February 22, 2017/Cowry Asset Research In order to increase the availability of Foreign Exchange in the economy, Central Bank of Nigeria (CBN) indicated it has began supply of direct additional funding to banks to meet foreign exchange (forex) demand of specified end users at settlement rates not exceeding 20% above […]
Updates
Fitch Upgrades Nigeria’s Seven Energy to ‘CC’
Culled—Proshare February 22, 2017/Fitch Ratings Fitch Ratings has upgraded Nigeria-based Seven Energy International Limited’s Long-Term Issuer Default Rating to ‘CC’ from ‘RD’ (Restricted Default) following completion of the consent solicitation for the company’s 10.25% USD300 million senior secured notes due 2021. Simultaneously, Fitch has affirmed wholly owned subsidiary Seven Energy […]
Fitch: FX Market Changes May Help Nigerian Banks
(This statement was made by Fitch Ratings on February 22, 2017) Lagos (INVESTADVOCATE)-Measures announced on 20 February by the Central Bank of Nigeria (CBN) may ease some of the severe foreign currency liquidity pressure faced by the country’s banks, Fitch Ratings says. The most important aspect of the CBN’s announcement […]
