The naira rallied to its strongest level in almost six weeks as Nigeria’s state oil company was said to sell dollars to the local market.
Diamond Bank Plc, a Nigerian lender with operations in four other West African nations, plans to boost customer deposits to offset the impact of tougher regulatory requirements on earnings.
Heineken NV’s Nigerian unit, the nation’s largest brewer, said a possible currency devaluation by the central bank would hurt the company’s earnings, suppressing profit ahead of next year’s elections.
Nigeria’s currency advanced to the strongest level in six weeks as oil companies in Africa’s biggest crude producer sold dollars to the market.
Nigeria’s incoming central bank Governor Godwin Emefiele said a devaluation of the naira would be “devastating” for the economy.
Investors are signaling confidence that Nigeria’s acting central bank governor will hold the line on monetary policy set by her predecessor following his sudden departure last month.
It was really nothing more than a routine afternoon stroll in a Lagos shopping mall. Abiola Rasaq, a 30-year-old equity analyst, took some friends to lunch at Kentucky Fried Chicken and bought a few shirts.
Union Bank of Nigeria Plc plans to sell non-banking units to comply with Central Bank of Nigeria regulations, Chief Executive Officer Emeka Emuwa said.
Guaranty Trust Bank Plc, Nigeria’s biggest lender by market value, said full-year profit climbed 9 percent after lending increased.
Zenith Bank Plc, Nigeria’s third- largest bank by market value, said profit declined 2.3 percent last year as tax increased and a central bank directive crimped fee income.