NAIROBI, Sept 29 – Nigeria’s naira is likely to hit record lows at the interbank market next week amid a dollar shortage in Africa’s biggest oil producer, while Kenya’s government is set to announce more measures to prop up the battered shilling.
Category: business
S.Africa "scratching head" on stabilising rand
PRETORIA, Sept 28 – South Africa’s government is scratching its head about how to stabilise the volatile rand, whose depreciation benefits sectors such as manufacturing but also triggers inflation, Finance Minister Pravin Gordhan said on Wednesday.
China, S. Africa ink $2.5 billion in deals
China, S. Africa ink $2.5 billion in deals in Dalai Lama’s shadow BEIJING, Sept 29 – China has agreed to $2.5 billion in investment projects with South Africa, the African nation’s deputy president said on Thursday, on a three-day trip to China during which he brushed off controversy over a potential visit by the Dalai […]
Nigerian naira hits all-time low on cbank concerns
LAGOS, Sept 29 – The Nigerian naira fell to its weakest ever in the interbank market on Thursday as concerns that the central bank is losing some of its resolve to support the local currency drained trader confidence.
Zambia fires central banker, hints at more mine tax
LUSAKA, Sept 29 – New Zambian President, Michael Sata, fired his respected central bank governor on Thursday and his new mines minister floated plans to boost tax receipts from mining companies, rattling investors in Africa’s biggest copper producer.
Kenyan government steps in to rescue shilling
NAIROBI, Sept 29 – Kenya formed a team of key officials on Thursday to halt the slide in the shilling and will unveil new measures early next week, the latest move to try and restore confidence in the east African country’s ailing currency.
African business agenda: 3-7 October 2011
WHAT TO WATCH NEXT WEEK Monday October 3 South Africa PMI for September. The Purchasing Managers Index rose to 46.7 in August from a two-year low of 44.2 in July (0900 GMT)
Could Kenya's shilling hit 100?
NAIROBI, Sept 22 – Most frontier Africa currencies are likely to remain under pressure next week (26-30 September), with Kenya and Uganda’s shillings both likely to extend a series of record lows against the dollar as foreign investors flee high-risk assets.
S.Africa holds repo rate flat, rand slides
JOHANNESBURG, Sept 22 – South Africa’s Reserve Bank left its repo rate unchanged on Thursday and struck a dovish note as it balanced its concerns for domestic economic growth with an expected increase in inflation stemming from a sharply weaker rand.
Nigeria raises interest rates on inflation fears
ABUJA, Sept 19 – Nigeria’s central bank monetary policy committee on Monday raised its benchmark interest rate for the fifth time this year in anticipation of upward inflationary pressures and to support the weakened local currency.