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<p>International Monetary Fund and Ethiopian government have reached an opening agreement for a three-year, $2.9 billion financing package to support the African country’s economic reform program. The program would focus on addressing foreign exchange shortage and transitioning to a more flexible exchange rate regime, while working to strengthen oversight and management of state-owned enterprises to contain debt vulnerabilities. Zemedeneh Negatu, Global Chairman at Fairfax Africa Fund (US) joins CNBC Africa for more.</p>


IMF seals $2.9bn financing package with Ethiopia: Here’s why this is a big game changer for the country’s economy

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<p>A N300 billion retail Secondary Market Intervention Sales (SMIS) Auction was conducted today in Nigeria&#8217;s money markets. Chuka Nwachukwu, Fixed Income Trader at United Bank for Africa (UBA) joins CNBC Africa to recap activities at Nigeria’s fixed income and Forex market this week.</p>


N300 billion retail SMIS auctioned: Nigeria’s fixed income & Forex market watch

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<p>The Central Bank of Nigeria (CBN) sold 363 billion Naira in Thursday’s Open Market Operations (OMO) Auction out of N447 billion subscription. Nifemi Adeniyi – Team lead of liquidity Management at Access Bank joins CNBC Africa for a focus on Nigeria’s fixed income and Forex market.</p>


Bond markets to continue posting gains on bullish sentiments: Nigerian money markets

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<p>The Central Bank of Nigeria (CBN) offered N330 billion across three maturities in an Open Market Operation (OMO) Auction today. For a focus on activities shaping Nigeria’s fixed income and Forex market, Tunde Adama, Head of Trading at CITI Nigeria joins CNBC Africa.</p>


Here’s what to expect from Nigeria’s money market ahead of OMO Auction

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<p>For a recap of this week’s trading session at Nigeria’s fixed income and FX market, Forex Trader at United Bank for Africa, Nkechi Ezugha joins CNBC Africa.</p>


Nigerian fixed income & FX market review

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<p>The Central Bank of Nigeria offered N350 billion in an Open Market Operations (OMO) auction today. As we await the results of today&#8217;s OMO auction in Nigeria’s money market, Emmanuel Odiaka, Fixed Income and Forex Analyst joins CNBC Africa for more.</p>


Yields likely to drop as OMO moves higher in Nigeria’s money markets

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<p>During his Independence Day celebration broadcast, Nigeria’s President Muhammadu Buhari stated that his administration inherited a skewed economy, where the oil sector comprised of only 8 per cent of GDP but contributed 70 and 90 per cent of government revenue and foreign exchange earnings respectively. To analyse the President’s speech and assess Nigeria’s performance in the past 59 years – Kyari Bukar, Former Chairman of the Nigerian Economic Summit Group (NESG) and from Osun State, South West Nigeria, Professor and Former Presidential aspirant Remi Sonaiya joins CNBC Africa for more.</p>


Nigeria turns 59: Key takeaways from Buhari’s speech on economy, security

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<p>Exactly two years after the Central Bank of Nigeria introduced the Investors and Exporters Window; experts say it has helped to improve foreign exchange liquidity, with about $50 billion dollars cumulative transactions carried out on the platform as at March 2019. CNBC Africa&#8217;s Kenneth Igbomor spoke to Jesuseun Fatoyinbo, Head of Trade Transactional Products and Services at Stanbic IBTC to discuss how the improved foreign exchange liquidity situation has impacted trade finance.</p>


Expert commends CBN’s forex intervention

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<p>Nigerian scientists have approved the country&#8217;s first genetically modified food crop. The pest-resistant cowpea got approval after nearly a decade of research. Lois Sankey, Head; Agricfinance, Emerging Business at Diamond Bank joins CNBC Africa to assess Nigeria’s Agriculture Promotion Policy which seeks to significantly improve foreign exchange earnings from agriculture and more.</p>


Nigeria approves its first genetically modified food crop

<p>NAIROBI (Reuters) &#8211; Kenya’s Capital Markets Authority (CMA) warned Kenyans on Monday against online foreign exchange trading through unlicensed entities, saying they risked losing their investments.</p>
<p>Paul Muthaura, CMA Chief Executive, said he observed several individuals and entities carrying on or purporting to carry on the business of an online foreign exchange broker or a money manager without the relevant licence by the Authority.</p>
<p>“The Capital Markets Authority (CMA) has issued only one license to EGM Securities Limited (formerly Execution Point Limited) to operate as a Non – Dealing Online Foreign Exchange Broker,” Muthaura said in a statement.</p>
<p>CMA said it planned to take appropriate action against any persons illegally conducting online foreign exchange trade. It asked anyone affected by the activity to report to the CMA.</p>
<p>It said all online foreign exchange brokers or money managers not licensed by the Authority should cease trading immediately.</p>
<p>Writing by Clement Uwiringiyimana, Editing by William Maclean</p>


Kenyans warned against online forex trading through unlicensed entities, what you need to know

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<p>Nigeria’s economy beat the recession in Q2 of this year spurred by a recovery in the oil production and improvements in foreign exchange availability. However, concerns remain that the economy is still not living up to its full potential.</p>


This is how Nigeria can unlock its economic potential

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<p>According to the Governor of Nigeria’s Central Bank, CBN knows that one exchange rate is ideal but in the short term the bank is focused on meeting FX demand to boost the economy and create jobs.</p>


Nigerian fixed income review

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<p>According to the manufacturing survey released by NOI polls and the Centre for the Study of the Economies of Africa, 74 per cent of manufacturers find the Nigerian business environment unsupportive.</p>


Unpacking the NOI polls manufacturing survey

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<p>According to the Nigeria&#8217;s Debt Management Office&#8217;s annual report, the country plans to use $483 million to service its foreign debts for the next ten years and will start making repayments from next year.</p>


Nigeria’s fixed income and foreign exchange review

<p><span class="articleLocation">LAGOS</span> (Reuters) &#8211; Nigeria&#8217;s manufacturers, airlines, fuel importers and agriculture businesses will be able to buy dollars at a special market intervention to clear a backlog of foreign exchange obligations now due, the central bank said on Wednesday.<span id="midArticle_byline"></span></p>
<p>The central bank plans to settle the bids through a combination of spot and short-term forward deals, currency traders said, citing a notice from the bank. It did not specify the amount of dollars to be sold.</p>
<p>&#8220;Authorised dealers&#8217; accounts with the central bank will be debited in full for the naira equivalent of the dollar bid amount on a spot basis,&#8221; the bank said in a notice to lenders.</p>
<p>The central bank has been selling dollars since February in an effort to improve liquidity and narrow the spread between the official and black market exchange rates for the naira. Close to $5 billion has been sold, according to analysts.</p>
<p>The naira was quoted at 377.83 to the dollar at the investor window, according to market regulator &lt;FMDQ OTC&gt; Securities Exchange. It sold for 305.60 to the dollar at the interbank window and 366 on the black market.</p>
<p>(Reporting by Oludare Mayowa)</p>
<p>&nbsp;</p>


Nigeria’s central bank to sell dollars to airlines, fuel importers

<div class="inlineRelatedContent">Nigerian bank executives met with central bank officials, banking sources told Reuters on Wednesday, a day after the monetary authority suspended nine lenders from foreign exchange transactions for failing to remit money owed to the government.</div>
<p>The suspensions from the interbank market were imposed after the banks failed to remit $2.1 billion, the government&#8217;s share of dividends from state-owned gas company NLNG, the sources said. They were due to pay the funds into the government account at the central bank.</p>
<p>Investors dumped bank shares on Wednesday while traders said the black market naira sank to a record low of 402 per dollar.</p>
<p>The central bank (CBN) readmitted UBA &#8211; one of the banks suspended on Tuesday &#8211; to foreign exchange trading as it had remitted all outstanding deposits, CBN said in a statement.</p>
<p>Last year, President Muhammadu Buhari ordered all state accounts merged into that single account in a bid to reduce corruption.</p>
<p>Bankers told Reuters the central bank wanted the funds remitted in dollars, which are in short supply as Africa&#8217;s largest economy suffers its worst financial crisis in decades due to a slump in the price of oil, its dominant commodity.</p>
<p>The central bank tightened restrictions on the flow of dollars to domestic lenders in March, forcing the banks to delay hard-currency loan and trade repayments and increasing their risk of default.</p>
<p>One of the nine banks, FCMB, said it was working with the central bank to resolve the issue, which was a function of illiquidity in the currency markets and the weak economy rather than wilful non-compliance.</p>
<p>A third, First Bank, said it remits government funds when due but was discussing with the central bank and state-oil firm on ways of retaining the dollars to help solve forex shortages and meet its obligations.</p>
<p>There was no comment from the other banks.</p>
<p>There were no trades on the interbank market until three minutes before the end of the session, when the central bank intervened with dollar sales, traders said.</p>
<p>Only three deals worth $0.75 million were traded at 305.50 naira per dollar, the level the market has closed at since Monday.</p>
<p>Traders said the central bank, which has been selling dollars almost daily since it floated the naira in June, had reduced the volumes of dollars it supplied.</p>
<p>Foreign investors &#8211; other past suppliers of dollars &#8211; have remained on the sidelines during the West African country&#8217;s financial crisis, making the central bank the main source of hard currency.</p>
<p>On Wednesday, Nigeria&#8217;s dollar reserves fell 2.5 percent from a month ago to $25.67 billion, its lowest level in more than 11 years, according to central bank figures.</p>
<p>But reserves may be far less when all future dollar commitments are included.</p>
<p>The central bank settled $1.2 billion worth of outright forward contracts it sold in June at 280 per dollar this week. It is due to pay $153 million in futures contract settled in naira on Wednesday.</p>
<p> </p>
<p>(additional reporting by Camillus Eboh and Ulf Laessing; Editing by John Stonestreet and Phil Berlowitz)﻿</p>
<p> </p>


Nigerian bank execs meet central bank over FX market suspension – sources

<p>Nigeria&#8217;s central bank has asked commercial lenders to allocate 60 percent of their foreign exchange purchases to manufacturers, in a bid to boost their ability to pay for imports and boost the economy.</p>
<p>Widespread dollar shortages, caused by a fall in oil revenues, have hit manufacturers&#8217; ability to import raw materials and spare parts, forcing many plants to close.</p>
<p>The central bank said in a circular it wanted to encourage the production of local goods by asking banks to allocate more hard currency to industrial firms.</p>
<p>&#8220;Authorised dealers (banks) are hereby directed to dedicate at least 60 percent of their total foreign exchanger purchases from all sources to end-users strictly for the purposes of importation of raw materials, plant and machinery,&#8221; the bank said in a circular dated Aug 22 and seen by Reuters on Tuesday.</p>
<p>In June, the bank abandoned its naira peg to the dollar, allowing the currency to weaken by 40 percent in a bid to attract more foreign investment.</p>
<p>But so far trading in the official foreign exchange market has been limited as those with dollars prefer to sell them for a higher rate on the black market.</p>
<p>Nigeria&#8217;s economy contracted in the first quarter and officials have said recession is likely.</p>
<p> </p>
<p>(Reporting by Oludare Mayowa; Editing by Ulf Laessing and Andrew Heavens)﻿</p>


Foreign Exchange

IMF seals $2.9bn financing package with Ethiopia: Here’s why this is a big game changer for the country’s economy

N300 billion retail SMIS auctioned: Nigeria’s fixed income & Forex market watch

Bond markets to continue posting gains on bullish sentiments: Nigerian money markets

Here’s what to expect from Nigeria’s money market ahead of OMO Auction

Nigerian fixed income & FX market review

Yields likely to drop as OMO moves higher in Nigeria’s money markets

Nigeria turns 59: Key takeaways from Buhari’s speech on economy, security

Expert commends CBN’s forex intervention

Nigeria approves its first genetically modified food crop

Kenyans warned against online forex trading through unlicensed entities, what you need to know

This is how Nigeria can unlock its economic potential

Nigerian fixed income review

Unpacking the NOI polls manufacturing survey

Nigeria’s fixed income and foreign exchange review

Nigeria’s central bank to sell dollars to airlines, fuel importers

Nigerian bank execs meet central bank over FX market suspension – sources

Nigeria asks banks to give 60 pct of their forex to manufacturing firms

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Foreign Exchange

IMF seals $2.9bn financing package with Ethiopia: Here’s why this is a big game changer for the country’s economy

N300 billion retail SMIS auctioned: Nigeria’s fixed income & Forex market watch

Bond markets to continue posting gains on bullish sentiments: Nigerian money markets

Here’s what to expect from Nigeria’s money market ahead of OMO Auction

Nigerian fixed income & FX market review

Yields likely to drop as OMO moves higher in Nigeria’s money markets

Nigeria turns 59: Key takeaways from Buhari’s speech on economy, security

Expert commends CBN’s forex intervention

Nigeria approves its first genetically modified food crop

Kenyans warned against online forex trading through unlicensed entities, what you need to know

This is how Nigeria can unlock its economic potential

Nigerian fixed income review

Unpacking the NOI polls manufacturing survey

Nigeria’s fixed income and foreign exchange review

Nigeria’s central bank to sell dollars to airlines, fuel importers

Nigerian bank execs meet central bank over FX market suspension – sources

Nigeria asks banks to give 60 pct of their forex to manufacturing firms

News Tips

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