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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 […]

South Africa Watchdog Seeks Penalty Against Banks For FX Rigging

South Africa Watchdog Seeks Penalty Against Banks For FX Rigging

South Africa’s competition watchdog has recommended fines against banks including Citigroup, Nomura and Standard Bank equal to 10 percent of their annual revenues for rigging the rand currency, it said on Wednesday. The Competition Commission said it had concluded an investigation into whether banks colluded by using an instant messaging chat room called “ZAR Domination”, […]

Samsung Chief Appears For Second Round Of Questions In Graft Probe

Samsung Chief Appears For Second Round Of Questions In Graft Probe

Samsung Group leader Jay Y. Lee appeared at the South Korean special prosecutor’s office for questioning on Monday as part of a wider investigation into an influence-peddling scandal that could topple President Park Geun-hye. The special prosecutor has focused on South Korea’s biggest conglomerate, accusing Lee in his capacity as Samsung chief of pledging 43 […]

Egyptians Ditch Imports And Buy Local As Pound Sinks

Egyptians Ditch Imports And Buy Local As Pound Sinks

Egyptian chocolate spread maker Swifax has doubled its sales and is struggling to keep up with demand since the pound currency dived in November, forcing shoppers traditionally “obsessed with everything foreign” to ditch pricy imports and buy local. “People started changing their habits,” Swifax’s commercial director Mohamed El Gammal told Reuters. “We could sell even […]

Nigeria Fine to push South Africa’s MTN To 2016 Loss, Shares Fall

Nigeria Fine to push South Africa’s MTN To 2016 Loss, Shares Fall

South African mobile phone operator MTN Group expects to report a full-year loss due to a $1 billion regulatory fine in Nigeria and underperformance there and at home, it said on Wednesday, sending its shares to a two-month low. MTN agreed in June to pay Nigeria a 330 billion naira ($1.05 billion at the time) […]

Nigeria Targets 7 pct GDP Growth By 2020

Nigeria Targets 7 pct GDP Growth By 2020

Nigeria is targeting economic growth of at least 7 percent by 2020, the Ministry of Budget and National Planning said on Tuesday, as the government seeks to lift the country out of its first recession in 25 years. The target for gross domestic product growth is part of a medium-term economic recovery plan, it said […]

Ghana Says IMF Deal Needs ‘Tweaking’After Shortfall Discovery

Ghana Says IMF Deal Needs ‘Tweaking’After Shortfall Discovery

Ghana’s debt bailout program with the International Monetary Fund may require “tweaking” after the nation’s new administration revealed that 7 billion cedi ($1.6 billion) in expenses were not accounted for by the previous government, the finance minister said. The country is in talks with the IMF and will seek to finalize an audit of the […]