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Nigeria is no longer an oil-driven economy

Forex: Kenya’s foreign exchange level drops below the central bank’s statutory requirement. Fixed Income: Ghana shows signs of fiscal constraint, but fiscal distress risks remain acute. Macroeconomic: Oil’s contribution to Nigeria’s economy has almos...
ETM Analytics Alexa
Alexa Archibald @ ETM Analytics 25 November 2022

Fitch flags FX issues as a major threat to Nigeria’s rating

Forex: Weaker Ghanaian cedi compounding inflationary pressures in the productive sector. Fixed Income: Ethiopian bonds outshine as peace is restored in the country. Macroeconomic: Nigeria’s forex issues are one of the main drags on its credit rating....
ETM Analytics Alexa
Alexa Archibald @ ETM Analytics 17 November 2022

EM assets are regaining their shine, inflation in Africa remains robust

Forex: Kenyan shilling remains overvalued on a real effective exchange rate basis. Fixed Income: Emerging market assets are regaining their shine. Macroeconomic: Inflation pressures in Africa remain robust but are expected to ease from March 2023.
ETM Analytics Alexa
Alexa Archibald @ ETM Analytics 16 November 2022

Powell remains hawkish, Botswana could secure a $1.5bn support package

Forex: Nigeria’s foreign exchange reserves drop for a third straight month. Fixed Income: Fed delivers a relatively hawkish 75bps rate hike. Macroeconomic: Falling freight rates should help ease inflation pressures.
ETM Analytics Alexa
Alexa Archibald @ ETM Analytics 3 November 2022

African bond rout deepens, commodity prices to remain above pre-pandemic levels

Forex: Central Bank of Egypt plans currency revamp. Fixed Income: Rout in African bonds deepens. Macroeconomic: Commodity prices unlikely to return to pre-pandemic levels in the near-term.
ETM Analytics Kieran
Kieran Siney @ ETM Analytics 25 October 2022

Moody's lowers Nigeria's credit rating

Forex: Ghanaian cedi sell-off persists amid debt concerns. Fixed Income: Nigeria slips further down the rating ranks. Macroeconomic: African central banks have a tight line to walk to bring inflation under control.
ETM Analytics Kieran
Kieran Siney @ ETM Analytics 24 October 2022