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BancTrust & Co. Africa Daily Comments 23 March 2023

Nigerian Labour Congress threatens strike action over naira crisis, Seplat terminates agreement with former Chairman. Kenya: Central bank issues guidelines to support functionality and integrity of FX interbank market. Ghana: Fitch Ratings upgrades l...
BancTrust & Co. Ayodeji
Ayodeji Dawodu @ BancTrust & Co. 23 March 2023

Fed delivers a 25bps hike, Fitch upgrades Ghana’s local currency debt rating

Forex: Nigerian naira devaluation looms. Fixed Income: Fitch upgrades Ghana’s local currency bond rating. Macroeconomic: The World Bank approves a $7bn economic support plan for Egypt.
ETM Analytics Alexa
Alexa Archibald @ ETM Analytics 23 March 2023

Nigeria and Morocco hiked rates by 50bps while Angola cut rates by 100bps

Forex: The forward market is signaling another devaluation in the Egyptian pound. Fixed Income: Bank of Angola cuts rates as inflation falls back toward single digit territory. Macroeconomic: Nigeria and Morocco both hiked rates by 50bps on Tuesday.
ETM Analytics Alexa
Alexa Archibald @ ETM Analytics 22 March 2023

Oil price has erased all of the Russia-Ukraine premium, back to end-2021 levels

Growth and banking fears plunge oil price back to end-2021 level of low US$70s; we chart trade exposure across EM and DM. Next OPEC ministerial committee meeting in early April with full meeting on 4 June; higher probability of new output cut. Saudi,...
Tellimer Research Hasnain
Hasnain Malik @ Tellimer Research 21 March 2023
Oil price has erased all of the Russia-Ukraine premium, back to end-2021 levels
Oil price has erased all of the Russia-Ukraine premium, back to end-2021 levels

Angola, Nigeria and Morocco to deliver interest rate verdicts

Forex: Kenyan shilling slump raises rate hike probability. Fixed Income: African Eurobonds suffer their worst losing streak in 7 years. Macroeconomic: Falling oil prices pose a risk to African oil producing nations.
ETM Analytics Alexa
Alexa Archibald @ ETM Analytics 21 March 2023

BancTrust & Co. Africa Daily Comments 20 March 2023

Nigeria: President Buhari signs amendment allowing states to generate and supply power. Kenya: Treasury owes Vivo Energy USD167mn in fuel subsidy arrears. Ghana: Finance Minister jets to China on bilateral debt restructuring negotiations.
BancTrust & Co. Ayodeji
Ayodeji Dawodu @ BancTrust & Co. 20 March 2023