Money Market

WorldRemit Raises $40m To Target 5m Customers In Africa

By Nse Anthony-Uko (Sundiata Finance) – Leading digital money transfer service WorldRemit has raised $40 million to drive its next phase of global growth, aiming to serve 10 million customers connected to emerging markets. Half of these customers will be in Africa. As part of the expansion, WorldRemit will enable customers in Africa to transfer money to 148 countries as ...

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Naira Drops To N307/N At Interbank Rate – CBN

(Sundiata Finance) — The Central Bank of Nigeria (CBN) on Monday disclosed that naira for the first time weakened marginally to N307 against the dollar at the official interbank market. Traders attributed the drop to gradual move to merge its multiple exchange rates. Nigeria now has at least five exchange rate including the official one which the bank used to mask ...

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CBN Mops Up N231.25bn As Liquidity Remains Tight

By Nse Anthony-Uko (Sundiata Finance) – The Central Bank of Nigeria (CBN) on Thursday sold N98 billion of treasury securities bringing its Treasury Bills sale to N231 billion within the week in its effort to keep liquidity tight to support the naira. The local currency remained stable selling at N363 to the dollar at the parallel market. Traders said the ...

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Zenith Bank, UBA, Others Eurobond Offers Ease Forex Maturity Gaps – Fitch

By Nse Anthony-Uko (Sundiata Finance) – Fitch Ratings, a London based credit rating agency said, Zenith Bank Plc, United Bank for Africa Plc (UBA), Access Bank Plc and Fidelity Bank Plc Eurobond offers marks a small steps toward reducing maturity mismatches between foreign-currency (FC) assets and liabilities. Analysts at Fitch said, the four banks Eurobond offer is a credit positive ...

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Fidelity Bank Sells $400m Bonds With 10.75% Yield

By Nse Anthony-Uko (Sundiata Finance) – Fidelity Bank Plc sold the highest-yielding Eurobond from emerging markets this year, joining a rush for issuance before higher United States interest rates push up borrowing costs. The lender issued $400m of five-year securities with a 10.75 per cent yield on Wednesday, Bloomberg quoted a person familiar with the matter who asked not to ...

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GTBank Prepares $400m Notes Offer As Adefala Joins Board

By Nse Anthony-Uko (Sundiata Finance) – The board of directors of Guaranty Trust Bank (GTBank) Plc has approved and appointed Mrs. Victoria Osondu Adefala as an independent non-executive director even as it the bank informed its holders of $400 million, six per cent notes due 2018 to tender any and all of their securities for purchase by GTBank. In a ...

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CBN Sells $195m, Naira Recovers, Closes At N364/Dollar

By Nse Anthony-Uko (Sundiata Finance) – The Central Bank of Nigeria on Tuesday intervened in the inter-bank foreign exchange market with the sale of $195m. This came just as the naira appreciated to 364 per United States dollar at the parallel market, up from the 365/dollar recorded on Friday. Figures released by the CBN showed that the regulator offered the ...

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