Ambassador Fulvio Rustico (L) and Governor Ambode (R) (Photo via NaijaOxygen) The Italian Ambassador to Nigeria, Amb. Fulvio Rustico, on Thursday announced plans by Nigeria and Italy to sign fresh agreements that would broaden the areas of cooperation between both countries. Rustico told the News Agency of Nigeria in Lagos that both countries’ Ministers of […]
Tag: exchange
Are You a NanaYaa or a Makena? Meet the Stylish Stars of Africa’s Sex and the City
Photo: Courtesy of An African City In a recent episode of An African City , Africa’s groundbreaking Web series centered on the chaotic love lives of five girlfriends in Accra, Ghana, the show’s heroine, NanaYaa, stops her beau short amid the throes of passion. He’s about to climax on her Ralph Lauren sheets and the […]
Nigeria’s Naira Devaluation: Not a Day Too Soon
There was a collective sigh of relief from markets when the Nigerian Central Bank announced on Wednesday that it would, effective June 20, abandon the fixed rate for the naira against the U.S. dollar that it has defiantly held for 16 months and allow the currency to float freely. The announcement comes amid difficult economic […]
As Nigeria lets naira float, Kenya Airways braces itself for forex losses
Central Bank of Nigeria Governor Godwin Emefiele gives a press conference on the naira devaluation during a media briefing in Abuja on June 15, 2016. AFP PHOTO | PHILIP OJISUA Kenya Airways is facing more cash flow pressures from exchange losses expected from the effective devaluation of the Nigeria currency this week. Nigeria is one […]
Nigeria: Securities Commission set up Investors Protection Fund
The Securities and Exchange Commission (SEC), has leveraged further investors’ confidence and mitigation of losses on the nation’s bourse with the inauguration of a National Investors Protection Fund (NIPF). The quasi investors’ insurance scheme worth, N5 billion, would serve as a buffer for compensating investors for pecuniary losses, liquidation, insolvency, bankruptcy or negligence of non-broker/dealer […]
Tanzania: DSE slows down for Xmas
The week-on-week turnover at the Dar es Salaam Stock Exchange (DSE) dropped by 67 per cent last week as investors shift their attention to the festive season. The turnover dropped to Sh12.7 billion during the week ending December 18, 2015 compared with Sh38.91 billion that was registered during the week ending December 11, 2015, market […]
Zambia: Economic Development Summary for 2015
During the past decade Zambia’s economy has shown impressive growth averaging above 7% per annum. Growth was driven by investments in the mining sector with spillover effects into construction, transport, communications, wholesale and retail. Growth was furthermore facilitated by favorable copper prices, underpinned by demand from China, and increasing trade with neighboring countries. Economic turmoil […]
Rwanda: Bralirwa approve unchanged Dividends despite drop in profits
Shareholders of Rwanda Stock Exchange-listed beverages manufacturer, Bralirwa, have approved a Rwf7.5 dividend payout per share for 2014, unchanged compared to 2013, a statement from the firm indicates. The dividend is same as what. The shareholders okayed the payout during the annual general meeting on May 27 in Kigali. This will translate into a Rwf7.7 […]
Nigeria: Skye Bank’s acquisition of Mainstreet Bank successful with profits rising to $30m over 3 months
Skye Bank’s acquisition of Mainstreet Bank is beginning to yield appreciable results as the consolidated result for the first quarter ending March 31, 2015 submitted to the Nigerian Stock Exchange (NSE) shows a significant rise in earnings and profits, thus justifying management’s strategic decision of an acquisition that had led to a bigger bank. The […]
Nigeria: FMDQ Facilitates N33 Trillion Investment in Fixed Income Securities
Efforts by FMDQ OTC Plc to reposition the fixed income securities and currency market continued to yield more results as the platform facilitated trading of securities worth N32.761 trillion in the first quarter (Q1) of 2015. This level of turnover is about 25 per cent higher than the quarterly average recorded in 2014. The platform […]