Samir Gadio News
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The Central Bank of Nigeria will probably keep its benchmark lending rate unchanged at a record high to bolster its foreign-currency reserves and support the naira after oil prices fell last month.
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Sierra Leone, the African nation rebuilding its economy a decade after the end of a civil war, is benefiting from slower inflation and a stable currency as borrowing costs tumble and growth accelerates.
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The naira rose to the highest in a month as investors brought in money to buy Nigerian Treasury bills in a central bank auction and after oil companies were said to sell dollars earlier in the week.
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Rwanda will cap its debut dollar bond sale at $400 million, with final yield guidance given at 6.875 percent to 7 percent, according to a person with knowledge of the offering.
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Rwanda, which starts marketing $400 million of debut Eurobonds this week, is counting on investor demand for African debt that enabled Zambia to increase the size of its first dollar bonds in September and Tanzania to lure four times the amount it sought last month.
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The naira weakened for a fourth day, set for its worst week in five, as Nigerian oil companies’ dollar sales were said to wane and on weaker prices of the nation’s main export grade crude.
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Nigeria’s naira is poised to strengthen almost 3 percent in “coming weeks” as the central bank acts to keep the currency near its preferred level of 150 per dollar, according to Standard Bank Group Ltd.
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The Central Bank of Nigeria will probably keep its benchmark lending rate at a record high after President Goodluck Jonathan approved a budget that boosts spending in Africa’s largest oil producer.
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Nigeria’s dollar-denominated borrowing costs fell to the lowest in more than nine weeks on expectations that central banks globally will provide more stimulus measures to boost their economies.
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Nigeria’s naira declined for a second day as sales of dollars by oil companies in Africa’s biggest crude producer and inflows from investors’ portfolios were said to slow.
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