 5 percent last week, even though liquidity in the system fell as banks set aside cash for reserves and to pay interest on deposits. "We consider market liquidity sufficient at the present level to support transactions and this accounts for the drop in cost of borrowing among banks," one dealer said. Traders said liquidity dropped from around 564.35 billion naira ($2.84 billion) last week to about 401.7 billion naira on Friday due to premium payments to the Nigerian Deposit...

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Nigeria's cocoa farmers and grinders still waiting on government policy help

One year on from the election of President Muhammadu Buhari, Nigeria is still awaiting the promised policies to boost the cocoa sector, whose growth is seen as vital to offset a slump in oil revenue that has plunged the economy into crisis.Buhari routinely states the need to expand the agricultural sector to end the reliance of Africa's biggest oil producer on crude exports and cut its $20 billion annual food import bill.A priority is to develop...

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MSCI could exclude Nigeria from Frontier Markets index

Index provider MSCI is seeking feedback from investors on the ease of access to the Nigerian equity market, a move that could lead to it being excluded from MSCI's Frontier Markets index.The consultation follows the introduction of restrictions on foreign currency trading, MSCI said in a statement issued late on Thursday, adding that it would announce its decision on or before April 29.Nigeria, Africa's biggest economy, is facing its worst crisis in decades as the falling price of oil has slashed revenues, prompting the central bank to peg the...

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Nigeria plans to sell 40 pct stakes in new NNPC -draft law

Nigeria plans to split state oil company Nigerian National Petroleum Corporation (NNPC) into two to help ease a planned stake sale and wants to sell at least 40 percent of a newly created National Petroleum Co (NPC) in coming years, according to a draft of a long-awaited oil bill seen by Reuters.The bill envisages the sale of at least 10 percent of NPC over five years and is targeting 40 percent or more over 10 years, as Africa's top oil exporter...

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Nigeria seeks ro raise VAT rate, says 5 pct too low

Nigeria's Vice President Yemi Osinbajo said on Thursday the 5 percent rate currently charged as Value Added Tax (VAT) in Africa's biggest economy remains the lowest in the continent amid dwindling revenue from oil exports and growing economic hardship.Osinbajo, who spoke in the country's commercial nerves center hinted of plans by the government to expand both the coverage, scope and the rate soon in a move to boost revenue to fund the West African...

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Nigeria's Zenith Bank loses 200.5 mln naira to fraud, forgeries

Nigeria's Zenith Bank has said that it recorded about 200.52 million naira loss to fraud and forgeries in its operations last year. Ovia, Zenith Bank chairman In its corporate governance report, the bank reported about five fraud cases committed by the bank’s staff members resulted in a 155.73 million loss. This accounted for 78 per cent of losses in the fraud/forgeries category.The bank was said to have recorded 14.04 million naira fraud by staff...

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