Nigeria: Inflation rate rises to 8%

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NIGERIA

Inflation rate rises to 8%

Nigeria’s consumer inflation rate rose to 8 percent last month from a year ago, closer to the central bank’s upper limit, the statistics bureau said yesterday. Consumer inflation rose to 7.9 percent the previous month. Nigeria’s central bank has said it aimed to keep inflation between 6 percent and 9 percent this year and had a longer-term goal of reducing inflation to around 5 percent by the end of next year. – Reuters

KENYA

Orders for new bond at $3bn

Kenya had already received orders worth $3 billion (R32bn) for its debut sovereign bond, which sought to raise between $1.5bn and $2bn, a senior government source said yesterday. Kenya, which is rated B+ by Standard & Poor’s, launched its eurobond roadshow this month. The source, who declined to be named, would not give further details about the marketing campaign. Analysts said the issue was attracting high demand because it came in two tenors, with a five-year tranche offering investors a minimum 6 percent return and a 10-year portion guaranteeing a yield of 7 percent. – Reuters

EGYPT

Mine row set for resolution

A legal dispute that had jeopardised Egyptian-focused gold miner Centamin’s only producing mine was likely to be resolved before the end of this year, chairman Josef El-Raghy said yesterday. He was expecting a new investor-friendly law to render void the legal case against Centamin and was betting on the new Egyptian government to revive the economy and woo investors. An Egyptian court in 2012 held that Centamin’s right to operate Sukari, its flagship mine, was invalid. Centamin’s appeal will be heard in October. – Reuters


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