Markets and investing
Nigeria’s forex policy, The Fed & Kenya’s shilling, oil production cuts and more
Forex, stocks, commodities
Nigerian policy makers are grappling with the country’s currency (Naira) and forex policy. The proposed Forex Exchange (Monitoring and Miscellaneous Provisions) Act (Amendment) Bill 2016 would bar individuals from holding foreign currency more than 30 days, a provision the country’s Senate is against.
The Kenya shilling held up against the dollar Monday but could lose ground demand from oil importers. Analysts expect a U.S. Fed rate hike to have an adverse effect on the currency.
Nigeria plans to sell 83.24 billion naira ($264.25 million) in short-dated treasury bills at an auction on Dec. 22, the central bank said on Tuesday.
South Africa’s JSE all share index closed 0.62% higher at 50,839.30 driven by bank stocks. The Nigerian Stock Exchange was also on an upward trend — the all share index closed 0.98% higher.
In the commodities space, the oil price continued upwards as Saudi Arabia signaled it’s prepared to cut more than initially agreed and 11 non-OPEC producers also committed to a reduction. Should cuts be effected, global oil markets will move into a supply deficit in the first half of next year, according to the International Energy Agency.
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