
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/5TLM4VGHGFLZVJKGLDZIGS2JC4-820x547.jpg" alt="" class="wp-image-532028" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/5TLM4VGHGFLZVJKGLDZIGS2JC4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/5TLM4VGHGFLZVJKGLDZIGS2JC4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/5TLM4VGHGFLZVJKGLDZIGS2JC4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/5TLM4VGHGFLZVJKGLDZIGS2JC4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/5TLM4VGHGFLZVJKGLDZIGS2JC4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/5TLM4VGHGFLZVJKGLDZIGS2JC4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A street vendor balances a box on her head as she makes a sale at Markets of Warwick in the Durban CBD, Durban, South Africa May 31, 2024. REUTERS/Alaister Russell/File photo</figcaption></figure>



<p>JOHANNESBURG, Sept 18 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s inflation rate fell more than expected last month to its lowest since April 2021, data showed on Wednesday, reinforcing expectations that the central bank will cut interest rates this week.</p>



<p>Headline consumer inflation fell to 4.4% year-on-year from 4.6% in July, just below the 4.5% midpoint of the South African Reserve Bank&#8217;s target range where it likes to see inflation.</p>



<p>The median forecast of analysts polled by Reuters was for a reading of 4.5%.</p>



<p>&#8220;The table is laid for the interest rate cutting cycle to commence,&#8221; said independent economist Elize Kruger.</p>



<p>Easing price pressures from transport, housing, restaurants and hotels contributed to August&#8217;s lower inflation print, data from Statistics South Africa showed.</p>



<p>However food inflation ticked up to 4.7% in annual terms from 4.5% in July, reversing an eight-month downward trend.</p>



<p>The figures hardened expectations that the central bank will cut interest rates on Thursday for the first time in more than four years.</p>



<p>Even before August&#8217;s inflation figures were released, economists polled by Reuters were predicting the central bank would cut its main lending rate by 25 basis points.</p>



<p>(Reporting by Tannur Anders and Kopano Gumbi; Editing by Alexander Winning and Christina Fincher)</p>


A street vendor balances a box on her head as she makes a sale, in Durban

South African inflation falls more than expected, sets stage for rate cut


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Sept 18 (Reuters)&nbsp;&#8211;&nbsp;The following economic events, equity and currency market moves may affect South African markets on Wednesday.</p>



<h2 class="wp-block-heading" id="h-economic-events">ECONOMIC EVENTS</h2>



<p>August consumer inflation data at 0800 GMT</p>



<p>July retail sales data at 1100 GMT</p>



<h2 class="wp-block-heading" id="h-south-african-markets">SOUTH AFRICAN MARKETS</h2>



<p>The South African rand held steady on Tuesday, with investor focus on Wednesday&#8217;s U.S. Federal Reserve policy decision which could see it deliver a big interest rate cut.</p>



<p>In the stock market, the Top-40 index closed 1.2% higher.</p>



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



<p>The dollar ceded some of its overnight gains on Wednesday while Asian stocks put in a mixed display as traders weighed the odds of a super-sized Federal Reserve interest rate cut later in the day.</p>



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



<p>U.S. stocks closed nearly unchanged on Tuesday, giving up earlier gains that had vaulted the S&amp;P 500 and Dow Industrial Average to record highs as investors braced for the first Federal Reserve rate cut in 4-1/2 years. </p>



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



<p>Gold prices were flat on Wednesday as investors weighed chances of an outsized interest rate cut by the Federal Reserve later in the day. </p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



<p>&#8211; GNU ministers’ actions boost confidence, says JSE boss Leila Fourie</p>



<p>&#8211; Prasa spent R3.8bn on irregular expenditure, says auditor-general</p>



<p>(Compiled by Tannur Anders)</p>


istockphoto-1076949610-612×612-1

South African Markets – Factors to watch on Sept 18


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



<p>NAIROBI, Sept 18 (Reuters)&nbsp;&#8211;&nbsp;The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Wednesday.</p>



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



<p>The dollar ceded some of its overnight gains on Wednesday while Asian stocks put in a mixed display as traders weighed the odds of a super-sized Federal Reserve interest rate cut later in the day.</p>



<h2 class="wp-block-heading" id="h-world-oil-prices">WORLD OIL PRICES</h2>



<p>Oil prices steadied on Wednesday, after rising in the previous two sessions, as investors await the U.S. Federal Reserve&#8217;s anticipated interest rate cut, with the potential for more violence in the Middle East supporting the market.</p>



<h2 class="wp-block-heading" id="h-south-africa-markets">SOUTH AFRICA MARKETS</h2>



<p>The South African rand held steady on Tuesday, with investor focus on Wednesday&#8217;s U.S. Federal Reserve policy decision which could see it deliver a big interest rate cut.</p>



<h2 class="wp-block-heading" id="h-kenya-markets">KENYA MARKETS</h2>



<p>The Kenyan shilling was unchanged on Tuesday as dollar inflows from the tourism sector balanced demand from the manufacturing sector, traders said.</p>



<h2 class="wp-block-heading" id="h-kenya-imf">KENYA IMF</h2>



<p>The International Monetary Fund said on Tuesday it has held productive discussions with the Kenyan government on its plans to address the country&#8217;s economic and fiscal challenges, after nationwide protests forced it to abandon planned tax hikes.</p>



<h2 class="wp-block-heading" id="h-jp-morgan-africa">JP MORGAN AFRICA</h2>



<p>JPMorgan Chase CEO Jamie Dimon plans to travel to Africa in mid-October in a push by the biggest U.S. lender to expand on the continent, four sources familiar with the matter told Reuters, his first trip there in seven years.</p>



<h2 class="wp-block-heading" id="h-ghana-politics">GHANA POLITICS</h2>



<p>Ghana&#8217;s main opposition National Democratic Congress (NDC) party on Tuesday held nationwide protests against alleged voter roll irregularities, demanding an independent forensic audit to rid the register of errors for free and fair elections.</p>



<h2 class="wp-block-heading" id="h-south-sudan-oil">SOUTH SUDAN OIL</h2>



<p>South Sudan and Sudan have made progress towards restarting the pumping of South Sudan&#8217;s crude oil through a pipeline running to a port in its neighbour, South Sudan&#8217;s finance minister and the president&#8217;s office said.</p>



<h2 class="wp-block-heading" id="h-senegal-economy">SENEGAL ECONOMY</h2>



<p>Senegal&#8217;s slower economic growth, its widening fiscal deficit and a potential delay in International Monetary Fund financing could cloud the outlook ahead of Nov. 17 parliamentary elections, analysts say.</p>



<h2 class="wp-block-heading" id="h-mali-security">MALI SECURITY</h2>



<p>Mali said on Tuesday that its capital Bamako was under control after insurgents attacked a gendarmerie training school and other strategic areas before dawn, firing gunshots that reverberated around the city.</p>



<h2 class="wp-block-heading" id="h-zimbabwe-electricity">ZIMBABWE ELECTRICITY</h2>



<p>Zimbabwe is struggling to get independent energy projects built to help ease a prolonged power shortage due to lack of funding and economic instability, a government official has said.</p>



<p>(Compiled by Nairobi Newsroom)</p>


World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on Sept 18


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HSBAWKTYB5ICVGL4ARIGTWQH5E-820x547.jpg" alt="" class="wp-image-531973" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HSBAWKTYB5ICVGL4ARIGTWQH5E-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HSBAWKTYB5ICVGL4ARIGTWQH5E-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HSBAWKTYB5ICVGL4ARIGTWQH5E-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HSBAWKTYB5ICVGL4ARIGTWQH5E-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HSBAWKTYB5ICVGL4ARIGTWQH5E-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/HSBAWKTYB5ICVGL4ARIGTWQH5E-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Supporters of Ghana’s main opposition National Democratic Congress (NDC) party march in the streets to protest  what they suspect to be voters register irregularities ahead of the presidential and parliamentary elections in December, in Accra, Ghana. September 17, 2024. REUTERS/Francis Kokoroko</figcaption></figure>



<p>ACCRA, (Reuters) &#8211; Ghana&#8217;s main opposition National Democratic Congress (NDC) party on Tuesday held nationwide protests against alleged voter roll irregularities, demanding an independent forensic audit to rid the register of errors for free and fair elections.</p>



<p>Voters in the West African gold- and cocoa-producing nation will head to the polls on Dec. 7 to elect a successor to President Nana Akufo-Addo, who will step down in January after serving the constitutionally mandated eight years.</p>



<p>The election will pit ex-president John Dramani Mahama of the NDC against current Vice President Mahamudu Bawumia of the ruling New Patriotic Party.</p>



<p>The NDC party leaders said the electoral commission illegally transferred voters to different voting stations without their knowledge, compromising the integrity of the register.</p>



<p>Clad in red and black, thousands of supporters marched through principal streets in the capital Accra, blaring reggae and campaign songs from loudspeakers and calling on international bodies, Ghana&#8217;s peace council and religious and civil society groups to intervene.</p>



<p>Protest leaders presented petitions to parliament and the electoral agency in Accra. Protests also took place across Ghana&#8217;s other 15 regions, according to local media.</p>



<p>Protester Kwame Acheampong, 68, told Reuters in the local Akan language that his registration had been transferred from the capital to the northern city of Tamale.</p>



<p>&#8220;How can I go to Tamale to vote?&#8221; he said.</p>



<p>The electoral commission has said identified errors have been corrected.</p>



<p>In August, it suspended a district director in the northeastern town of Pusiga for &#8220;using his credentials to transfer voters without their knowledge.&#8221;</p>



<p>Ghana is one of Africa&#8217;s most stable democracies, but about eight people died during the last election, which was also marred by opposition accusations that the government unfairly influenced the outcome, which it denied.</p>



<p>Allegations of irregularities dent the electoral authority&#8217;s image. A July survey by pan-African research group Afrobarometer showed trust in Ghana&#8217;s electoral commission at historic low since confidence polls started in 1999.</p>



<p>NDC party chairman Johnson Asiedu Nketia told protesters he wanted &#8220;nothing but transparent elections.”</p>



<p>&#8220;Ghana&#8217;s democracy is on a serious test and we want (it) to prevail. It&#8217;s time for war to remove anything that has the tendency to push us into a bigger war.&#8221;</p>



<p>(Reporting by Maxwell Akalaare Adombila; Editing by Alistair Bell)</p>


Supporters of Ghana’s main NDC party protest what they suspect to be voter roll irregularities, in Accra

Ghana opposition holds protests against alleged voter roll irregularities


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="526" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/U5Z5ZR6XYJLGBNYBTQN2PA4UEI-820x526.jpg" alt="" class="wp-image-531702" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/U5Z5ZR6XYJLGBNYBTQN2PA4UEI-820x526.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/U5Z5ZR6XYJLGBNYBTQN2PA4UEI-300x192.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/U5Z5ZR6XYJLGBNYBTQN2PA4UEI-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/U5Z5ZR6XYJLGBNYBTQN2PA4UEI-768x492.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/U5Z5ZR6XYJLGBNYBTQN2PA4UEI-1536x985.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/U5Z5ZR6XYJLGBNYBTQN2PA4UEI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Smoke rises from chimneys at Hwange Power station in Hwange, Zimbabwe, October 19, 2021. REUTERS/Philimon Bulawayo/File Photo</figcaption></figure>



<p>HARARE, Sept 17 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe is struggling to get independent energy projects built to help ease a prolonged power shortage due to lack of funding and economic instability, a government official has said.</p>



<p>The southern African country, which battles lengthy power blackouts, generates about 1,200 megawatts of electricity, mostly from its coal-fired Hwange plant, against peak demand of nearly 2,000 megawatts.</p>



<p>To plug the deficit, the government has licensed private investors to generate a combined 2,920MW from coal and solar plants.</p>



<p>Of these, about 250MW in private power generation is expected to come on stream this year, energy secretary Gloria Magombo told an economic conference on Monday.</p>



<p>&#8220;We have natural energy resources but what we need is financing. That financing needs macroeconomic stability,&#8221; Magombo said.</p>



<p>Independent power producers also need government assurances that they will be able to remit dividends and loan repayment funds, she added.</p>



<p>Zimbabwe continues to experience episodes of high inflation, mainly due to a volatile local currency it reintroduced in 2019, a decade after abandoning it for the U.S. dollar.</p>



<p>The country&#8217;s foreign currency shortages mean investors struggle to remit dividends or repay international loans.</p>



<p>Independent power producers are also deterred by the prospect of selling power at what they see as an overvalued official exchange rate, which would lead to losses.</p>



<p>Zimbabwe generates at least 80% of its electricity from coal, with output from the 1,050-MW Kariba hydropower plant now capped at 215 MW due to low water levels after last year&#8217;s devastating drought. Small independent power producers routinely contribute between 20 MW and 50 MW to the national grid.</p>



<p>Power demand is expected to surge mostly due to expansion in mining projects as Africa&#8217;s top lithium producer Zimbabwe seeks to capitalise on the expected increase in demand for the battery metal.</p>



<p>(Reporting by Nyasha Chingono; Editing by Nelson Banya and Emelia Sithole-Matarise)</p>


FILE PHOTO: Smoke rises from chimneys at Hwange Power station in Hwange

Zimbabwe’s volatile economy stalls independent power projects, energy official says


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg" alt="" class="wp-image-400641" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A collection of mixed denomination South African rand coins sit in an arranged photo in Johannesburg, South Africa, on Thursday, June 22, 2017. South Africas inflation rate rose for the first time this year in May after food-price growth quickened from the slowest pace since December 2015. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



<p>JOHANNESBURG, Sept 17 (Reuters)&nbsp;&#8211;&nbsp;The South African rand held steady in early trade on Tuesday, with investor focus on Wednesday&#8217;s U.S. Federal Reserve policy decision which could see it deliver a big interest rate cut.</p>



<p>At 0750 GMT, the rand traded at 17.6250 against the dollar, not far from its Monday closing level of 17.6225.</p>



<p>Markets are certain the Fed will cut rates when it makes its policy announcement on Wednesday and are leaning towards more aggressive easing in the world&#8217;s biggest economy.</p>



<p>&#8220;Markets have started positioning themselves for a 50bps (basis points) rate cut by the Fed,&#8221; said Andre Cilliers, currency strategist at TreasuryONE.</p>



<p>Like other risk-sensitive currencies, the rand often takes cues from global drivers like U.S. monetary policy in addition to domestic factors.</p>



<p>On Wednesday, local investors will look to South Africa&#8217;s August consumer inflation figures and on Thursday, the South African Reserve Bank will announce its policy decision.</p>



<p>Economists polled by Reuters predict a 25-basis-point rate cut by the central bank of Africa&#8217;s most industrialised economy.</p>



<p>On the stock market, the Top-40 index was up about 0.6% in early trade.</p>



<p>South Africa&#8217;s benchmark 2030 government bond was also firmer in early deals, as the yield slipped 2 basis points to 8.805%.</p>



<p>(Reporting by Tannur Anders; Editing by Emelia Sithole-Matarise)</p>


South African Economy As Inflation Rate Rises For First Time In 2017

South African rand steadies, markets focus on Fed rate cut


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="425" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg" alt="" class="wp-image-498541" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-300x177.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-152x90.jpg 152w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">Kenya shilling coins and notes are pictured inside a cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



<p>NAIROBI, Sept 17 (Reuters) &#8211; The Kenyan shilling was unchanged on Tuesday as dollar inflows from the tourism sector balanced demand from the manufacturing sector, traders said.</p>



<p>Commercial banks quoted the shilling at 128.50/129.50 per dollar at 0741 GMT, the same as Tuesday&#8217;s closing rate.</p>



<p>(Reporting by George Obulutsa)</p>


ANCK25OQIFMHTJYACOM5XU5T24

Kenyan shilling holds steady with tourism and manufacturing dollar inflows


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="514" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/4E5JLNLLANP4HIWTHREINONFZQ-820x514.jpg" alt="" class="wp-image-531665" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/4E5JLNLLANP4HIWTHREINONFZQ-820x514.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/4E5JLNLLANP4HIWTHREINONFZQ-300x188.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/4E5JLNLLANP4HIWTHREINONFZQ-144x90.jpg 144w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/4E5JLNLLANP4HIWTHREINONFZQ-768x482.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/4E5JLNLLANP4HIWTHREINONFZQ-1536x963.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/4E5JLNLLANP4HIWTHREINONFZQ-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A worker carries a bale of imported second-hand clothes past displayed apparel, amid the coronavirus disease (COVID-19) outbreak at the Gikomba market in Nairobi, Kenya September 18, 2020. REUTERS/Thomas Mukoya</figcaption></figure>



<p>NAIROBI, Sept 17 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s finance ministry forecasts a fall in the budget deficit to 3.5% of gross domestic product (GDP) in the 2025/26 fiscal year that starts next July, from 4.3% of GDP in the current fiscal year, a draft budget document showed.</p>



<p>President William Ruto scrapped tax hikes worth more than 346 billion shillings ($2.7 billion) in June in the face of youth-led demonstrations that created the biggest crisis of his two-year-old presidency.</p>



<p>The tax hikes were meant to increase revenue this fiscal year, but the government opted for spending cuts and more borrowing after they were pulled.</p>



<p>The budget deficit is expected to drop further to 3.3% of GDP in the 2026/27 fiscal year, the finance ministry said in the draft budget outlook paper seen by Reuters on Tuesday.</p>



<p>($1 = 128.5000 Kenyan shillings)</p>



<p>(Reporting by George Obulutsa; Editing by Alexander Winning and Ros Russell)</p>


The global aftermarket for second-hand apparel amid COVID-19 crisis

Kenya forecasts budget deficit will fall to 3.5% of GDP next fiscal year


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="728" height="485" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KCFPRJVFHBJAVIHQY7H4XLQJ2Y-2.jpg" alt="" class="wp-image-531632" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KCFPRJVFHBJAVIHQY7H4XLQJ2Y-2.jpg 728w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KCFPRJVFHBJAVIHQY7H4XLQJ2Y-2-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KCFPRJVFHBJAVIHQY7H4XLQJ2Y-2-135x90.jpg 135w" sizes="auto, (max-width: 728px) 100vw, 728px" /><figcaption class="wp-element-caption">Shoppers queue to purchase televisions during Black Friday shopping, at a store in Canal Walk Mall in Cape Town, South Africa, November 25, 2022. REUTERS/Esa Alexander/File Photo</figcaption></figure>



<p>Sept 17 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s consumer confidence recovered further in the third quarter to its best since 2019, helped by improved willingness to spend and hopes of an interest rate cut in September, survey data released on Tuesday showed.</p>



<p>The consumer confidence index (CCI), sponsored by First National Bank (FNB) and compiled by the Bureau for Economic Research (BER), improved to minus 5 points in the quarter from minus 10 in the previous three months.</p>



<p>&#8220;A confluence of positive developments has bolstered the confidence levels of South Africa&#8217;s more affluent consumers over the last six months,&#8221; FNB Chief Economist Mamello Matikinca-Ngwenya said.</p>



<p>The central bank is due to announce its rate decision on Thursday, with economists expecting a 25-basis-point cut as inflation slows, according to a Reuters poll.</p>



<p>Besides the deceleration in inflation, the formation of the government of national unity, the absence of load-shedding, a stronger rand exchange rate and substantial fuel price declines have also contributed to improving consumer confidence.</p>



<p>&#8220;Moreover, the implementation of the two-pot retirement system on Sept. 1 now allows consumers access to a portion of their retirement savings, which will no doubt hearten households experiencing financial distress,&#8221; Matikinca-Ngwenya said.</p>



<p>However, while confidence among high-income and middle-income households improved, low-income households showed weakness as the lack of pension funds and debt that is tied to the prime interest rate minimizes the impact of the two-pot policy and possible rate cuts.</p>



<p>(Reporting by Prerna Bedi in Bengaluru; Editing by Savio D&#8217;Souza)</p>


KCFPRJVFHBJAVIHQY7H4XLQJ2Y (2)

S. Africa consumer confidence recovers to pre-pandemic levels, survey shows


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="408" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg" alt="" class="wp-image-524600" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/istockphoto-1076949610-612x612-1-1-135x90.jpg 135w" sizes="auto, (max-width: 612px) 100vw, 612px" /></figure>



<p>JOHANNESBURG, Sept 17 (Reuters)&nbsp;&#8211;&nbsp;The following scheduled economic event, company announcement, equity and currency market moves may affect South African markets on Tuesday.</p>



<h2 class="wp-block-heading" id="h-economic-events">ECONOMIC EVENTS</h2>



<p>South Africa&#8217;s government will hold its weekly auction of long-term bonds.</p>



<h2 class="wp-block-heading" id="h-companies">COMPANIES</h2>



<p>South African insurer OUTsurance will report its full-year results.</p>



<h2 class="wp-block-heading" id="h-south-african-markets">SOUTH AFRICAN MARKETS</h2>



<p>The South African rand gained on Monday against a weaker dollar, as markets geared up for a week packed with interest rate announcements and a local inflation print.</p>



<p>On the Johannesburg Stock Exchange, the blue-chip Top-40 index&nbsp;closed down about 0.1%.</p>



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



<p>Asian stocks gained on Tuesday while the dollar and U.S. Treasury yields came under pressure, with just a day to go before the expected start of the Federal Reserve&#8217;s easing cycle that could see policymakers deliver an outsized rate cut.</p>



<h2 class="wp-block-heading" id="h-wall-street">WALL STREET</h2>



<p>The S&amp;P 500 eked out a slight gain in a subdued session while the Nasdaq fell on Monday, weighed down by a drop in technology stocks as investors assessed the likelihood of an upsized rate cut from the U.S. Federal Reserve this week.</p>



<h2 class="wp-block-heading" id="h-gold">GOLD</h2>



<p>Gold prices hovered near a record high on Tuesday, ahead of the anticipated start of the U.S. interest rate reduction cycle, which could see policymakers deliver an outsized cut.</p>



<p>&#8211; &#8211; &#8211; &#8211;</p>



<p>Some of the main stories out in the South African press:</p>



<h2 class="wp-block-heading" id="h-business-day">BUSINESS DAY</h2>



<p>&#8211; Exporters choose SA’s neighbours amid delayed port privatisation</p>



<p>&#8211; Ramaphosa in talks with Elon Musk about Starlink</p>



<p>(Compiled by Tannur Anders)</p>


South African Markets – Factors to watch on Sept 17


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



<p>NAIROBI, Sept 17 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.</p>



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



<p>Asian stocks wobbled on Tuesday while the dollar and U.S. Treasury yields came under pressure, with just a day to go before the expected start of the Federal Reserve&#8217;s easing cycle that could see policymakers deliver an outsized rate cut.</p>



<h2 class="wp-block-heading" id="h-world-oil-prices">WORLD OIL PRICES</h2>



<p>Oil prices extended gains on Tuesday as the market eyed U.S. output concerns in the aftermath of Hurricane Francine and expectations of lower U.S. crude stockpiles.</p>



<h2 class="wp-block-heading" id="h-south-africa-markets">SOUTH AFRICA MARKETS</h2>



<p>The South African rand gained on Monday against a weaker dollar, as markets geared up for a week packed with interest rate announcements and a local inflation print.</p>



<h2 class="wp-block-heading" id="h-nigeria-inflation">NIGERIA INFLATION</h2>



<p>Nigeria&#8217;s inflation rate fell for a second consecutive month in August, down to 32.15% year-on-year from 33.40% in July, statistics agency data showed on Monday.</p>



<h2 class="wp-block-heading" id="h-nigeria-petroleum">NIGERIA PETROLEUM</h2>



<p>Nigerian state oil firm NNPC Ltd on Monday increased the price of petrol by 11%, the second increase in two weeks and a day after it started purchasing the fuel from the giant Dangote oil refinery on the outskirts of Lagos.</p>



<h2 class="wp-block-heading" id="h-kenya-markets">KENYA MARKETS</h2>



<p>Kenya&#8217;s shilling was steady on Monday, and was expected to gain ground, bolstered by dollar inflows from tea exporters, traders said.</p>



<h2 class="wp-block-heading" id="h-kenya-debt">KENYA DEBT</h2>



<p>Kenya&#8217;s auditor general has started to examine the country&#8217;s debt to ascertain the amounts owed to various creditors, Finance Minister John Mbadi told Reuters on Monday.</p>



<h2 class="wp-block-heading" id="h-ivory-coast-cocoa">IVORY COAST COCOA</h2>



<p>Cocoa arrivals at ports in top grower Ivory Coast had reached 1.733 million metric tons by Sept. 15 since the start of the season on Oct. 1, down 25.3% from the same period last season, exporters estimated on Monday.</p>



<h2 class="wp-block-heading" id="h-ghana-cocoa">GHANA COCOA</h2>



<p>Ghana has lost more than a third of its 2023/24 cocoa output to smuggling, a top official from the cocoa marketing board (Cocobod) told Reuters, as low local prices and payment delays push some farmers to sell to increasingly sophisticated trafficking rings.</p>



<h2 class="wp-block-heading" id="h-angola-oil">ANGOLA OIL</h2>



<p>Angola will load a total of 33 crude oil cargoes in November, a trade source citing a preliminary loading programme told Reuters.</p>


African Markets – Factors to watch on Sept 17


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="1322" height="769" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CBDC-image.jpg" alt="" class="wp-image-531580" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CBDC-image.jpg 1322w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CBDC-image-300x175.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CBDC-image-820x477.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CBDC-image-155x90.jpg 155w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/CBDC-image-768x447.jpg 768w" sizes="auto, (max-width: 1322px) 100vw, 1322px" /><figcaption class="wp-element-caption">Photo: via Reuters</figcaption></figure>



<p>LONDON, Sept 17 (Reuters)&nbsp;&#8211;&nbsp;A total of 134 countries representing 98% of the global economy are now exploring digital versions of their currencies, with almost half at an advanced stage and pioneers like China, the Bahamas and Nigeria starting to see a pick up in usage.</p>



<p>The research by the U.S.-based Atlantic Council think-tank published on Tuesday showed that all G20 nations are now looking into central bank digital currencies (CBDCs) as they are known and that 44 countries in total are piloting them.</p>



<p>That is up from 36 a year ago and is part of a global push by authorities to respond to declining cash usage and the threat to their money-printing powers from the likes of bitcoin and &#8216;Big Tech&#8217;.</p>



<p>The Atlantic Council&#8217;s Josh Lipsky and Ananya Kumar said one of the most noteable developments this year has been the sizable increase in the Bahamas, Jamaica and Nigeria&#8217;s CBDCs, the only three countries that have already launched them.</p>



<p>China too, which is running the world&#8217;s largest pilot scheme, has seen use of its protype e-CNY nearly quadruple to 7 trillion yuan ($987 billion) of transactions according to officials.</p>



<p>&#8220;There has been a narrative that the countries that have launched CBDCs have seen low or no usage, but in the last months we have seen a real uptake,&#8221; Lipsky said.</p>



<p>&#8220;My predication is that the PBOC (China&#8217;s central bank) will be close to full launch a year from now,&#8221; he added.</p>



<p>Other big advances have been the European Central Bank&#8217;s launch of a multi-year digital euro pilot and the United States, which has long dragged its feet on a digital dollar, joining a cross-border CBDC project with six other major central banks.</p>



<p>It still lags far behind nearly every other leading bank however Lipsky highlighted that it is one of the countries where privacy and other concerns about CBDCs are most vocal.</p>



<p>In May, the U.S. House of Representatives passed a bill prohibiting the direct issuance of a &#8216;retail&#8217; CBDC &#8211; the type used by the public. The Senate has not yet acted, but it remains a live issue in the presidential election campaign between Donald Trump and Kamala Harris.</p>



<p>Since Russia&#8217;s invasion of Ukraine and the G7 sanctions response, &#8216;wholesale&#8217; bank-to-bank only CBDC projects have more than doubled in number to 13.</p>



<p>The fastest growing one, codenamed mBridge, connects CBDCs from China, Thailand, the UAE, Hong Kong and Saudi Arabia and is expected to expand to more countries this year.</p>



<p>Russia is unlikely to be one of them but its digital rouble pilot means it is now accepted in the Moscow metro and in some petrol stations. Iran is also working on a digital rial.</p>



<p>&#8220;No matter what happens with the U.S. election, the Fed is years behind,&#8221; Lipsky said.</p>



<p>($1 = 7.0930 Chinese yuan renminbi)</p>



<p>(Reporting by Marc Jones; Editing by Michael Perry)</p>


CBDC-image

Central bank digital currency momentum growing, study shows


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KE3PDSOKXFIHXFZ66MDGEJS5F4-820x547.jpg" alt="" class="wp-image-531302" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KE3PDSOKXFIHXFZ66MDGEJS5F4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KE3PDSOKXFIHXFZ66MDGEJS5F4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KE3PDSOKXFIHXFZ66MDGEJS5F4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KE3PDSOKXFIHXFZ66MDGEJS5F4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KE3PDSOKXFIHXFZ66MDGEJS5F4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/KE3PDSOKXFIHXFZ66MDGEJS5F4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A general view of road traffic along the Marina in Lagos, Nigeria, July 18, 2024. REUTERS/Marvellous Durowaiye/File Photo</figcaption></figure>



<p>LAGOS, Sept 16 (Reuters) &#8211; Nigeria&#8217;s headline consumer inflation fell for the second month in a row in August, to 32.15% year-on-year from 33.40% in July, data from its bureau of statistics showed on Monday.</p>



<p>July marked the first month in well over a year that inflation had slowed in Africa&#8217;s most populous nation, as the effects of a currency devaluation started to fade.</p>



<p>But analysts say August&#8217;s further slowdown could be short-lived, after the price of petrol was increased twice in September, angering citizens who are grappling with the worst cost-of-living crisis in a generation.</p>



<p>Price increases have been stoked by President Bola Tinubu&#8217;s decision to remove a decades-old fuel subsidy, devalue the naira currency and hike electricity tariffs. The reforms are aimed at lifting economic growth and shoring up public finances.</p>



<p>(Reporting by Shamsuddin Mohd in Bengaluru and Chijioke Ohuocha in Abuja; Writing by MacDonald Dzirutwe in Lagos; Editing by Alexander Winning)</p>


A general view of road traffic along the Marina in Lagos

Nigerian inflation falls for second straight month in August


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-820x547.jpg" alt="" class="wp-image-422955" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



<p>KAMPALA, Sept 16 (Reuters) &#8211; The Ugandan shilling was stable on Monday, drawing some support from inflows of dollars from remittances, traders said.</p>



<p>At 0920 GMT commercial banks quoted the shilling at 3,710/3,720, the same level as Friday&#8217;s closing rate.</p>



<p>(Reporting by Elias Biryabarema; Editing by George Obulutsa)</p>


GettyImages-924883576-1

Ugandan shilling stable as remittance FX inflows lend support


<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-scaled.jpg" alt="" class="wp-image-419784" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/09/6YWINGPVCBJ6LCCI4MJOOGWZ5I-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Kenya&#8217;s President-elect William Ruto speaks after the Supreme Court upheld his win in Nairobi, Kenya September 5, 2022. REUTERS/Monicah Mwangi</figcaption></figure>



<p>NAIROBI, Sept 16 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s auditor general has started to examine the country&#8217;s debt to ascertain the amounts owed to various creditors, Finance Minister John Mbadi told Reuters on Monday.</p>



<p>The East African nation&#8217;s debt stands at 10.5 trillion shillings ($81.71 billion) but an audit of the borrowings was one of the key demands of anti-tax hike protesters that forced the government to abandon a number of planned tax increases in June.</p>



<p>The audit has already started, Mbadi said, but did not provide further details regarding the focus of the investigation or when a report is expected to be ready.</p>



<p>The auditor general is a constitutionally mandated independent office that is funded by the state.</p>



<p>During the height of the protests, President William Ruto appointed a committee to perform the audit. However, several appointees, including the head of the Law Society of Kenya, declined the appointments, saying the task should be carried out by the auditor general.</p>



<p>During his parliamentary vetting for the post, Mbadi had promised to ensure there is more &#8220;debt accountability&#8221; to help the public better understand the issue.</p>



<p>More than 50 people were killed in the protests, which forced President Ruto to abandon the government&#8217;s financing law.</p>



<p>It also led to a series of credit downgrades by the three main global ratings agencies.</p>



<p>A team from the International Monetary Fund is in the country on a fact-finding mission ahead of its board meeting to approve the latest review of Kenya&#8217;s programme and approve a disbursement of $600 million.</p>



<p>($1 = 128.5000 Kenyan shillings)</p>



<p>(Reporting by Duncan Miriri; Editing by Jacqueline Wong)</p>


Kenya’s top court to deliver verdict on disputed presidential election

Kenya begins national debt audit, finance minister says


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429.jpg" alt="" class="wp-image-519304" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E-1536x804.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/LYEEWJTJKRPK3GJPCKWFP3EK7E.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller counts Kenya shilling notes inside the cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



<p>NAIROBI, Sept 16 (Reuters) &#8211; Kenya&#8217;s shilling was steady on Monday, and was expected to gain ground, bolstered by dollar inflows from tea exporters, traders said.</p>



<p>Commercial banks quoted the shilling at 128.50/129.50 per dollar at 0750 GMT, same as Friday&#8217;s closing rate.</p>



<p>(Reporting by George Obulutsa; Editing by Bate Felix)</p>


LYEEWJTJKRPK3GJPCKWFP3EK7E

Kenya’s shilling stable; tea sector FX inflows to boost


<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="615" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-820x615.jpg" alt="" class="wp-image-523852" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-820x615.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-300x225.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-120x90.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-768x576.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI-1536x1152.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/XTUYFFOIU5I5JMOASXHMTVFSTI.jpg 1920w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">The new logo of the privatised Nigeria oil company is seen at the NNPC Mega Gas Station in Abuja, Nigeria August 30, 2022. REUTERS/Afolabi Sotunde/File Photo</figcaption></figure>



<p>ABUJA, Sept 16 (Reuters)&nbsp;&#8211;&nbsp;Nigerian state oil firm NNPC Ltd on Monday increased the price of petrol by 11%, the second increase in two weeks and a day after it started purchasing the fuel from the giant Dangote oil refinery on the outskirts of Lagos.</p>



<p>Nigeria expects the 650,000 barrels per day refinery to end years of imports of gasoline, which had been subsidised for decades until President Bola Tinubu began removing support when he took office in May last year.</p>



<p>The price of gasoline is a sensitive issue in Nigeria because many households and small businesses use it to power generators because the majority of citizens are not connected to the national electricity grid.</p>



<p>On Monday, NNPC said it had increased gasoline prices from 858 naira ($0.53) a litre to 950 naira in Lagos and as high as 1,019 naira in northeastern states. It said it buys the product at 898 naira per litre from the refinery.</p>



<p>NNPC said it had started buying the fuel from Dangote on Sunday in U.S. dollars and that a deal to purchase gasoline in the local naira currency was still to take effect.</p>



<p>The latest increase is likely to add to public anger as Nigerians are already struggling with inflation of 33.4%, which has driven up transport costs and caused a cost of living crisis that led to violent protests in early August.</p>



<p>On Friday, a Nigerian presidential committee announced that NNPC would distribute gasoline from the $20 billion Dangote refinery to the local market, ending a deadlock that had stalled distribution.</p>



<p>From October NNPC will supply 385,000 barrels of crude per day to be paid for in naira by Dangote refinery, which will in turn sell its fuel in the local currency.</p>



<p>($1 = 1,614.2000 naira)</p>



<p>(Reporting by Camillus Eboh, Editing by MacDonald Dzirutwe and Louise Heavens)</p>


Reuters

South African inflation falls more than expected, sets stage for rate cut

South African Markets – Factors to watch on Sept 18

African Markets – Factors to watch on Sept 18

Ghana opposition holds protests against alleged voter roll irregularities

Zimbabwe’s volatile economy stalls independent power projects, energy official says

South African rand steadies, markets focus on Fed rate cut

Kenyan shilling holds steady with tourism and manufacturing dollar inflows

Kenya forecasts budget deficit will fall to 3.5% of GDP next fiscal year

S. Africa consumer confidence recovers to pre-pandemic levels, survey shows

South African Markets – Factors to watch on Sept 17

African Markets – Factors to watch on Sept 17

Central bank digital currency momentum growing, study shows

Nigerian inflation falls for second straight month in August

Ugandan shilling stable as remittance FX inflows lend support

Kenya begins national debt audit, finance minister says

Kenya’s shilling stable; tea sector FX inflows to boost

Nigeria’s NNPC raises petrol prices again as Dangote fuel hits market

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Reuters

South African inflation falls more than expected, sets stage for rate cut

South African Markets – Factors to watch on Sept 18

African Markets – Factors to watch on Sept 18

Ghana opposition holds protests against alleged voter roll irregularities

Zimbabwe’s volatile economy stalls independent power projects, energy official says

South African rand steadies, markets focus on Fed rate cut

Kenyan shilling holds steady with tourism and manufacturing dollar inflows

Kenya forecasts budget deficit will fall to 3.5% of GDP next fiscal year

S. Africa consumer confidence recovers to pre-pandemic levels, survey shows

South African Markets – Factors to watch on Sept 17

African Markets – Factors to watch on Sept 17

Central bank digital currency momentum growing, study shows

Nigerian inflation falls for second straight month in August

Ugandan shilling stable as remittance FX inflows lend support

Kenya begins national debt audit, finance minister says

Kenya’s shilling stable; tea sector FX inflows to boost

Nigeria’s NNPC raises petrol prices again as Dangote fuel hits market

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