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Floating Egypt’s currency, South Africa’s trade balance, Nigeria’s Eurobond and more

Top business & economy news across Africa on November 30, 2016

South Africa’s trade balance swung to a deficit of 4.41 billion rand ($315 million) in October, from a revised 6.9 billion rand surplus in September, data from the revenue agency showed on Wednesday.

Nigeria hopes to conclude the sale of a $1 billion Eurobond by the end of the first quarter of 2017 and will seek to make its foreign exchange market more flexible, vice president Yemi Osinbajo said on Tuesday.

Rating agency Fitch notes that Nigeria’s oil production has dropped by 25 per cent in 2016 due to security issues and the closure of a number of export pipelines

Kenya is reportedly considering issuing a bond on the international market. Kenya’s inflation rate climbed to 6.68% in October, up from 6.47% the previous month. Meanwhile, Uganda’s statistics body reports the country’s year-on-year headline inflation rose to 4.6% in November from 4.1% the previous month.

November was a month of interesting developments for Egypt, from the Central Bank of Egypt’s (CBE) decision to float the national currency, to the International Monetary Fund’s (IMF) approval of the $12bn loan, a correction of external balances, and an expected soaring fiscal deficit.

South Africa’s Impala Platinum Holdings Ltd (Implats) and Zimplats’ board have approved the development of the $264 million Mupani Mine, which will increase the Zimbabwe unit’s mineral reserves, the company said on Wednesday.

Zimbabwe’s cash problem appears far from over despite introduction of the new bond notes currency that is meant to trade on par with the dollar.

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