Oil prices at 3-week low as rising output risks OPEC-led deal

Oil prices fell to a three-week low on Wednesday on news that Libyan output was recovering from an oilfield technical issue, fuelling concerns that OPEC-led output cuts to reduce global inventories were being undermined by producers outside the deal.Benchmark Brent oil was down $1.45, or 2.8 percent, at $50.39 a barrel by 1157 GMT, after earlier touching $50.13 a barrel, the weakest since May 10. U.S. light crude traded at $48.43, down $1.23 cents,...

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Nigerian forex reserves fall to $30.49 bln as of May 25 - central bank

Nigeria's foreign exchange reserves fell to $30.49 billion as of May 25, the lowest level since April 18 and down 0.87 percent from a month ago, central bank data showed on Wednesday.The forex reserves were up 15.27 percent year-on-year, the data showed.Africa's biggest economy shrank by 1.5 percent in 2016 in its first annual recession in 25 years, hit by a shortage of hard currency and lower revenue from its dominant oil sector as world crude prices...

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Nigerian banking shares rally on recovery hopes

First Bank Holdings led a rally of Nigerian banking stocks on Tuesday, fuelled by hopes that Africa's biggest economy will emerge from recession soon, dealers said.First Bank Holdings, the parent company of Nigeria's oldest commercial lender First Bank, rose 10.02 percent in early trade to 5.38 naira ($0.0171), a level last seen on Oct 10, 2015."The market as a whole is reacting to a favourable economic indication. Everybody is now saying the recovery...

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Nigeria's central bank to sell $100 mln at forward, spot forex auction

Nigeria's central bank said on Tuesday it will sell $100 million at a special wholesale spot and forwards auction to improve dollar liquidity in the foreign exchange market and curb pressure on the local currency.The bank, in a notice to commercial lenders, said the dollar auction would be both for spot and forward settlements and would be settled within the next 60 days.Africa's biggest economy shrank by 1.5 percent in 2016 in its first annual recession...

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Nigeria's stocks rise to 10-month high as interbank rate eases

Nigeria's stock index rose to its highest level in 10 months on Friday, lifted by gains in the banking sector as overnight lending rates eased after central bank cash injections into the banking system.The index rose by 2.1 percent to 29,064 points on Friday, its highest level since July last year, lifted in particular by gains in First Bank Holdings, which rose the maximum 10 percent.The rally has helped push the index above 29,000, a milestone...

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Nigeria's 'bad bank' says nearing sale of Peugeot car assembly plant to Dangote

The Asset Management Company of Nigeria (AMCON), the country's 'bad bank' set up following the banking crisis, is close to selling Peugeot Automobile Nigeria (PAN) Ltd, a local car assembly joint venture, to Africa's richest man, Aliko Dangote, and two Nigerian states."We have concluded all processes on the bids since about two months ago, all we are waiting for (now) is the approval of the central bank," Ahmed Kuru, AMCON's chief executive, told...

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Nigeria oil governance bill aims to break up state oil company NNPC

The long-awaited oil governance bill passed by Nigeria's upper chamber of parliament proposes breaking up the state oil company into three commercial entities supported by a regulatory body and a fund to oversee the distribution of money. The Petroleum Industry Governance Bill passed on Thursday by the Senate, is part of planned reforms that make up the sprawling Petroleum Industry Bill (PIB), discussed for over a decade following several redrafts,...

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Nigeria's Senate passes oil governance bill - Senate Twitter

Nigeria's Senate passed a long-awaited oil governance bill following its third and final reading, it said on its official Twitter feed on Thursday. The Petroleum Industry Governance Bill is part of proposed reforms that make up the sprawling Petroleum Industry Bill (PIB), aimed at overhauling the OPEC member's energy industry.The PIB, which has been discussed for over a decade following several redrafts and is central to President Muhammadu...

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OPEC extends oil output cut by nine months to fight glut

OPEC decided on Thursday to extend cuts in oil output by nine months to March 2018, OPEC delegates said, as the producer group battles a global glut of crude after seeing prices halve and revenues drop sharply in the past three years.The cuts are likely to be shared again by a dozen non-members led by top oil producer Russia, which reduced output in tandem with the Organization of the Petroleum Exporting Countries from January. OPEC's cuts have helped...

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Nigeria seeks to generate 10 Gigawatts electricity by 2020

Nigeria plans to generate about 10 Gigawatts of electricity operational capacity by the year 2020 in a bid to improve capacity in Africa's top oil producer and achieve economic growth, its minister of planning, Udoma Udo Udoma has said.Udoma, who spoke at the second Kano Economic and Investment Summit, said the government is also looking at renewable energy sources its efforts to boost power supply."The government is committed to reviving the manufacturing...

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Nigeria to sell dollars to clear demand backlog

Nigeria's central bank plans to sell an undisclosed amount of dollars on Tuesday to settle a backlog of foreign exchange demand for airlines, fuel and raw material imports, traders said.Traders said the central bank had asked commercial lenders to submit bids for dollars to cover the previously unmet demand for hard currency for specific sectors as it tries to improve dollar liquidity and ease pressure on the naira."Banks shall not allocate funds...

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Nigeria central bank keeps benchmark interest rate at 14 pct -governor

Nigeria's central bank kept its benchmark interest rate at 14 percent on Tuesday, its governor said, hours after the statistics office said Africa's biggest economy contracted in the first quarter.This was in line with expectations in a Reuters poll. Governor Godwin Emefiele said the bank's Monetary Policy Committee (MPC) had voted to retain the headline rate."In consideration of the challenges weighing down the domestic economy and the uncertainties...

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Nigeria hopes for oil upturn after economy shrinks again

Nigeria's economy stayed in recession in the first quarter and shrank more sharply than thought at the end of last year, data showed on Tuesday, as signs of growth in the oil sector fuelled hopes of an upturn in coming months.The economy shrank by 1.5 percent in 2016 for its first annual drop in 25 years, hit by a shortage of hard currency and lower revenues from its dominant oil sector as world crude prices stayed under pressure.Gross domestic product...

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Africa's growth seen benefiting from rebound in commodity prices

Africa will see a lift-off in economic growth this year and next on the back of a rebound in global commodity prices, an annual report predicted on Monday.The African Economic Outlook, co-authored by the African Development Bank, the OECD and the United Nations Development Programme, expects the continent's economy to grow by 3.4 percent in 2017 and 4.3 percent in 2018, up from an estimated 2.2 percent last year.The report was released as the African...

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Ghana central bank cuts interest rate by 100 basis points to 22.5 pct

Ghana's central bank lowered its benchmark interest rate on Monday by 100 basis points to 22.5 percent, citing a downward trend in inflation towards medium-term targets of 8 percent plus or minus 2 percentage points, Governor Ernest Addison said.The cut, which economists had expected, reflected a lower threat of inflation despite a rise in the figure to 13.0 percent in April due to higher petroleum prices, Addison said."The committee judges that...

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Kenya Airways' budget carrier plans international flights

Kenyan budget carrier Jambojet expects government approval this month to start flying to destinations outside the country, and will lease more planes to start the flights in the next two years, its chief executive said on Monday.The airline, fully owned by national carrier Kenya Airways was established in 2014 to cater to local travellers by offering low-cost fares of as little as 3,200 shillings ($30.99) one way.Jambojet, which carried 600,000 passengers...

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Egypt's interest rate hike to curb growth but not inflation, critics say

Egypt's financial community says Sunday's two-percent interest rate hike, in line with calls from the International Monetary Fund (IMF), will do little to curb rampant inflation and will harm investment at a time when the country needs it most. The central bank's first hike since a 3-percent rate rise in November is aimed at dealing with inflation - now above 30 percent - as well as demand-side pressures, after the IMF said action on those two factors...

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