The Editorial Team |

Access Bank, Dangote Lead Nigeria Charge Against Covid-19

LAGOS (Capital Markets in Africa) – Access Bank Plc, Nigeria’s biggest lender by assets, is teaming up with Africa’s richest man Aliko Dangote to provide treatment and isolation centers across Africa’s most populous nation as it braces for the impact of the coronavirus pandemic. The facilities, which will be located across the country of more than 200 million people with a total of 1,000 beds, will be ready within weeks, Access Bank said Thursday in…

Nigeria Makes Brutal Oil Price Cuts. But Has It Gone Low Enough?

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LAGOS (Capital Markets in Africa) — Nigeria opened a new front in the oil price war between some of the world’s largest OPEC+ countries, offering to sell its crude in April at unusually large discounts in an effort to undercut its rivals. Even so, traders said the West African country may not have gone cheap enough. Exports of Qua Iboe and Bonny Light crude — two banner Nigerian grades — will be sold in April for discounts…

Oil Plunge Pressures Nigeria to Devalue the Naira Further

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LAGOS (Capital Markets in Africa) — Nigeria will probably need to weaken the naira further following its devaluation last week, even as the central bank bucked global trends by holding interest rates on Tuesday to support the currency. With the decision to keep its benchmark rate at 13.5%, the central bank aims to avoid putting further pressure on the local unit after devaluing the exchange rate used by foreign bond and stock investors, which had…

Pandemic Threatens Billions in Credit-Card Losses in Echo of ’08

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NEW YORK (Capital Markets in Africa) — For Bethany and Derick Hingle, every dollar counts now. In just a matter of weeks, the New Orleans couple — he’s a self-employed photographer, she works at a jewelry store — watched most of their income evaporate as the coronavirus pandemic shuttered businesses. They began calling their banks, securing extensions for credit-card bills from Capital One Financial Corp. and a local credit union. They couldn’t catch a break on a…

U.S. Stocks Extend Gains With Stimulus in Sight: Markets Wrap

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LAGOS (Capital Markets in Africa) — U.S. stocks looked to post their first back-to-back gain since the coronavirus crisis began as investors awaited details on unprecedented government spending packages aimed at countering the hit from the pandemic. Treasuries advanced. The S&P 500 Index extended gains following Tuesday’s 9.4% surge in anticipation of the deal between the White House and Congress. After overnight negotiations, the bill is slated for a vote Wednesday. Boeing Co. rallied, lifting…

Forget $25, Oil’s Trading Much Lower in the Real World

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LAGOS (Capital Markets in Africa) — As oil crashes due to the impact of the coronavirus, it’s easy to overlook an even more dismal reality for producers: the real prices they’re getting for their barrels are worse still. Having collapsed by about 60% this year, Brent and West Texas Intermediate crude have stabilized at around $25 a barrel, but the price rout is far deeper for actual cargoes, which are changing hands at large and…

South African Bonds Soar as Central Bank Signals Debt-Buying

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JOHANNESBURG (Capital Markets in Africa) — South African bonds soared, with the yield on the most-traded government securities falling by the most in 19 years, after the country’s central bank said it will start buying debt in the secondary market in an unprecedented intervention to boost liquidity. The move came as government yields reached record highs even after the South African Reserve Bank cut its policy rate last week by the most in a decade…

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