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Nigeria Inflation Eases For First Time In 15-months In Feb: Stats Office

Nigeria Inflation Eases For First Time In 15-months In Feb: Stats Office

Nigeria’s inflation rate bucked the trend in February to fall to 17.78 percent, its lowest level in 15 months, driven by a slower rise in general price levels, the National Bureau of Statistics said on Tuesday. Inflation had risen to 18.72 percent in January, its 12th monthly rise and its highest level in more than […]

Egypt’s Capital Set To Grow By Half A Million In 2017

Egypt’s Capital Set To Grow By Half A Million In 2017

Cairo’s population is set to grow by 500,000 this year, more than any other city in the world, adding to the pressure on an Egyptian economy struggling to recover from six years of political turmoil. Greater Cairo, a metropolitan area including Cairo and parts of the Giza and Qalyubia provinces, is home to some 22.8 […]

Nigeria’s Telecoms Regulator Sees Deal In Etisalat Debt Talks

Nigeria’s Telecoms Regulator Sees Deal In Etisalat Debt Talks

Nigeria’s financial and telecoms regulator said it agreed on Friday with local banks to end the prospect of receivership for mobile operator Etisalat Nigeria, which has missed a payment on a $1.2 billion loan. A banking source told Reuters on Wednesday that the Nigerian affiliate of Abu Dhabi-listed telecoms company Etisalat had given notice to […]

Egypt’s Feb Annual Urban Consumer Price Inflation Hits 30-yr High

Egypt’s Feb Annual Urban Consumer Price Inflation Hits 30-yr High

  Egypt’s annual urban consumer price inflation soared to its highest level in more than three decades, hitting 30.2 percent in February, the statistics agency CAPMAS said on Thursday. It’s the fourth consecutive jump in inflation since the central bank abandoned its currency peg to the U.S. dollar on Nov. 3 in a dramatic move […]

Nigeria To Open Up Government Airports To Private Investment

Nigeria To Open Up Government Airports To Private Investment

Nigeria will open up its government-owned airports to private investment, the minister of aviation said on Monday, as the capital’s airport prepares to close for repairs after years of neglect. All government-owned airports will be offered to investors who have “the wherewithal, the know-how, the technology, the capacity, the ability, the finance to put up huge fantastic […]

Ghana Faces Budget Bind; Unplanned Spending Roils Investors

Ghana Faces Budget Bind; Unplanned Spending Roils Investors

Ghana’s new finance minister faces having to fulfill election pledges to spend more on education and job creation while trying to raise investor confidence eroded by fears about the nation’s finances. After promises of free high-school education and tax cuts in the run-up to a December vote, Finance Minister Ken Ofori-Atta, 57, will present the […]

Risk of Nigeria Devaluing Naira Rising, But It Won’t Float Freely

Risk of Nigeria Devaluing Naira Rising, But It Won’t Float Freely

Nigeria’s authorities may soon devalue the naira but won’t fully relinquish control over it, instead taking steps to narrow the gap between the official and black market rates to boost confidence in the economy, a Reuters poll showed on Friday.     A shortage of dollars in Nigeria – for big and small needs including […]

Barclays To Pay $988 mln To Split From African Business

Barclays To Pay $988 mln To Split From African Business

Barclays has agreed to pay Barclays Africa nearly $1 billion to fund investments needed for it to split from its African business, paving the way for the British bank to cut its stake to below 50 percent. Barclays is in the middle of an overhaul that includes cutting its holding in the African business as […]

Nigeria Tests Waters For Possible Broad Naira Devaluation

Nigeria Tests Waters For Possible Broad Naira Devaluation

  Nigeria effectively devalued the naira for private individuals on Monday, paving the way for a possible broader move despite stiff resistance from President Muhammadu Buhari. With Buhari abroad for medical treatment and the country’s currency exchange system in chaos, the central bank said Nigerians wanting dollars for travel or to pay foreign school fees […]

Nigeria To Boost FX Sales To Retail Users To Help Narrow Black Market Rates

Nigeria To Boost FX Sales To Retail Users To Help Narrow Black Market Rates

Nigeria’s central bank plans to boost dollar sales for school fee payment and travel abroad so as to reduce the premium paid on the black market and support the naira, a senior banker said on Saturday. The naira is quoted on the black market at a discount of around 40 percent to the official interbank […]