Central bank to stick to policy

A change of leadership at Nigeria’s central bank would not affect the direction of monetary policy, and the bank had no immediate plans to devalue the naira, acting governor Sarah Alade said on Friday. “The bank has the capacity to meet the demands of all foreign exchange users,” she said, adding that the regulator would continue to pursue “the principal goal of ensuring monetary and price stability… measures consistent with sustainable, non-inflationary growth.” – Reuters


Power network to get upgrade

Kenya Power planned to spend 86 billion shillings (R11bn) in the next three years to upgrade its electricity distribution network in order to keep up with growing demand, it said on Friday. The company’s chief executive, Ben Chumo, said the cash would go to building new sub-stations and power lines and upgrading existing infrastructure to enhance the stability of the power supply. Kenya suffers from frequent black-outs due to supply shortfalls and an ageing grid, forcing businesses to have stand-by generators. It plans to add 5 000 megawatts of power generation capacity by 2017 to the existing 1 664MW. – Reuters


Official probed on rice imports

Egypt had referred an import official from the General Authority for Supply Commodities to prosecutors on suspicion of corruption over local rice deals, not wheat, the Supplies Ministry said yesterday. Egypt is the biggest wheat importer. On Saturday, Supplies Minister Mohamed Abu Shadi had referred the head of the central import administration to prosecutors for suspected corrupt dealings with traders. – Reuters