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Reuters
6 days ago
- Business
- Reuters
AFRICA-FX-Nigerian and Ghanaian currencies among those seen stable
ABUJA, July 10 (Reuters) - The Nigerian, Ghanaian, Ugandan, Kenyan and Zambian currencies are expected to be stable against the dollar in the next week to Thursday, traders said. Nigeria's naira is seen broadly unchanged on both the official and parallel markets, supported by central bank interventions and foreign portfolio inflows. The unit was quoted at 1,524 naira to the dollar in intraday trading on Thursday, versus a closing quote of 1,527 naira a week earlier. The currency was changing hands at 1,570 naira to the dollar in street trading on Thursday. "The naira is expected to remain relatively stable in the coming week largely due to continued inflows from portfolio investors drawn by high yields that are boosting market liquidity," a trader said. Ghana's cedi is forecast to remain stable as interbank market activity is subdued. LSEG data showed the cedi trading at 10.30 to the dollar, unchanged from a week ago. "The cedi continued to hold its ground against the dollar this week, supported by sustained central bank intervention amid a slowdown in interbank activity," said Chris Nettey, head of trading Stanbic Bank Ghana. "We expect a similar trend to persist in the coming sessions," he added. Andrews Akoto, head of trading Absa Bank Ghana, also said he expected the dollar/cedi pair to stay range-bound. Uganda's shilling is also seen little changed as mid-month tax payments due in local currency limit corporate foreign-currency demand. Commercial banks quoted the shilling at 3,579/3,589 to the dollar, compared to last Thursday's close of 3,582/3,592. "(Dollar) demand will be a little soft because of mid-month tax obligations," a trader said, adding that the shilling was likely to swing in the 3,550-3,580 range. Kenya's shilling is seen holding steady in quiet trade. Commercial banks quoted the shilling at 128.90/129.40 per dollar, compared with last Thursday's closing rate of 129.00/50. "It has been relatively stable. We expect this stability to continue as we usually have minimal activity mid-month," a trader said. Zambia's kwacha is expected to be trade around its current levels, but some analysts said it could gain further out as the economic outlook improves. On Thursday the kwacha was quoted at 24.39 per dollar from 24.45 a week ago. Fintech company Ebury said in a report that it was upbeat on the outlook for the kwacha. "Zambia appears to be largely overcoming its debt challenges and drought-related economic disruptions," the report said.
IOL News
26-06-2025
- Business
- IOL News
Sipho Pityana calls for investigation into SA Reserve Bank's independence after Absa debacle
Former Absa board member Sipho Pityana has raised serious concerns regarding the independence of the South African Reserve Bank (Sarb) Image: Itumeleng English/Independent Newspapers Former Absa board member Sipho Pityana has raised serious concerns regarding the independence of the South African Reserve Bank (Sarb), urging for a formal investigation into what he describes as "cosy relationships" between key figures in the banking sector. Pityana's remarks come on the heels of a Pretoria High Court ruling that has cast doubt on the conduct of Sarb's Prudential Authority (PA) during his controversial nomination process as chair of Absa Bank in 2021. The court found that the PA acted unlawfully by adopting an informal process to review Pityana's nomination, as prescribed by the regulations in place under the Banks Act. This ruling not only vindicated Pityana but also brought to light the opaque interactions between the regulatory body and external parties. Pityana's legal battle began when he sought a declaratory order against the PA, claiming they had operated outside the legal framework established for such considerations. The PA controversially consulted with third parties regarding his suitability for the chairperson role, particularly following inquiries into his resignation from AngloGold Ashanti amid allegations of sexual harassment - claims he firmly denies. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading The court's judgment, delivered by Judge Flatela Luleka, established that the PA had indeed overstepped its bounds by failing to follow established protocols, thus denying Pityana the opportunity to contest objections to his appointment. 'The [PA] acted unlawfully and in excess of its power per the Banks Act 94 of 1990 by engaging in an informal process with the [Absa Group] and [Absa Bank] in connection with the nomination of [Pityana] as chairperson of the [Absa Group] and [Absa Bank's] board of directors, and in particular by notifying the [Absa Group] and [Absa Bank] of its objection, alternative intention to object to [Pityana's] nomination,' read the judgment. Speaking exclusively to Business Report on Wednesday at his office in Johannesburg, Pityana said the court ruling was a reminder to all, especially those in powerful positions, that they cannot disregard the rule of law. He said the judgement raised a number of new questions in terms of transparency, good governance and ethical conduct in the financial sector's regulatory environment, as well as accountability when laws are broken. 'I think that this is a case where the Reserve Bank has revealed itself to be capable of being manipulated by an outside person, that Maria Ramos was. And this stems from widely known relationships between her and maybe her family with the Reserve Bank leadership and or the National Treasury leadership, because it's basically her pushing this,' Pityana said. 'So we have a leadership in the governors of the Reserve Bank who are capable of being ordered around by Maria Ramos. This thing happened not because the governors of the Reserve Bank didn't know what the Banks Act says about these processes. They crafted a different procedure in order to make good to Maria Ramos' desires. 'What does accountability look like when a leadership of the Reserve Bank entrusted with an independent and powerful institution that the Reserve Bank is has been found to have failed to act without favour or prejudice? So this thing about the independence of the Reserve Bank is a weighty matter.' Ramos, now serving as chair of Standard Chartered, has not responded to requests for comment following the judgment. Meanwhile, the PA has signalled that it is currently reviewing the judgment before issuing a formal statement. 'The PA is studying the judgement and will comment on the matter at an appropriate time,' said PA spokesperson, Thoraya Pandy. Pityana said what was concerning was the fact that the regulator's excesses may have compromised its pivotal role as a trusted custodian of the integrity of the financial services sector. He said he had taken the Herculean task of taking the PA to court as a matter of principle because of the injustice meted out to him and also because board members should not be anyone's lackey as independent directors. The former Absa director further articulated the personal toll the legal battle has exacted on him and his family, acknowledging the Herculean nature of challenging a powerful institution. 'But it's not something I'm prepared to allow to shape my destiny, to be a preoccupation for me. I'm not pursuing Maria, that would be small. The big thing for me is that our leadership wakes up to the fact that you can't give the Reserve Bank a blank check,' Pityana said. 'There are too many of these instances about the Reserve Bank and its transgressions that, surprisingly for me, have not gotten the Minister of Finance, but importantly, Parliament's relevant structures to actually prove and find out what the hell is going on with the Reserve Bank.' Pityana's legal battle extends beyond this ruling; he is also contesting his removal from the Absa board through separate legal proceedings. 'A court of law has decided that, indeed, the conduct of the Reserve Bank was unlawful. If the Reserve Bank is found to have acted unlawfully, it would mean we as the board of Absa also acted unlawfully. That's the reality,' Pityana said. 'The moment now for the pig to fry in its own fat. This is their logic.' In response to Business Report, Absa also said it was studying the judgment.
Reuters
05-06-2025
- Business
- Reuters
AFRICA-FX-Most currencies expected to be stable
NAIROBI, June 5 (Reuters) - The currencies of Kenya, Ghana, Uganda and Zambia are expected to be largely steady against the dollar in the next week to Thursday, traders said. Kenya's shilling is forecast to remain in tight ranges, as it has done since last year. The shilling traded at 129.00/50 to the U.S. currency on Thursday, the same level as at last Thursday's close. Ghana's cedi is expected to be broadly stable as increased dollar demand has brought a recent rally to a halt. LSEG data showed the cedi trading at 10.20 to the dollar on Thursday, unchanged from last Thursday. "The cedi's strong rally paused in the last week as demand for the greenback ramped up considerably. The pair has remained largely stable, however, as the central bank has upped its support," said Sedem Dornoo, a senior trader at Absa Bank Ghana. "We expect the pair to remain range-bound as the central bank continues to help clear the demand buildup through its daily auctions," he added. Uganda's shilling is seen little changed as traders wait for next week's budget. Commercial banks quoted the shilling at 3,631/3,641 to the dollar, compared to last Thursday's close of 3,630/3,640. "Ahead of (the) budget reading we normally see a sharp drop in activity because some players decide to play a waiting game to see what's in the budget," a trader said. Zambia's kwacha could draw support from lower oil prices and upcoming tax payments. On Thursday the kwacha was quoted at 26.35 from 26.90 a week ago. "There was a reduction in the price of diesel last week. Companies will also be paying Pay As You Earn and Withholding tax next week," one analyst said.
Reuters
29-05-2025
- Business
- Reuters
AFRICA-FX- Ghana's cedi to strengthen further next week
NAIROBI, May 29 (Reuters) - Ghana's cedi is forecasted to gain strength in the coming week, bolstered by continued remittance inflows and interventions from the central bank, while Kenya's shilling is expected to remain steady, and Nigeria's naira to stay range-bound, traders said. The cedi currency has jumped more than 40% versus the U.S. dollar this year, far outperforming its African and emerging market peers. Data from the London Stock Exchange Group (LSEG) showed the cedi trading at 10.25 to the dollar on Thursday, compared to 11.55 per dollar at last Thursday's close. "The cedi has remained on the front foot for much of the last week, however, we've observed some increased hard currency demand from offshore players in the most recent sessions as they look to take profit from GHS investments," Sedem Dornoo, a senior trader at Absa Bank Ghana, said. "We reckon we'll continue to see support around current 10 levels in the very near term, however, it's likely that the local unit will begin to rally again when this demand is cleared as the central bank continues to provide daily support to the market," he added. Kenya's shilling is expected to hold steady next week. The shilling traded at 129.00/50 per dollar, compared with last Thursday's close of 128.95/129.45. Traders forecast Nigeria's naira to maintain its trading range in the coming week, even amid demand from importers. The naira's stability is expected to be supported by the central bank's weekly dollar sales and inflows from portfolio investors. The naira was quoted around 1,587 to the dollar in intraday trading on Thursday versus last week's closing quote of 1,586 naira. The currency was changing hands around t 1,635 to the dollar in street trading on Thursday. "I see naira trading between 1,580 and 1,590, supported by the central bank's dollar sale. Though volatility remains possible, domestic policy and dollar inflows could help anchor the market," one trader said. The Ugandan shilling is expected to firm against the dollar, helped by inflows from this week's Treasury auction, traders said. At 0811 GMT commercial banks quoted the shilling at 3,627/3,637, compared to last Thursday's close of 3,645/3,655. "There was significant offshore (dollar) inflows into the bond auction which I think will give the shilling a boost," said a trader at one commercial bank. The central bank this week held a large and rare private placement treasury bond auction where a total of 2.4 trillion Ugandan shillings ($661.70 million) worth of debt was on offer.
The Citizen
09-05-2025
- Business
- The Citizen
Support the golf day in Evander to fund Allan Howell's back surgery
Support the golf day in Evander to fund Allan Howell's back surgery Book your spot now for the fundraiser golf day at Walker Park Golf Club on May 17. It will be held in aid of Allan Howell (36) who needs R470 000 for urgent back surgery. Businesses, golf players and the community are welcome to join this four-ball scramble drive. Sponsoring a tee box, green, or other area costs R10 000 and includes a four-ball entry and two golf carts. This is a great marketing opportunity for sponsors. Marketing material is the sponsor's responsibility. Areas will be allocated once payment is received. This fundraiser works on a first-come, first-served basis. Sponsors on the first nine holes must be ready at 08:30 and those on the back nine at 10:00. Players can also register at the club for R350 per person. To book your tee-off time and space, contact Annemarie Third on 017 638 0060/1. Banking details: SSV Attorneys, Absa Bank, account number 407 038 5040, branch code 632 005, and reference: H371, with your company name/golf day. ALSO READ: Kroonblaartak vier sewende verjaardag ALSO READ: Woes over starving chickens in Delmas continues At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
