Author: Marketforces Africa

Pan African lender, Ecobank group Plc. has raised the bar on its earnings performance with 16% year-on-year growth in profit after tax.

Nigeria and South Africa have reiterated their commitment to tackle the menace of cybercrimes, money laundering

Fed Raises Rates 25bp, Maintains Tightening Bias The United States (US) Fed unanimously hiked its policy interest rate range 25 basis points as widely expected with a statement retaining the phrasing that further policy firming “may be appropriate”. With two months’ worth of data to come before the next FOMC meeting, ING economists suspect evidence of slowing inflation and softer activity won’t make that necessary. After categorizing the June pause as a slowing in the pace of rate hikes the Federal Reserve has unanimously voted to raise the Fed funds target range 25bp to 5.25-5.5%, the highest level for 22…

The average yield on Nigerian Treasury bills closed flattish as the naira appreciated amidst the Central Bank

Egyptian Pound Remains Overvalue After 49% Devaluation The Egyptian economy has continued to face pressures as key indicators and exchange rate positions weakened. A flood of externalities that hit the country’s performance has been fast, and furious. Egypt’s pound has lost about 50% since it was devalued last year and its debt position has not improved despite the backup from the International Monetary Fund (IMF). In its latest macroeconomic update, Score Ratings noted that a curtailed currency devaluation and slower-than-expected privatisation of state enterprises cloud the outlook for stabilising Egypt’s external finances as meeting IMF conditions is critical for shoring…

With worsening macroeconomic indicators, Nigeria’s economy has been considered relatively weak …

Nigeria’s consumer spending would continue to decline in the second half of 2023 amidst a planned increase in retail prices

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) raised the country’s Monetary Policy

The House of Representatives has urged the Nigerian Electricity Regulatory Commission (NERC) to compel Distribution Companies (DisCos) to discontinue the alleged extortive practice of estimated/arbitrary billing with immediate effect.

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 45 pips to 7.1406 against