Nigeria's forex reserves down 1.9 pct month-on-month to $38.7 bln

Nigeria's foreign exchange reserves fell 1.94 percent month-on-month to stand at $38.76 billion on Oct. 29, the lowest level in more than three months.

Data from central bank showed on Friday that the reserves also dropped 14.28 percent year-on-year, compared with $45.22 billion the same time last year. The reserves were last seen at the current level on July 21, when they stood at $38.72 billion.

It would be recalled that since last month Nigeria's central bank has increased the amount of dollars sold at its twice-weekly foreign exchange auction, and also sells dollars directly to banks on the interbank market to provide support for the currency and calm the market.

The Naira has been under pressure over the past five weeks from falling global oil prices, which has caused offshore investors to cut back their positions in the debt and stock markets.

Malawi central bank lifts benchmark lending rate to 25 percent

Malawi's central bank says it has increased its benchmark lending rate by 250 basis points to 25 percent, it said on Friday, attempting to temper high inflation.

The bank in a statement, said the Committee observed that inflation outcomes for the second half of 2014 have generally been higher than during the second half of 2013.

It added that looking ahead, inflation is expected to accelerate to 25.4 percent in December 2014, largely due to rising food prices and the depreciating Kwacha.

Kenya inflation falls to 6.43 percent in October

 

 
 Kenya's year-on-year inflation fell to 6.43 percent in the year to October from 6.60 percent in the previous month as food and transport prices moderated, the statistics office said on Friday.

Ghana producer price inflation falls to 46.7 pct yr/yr: Stats Office

 

Ghana's annual producer price inflation fell to 46.7 percent in September, down from 48.3 percent year-on-year in August, the national statistics office said on Wednesday.

The figure is an indication of the economic challenges facing the West African country, whose gross domestic product has grown swiftly in recent years through its exports of gold, cocoa and oil.

Chief Government statistician Anthony Amuzu said that slightly lower figures for the manufacture of food, beverages and furniture helped to lower the overall figure.

Ghana is aiming to seal a deal in November with the International Monetary Fund to stabilize its macro-economy, which has this year seen rising inflation, a falling currency and a double-digit budget deficit.

Standard & Poor's ratings agency downgraded Ghana's rating on Friday in the face of those problems.

Nestle Nigeria profit down slightly, dividend up nearly 7-fold

 

 Nestle Nigeria said on Wednesday its pretax profit for the 9 months to the end of September fell marginally to 20.16 billion naira ($122.03 million), from 20.37 billion naira a year earlier.

Revenue however rose to 102.66 billion naira, compared with 95.41 billion naira in the same period last year.

The Nigerian unit of the world's biggest food group, Nestle SA, said it had proposed an interim dividend of 10 naira for each share payable on Nov. 21, nearly seven times the 1.50 naira dividend it paid a year ago.

Lafarge Africa 9-month pre-tax profit falls 41.2 pct

 

Lafarge Africa, unit of Lafarge Cement, said on Wednesday its nine month pretax profit dropped 41.2 percent to 38.08 billion Nigerian naira ($230.51 million), compared with 53.78 billion naira in the same period last year.

Revenue however rose to 159.39 billion naira, from 154.78 billion naira previously.

The company said in a filing with Nigerian Stock Exchange.

Nigeria's Diamond Bank 9-month pretax profit down 7.2 pct

 

Nigeria's Diamond Bank said on Wednesday its nine month pretax profit fell to 23.74 billion naira ($143.66 million), down 7.2 percent from a year ago.

Revenue rose to 120.03 billion naira during the period to Sept. 30, against 106.95 billion naira last year, the bank said in a filing with the Nigerian Stock Exchange.

The mid-tier lender appointed a new chief executive Uzoma Dozie last week to replace its former head who retired voluntarily.