Business and economy: Top news headlines from across Africa on November 05, 2016

Egypt: Hungry for dollars after the central bank floated the pound on Thursday, Egyptian banks are offering market rates for the greenback as they try to build their reserves before interbank trading begins in earnest next week.

Nigeria’s overnight interbank lending rate rose to 13 percent on Friday from 10 percent as some commercial banks were unable to access credit lines due to technical problems at the central bank system, traders said.

Mozambique’s attorney general has appointed multinational risk management firm Kroll to probe state firms that hid $2 billion in loans from government and international creditors, state media said on Friday.

Morocco: Mark Nassif, the director of Renault’s activities in Morocco, confirmed on Friday that the company will work towards making Tangier the car manufacturing hub of Africa, according to a new report by the Maghreb Arab Presse (MAP).

Nigeria: The Nigerian equities market maintained a negative close yesterday driven by highly capitalised Dangote Cement Plc and Nigerian Breweries Plc. The Nigerian Stock Exchange (NSE) All-Share Index (ASI) declined by 0.66 per cent to close at 27,044.36.

East Africa: According to the East African, South Korea has pledged a total of $155 Million in loans to support various development projects across Kenya, Tanzania, Uganda and Ethiopia.