March 11, 2019/Fitch Ratings Nigerian banks’ rising local-currency (LC) issuance is credit positive as it diversifies their funding and reduces their foreign-exchange risk, Fitch Ratings says in a new report. However, most ratings remain constrained by Nigeria’s operating environment and ‘B+’ sovereign rating. The increase in LC issuance reflects banks’ […]
Money Market
FMO Arranges $162.5 Million Syndicated Loan to Access Bank
March 11, 2019/Access Bank Plc Access Bank Plc announced that it has signed a Subordinated Syndicated Loan Agreement totaling USD 162.5 million. The facility has been arranged by FMO, the Dutch development bank, and is provided together with BIO (Belgian Investment Company for Developing Countries SA/NV), Blue Orchard Microfinance Fund, […]
Gross Official Reserves Decreased by US$860m in February 2019 to US$42.31bn
Culled—Proshare March 11, 2019/ FBNQuest Research Gross official reserves decreased by US$860m in February to US$42.31bn. The principal drivers of movements in reserves are currently oil revenues and the trades of foreign portfolio investors (FPIs). The oil price has settled above US$60/b since the end of January with help from […]
