EMTA Africa Focus Portal EMTA Africa Focus Portal
EMTA Africa Focus Portal


The EMTA Africa Focus Portal provides a central resource point for banks, investors and multilaterals involved in African debt and fx/currency derivatives and the economic development and growth of African markets.

Resources
EMTA Africa Focus
Markets
Working Groups
EMTA Workshops and White Papers
Litigation
Institution Links
Contact Us

Documentation
Fixed Income (Africa)
FX and Currency Derivatives (Africa)

Archive
EMTA Africa Focus Archive
 

Nigerian FX Benchmark

Following the introduction in April by the Nigerian FMDQ OTC Securities Exchange of a new FX rate known as the Nigerian Autonomous Foreign Exchange Rate (“NAFEX Rate”), the EMTA African Currency Working Group called for new documentation to support the Nigerian NDF trading markets. However, in recognition of the evolving response by the Naira market to this development, the Working Group has suggested that, for the time being, two forms of Template Terms be published, one using the current FMDA rate (to be renamed the “NiFEX Rate”), and one for the new NAFEX Rate. Once the market has firmly settled, EMTA will re-evaluate and, if necessary, update its market practice recommendations.

Draft documentation has been prepared for this effort, and EMTA Members are requested to submit comments by no later than September 20.

EMTA Members may Click Here to view the draft documentation.


Mozambique  

The Global Group of Mozambique Bondholders welcomed release of the Kroll Summary Report and Comments on Recent Developments (Click Here for the full text of the Press Release). Mozambique also issued a statement relating to non-payment, which can be accessed by Clicking Here. And, finally, the Global Group of Mozambique Bondholders issued a Press Release payment, which can be accessed by Clicking Here.


ICBC Standard to Sponsor EMTA’s Sixth Sub-Saharan African Forum in London on September 19 

ICBC Standard will host EMTA’s Sixth Forum on Sub-Saharan Africa. The event will take place on Tuesday, September 19, 2017, at the ICBC Standard office at 20 Gresham Street in London.

Phumelele Mbiyo (Standard Bank) will once again lead a panel discussion on investment opportunities in the
region. Other confirmed speakers include Kevin Daly (Aberdeen Standard Investments), Andreas Kolbe (Barclays),
Giulia Pellegrini (BlackRock) and Neville Mandimika (Rand Merchant Bank).

Invitations have been sent to all EMTA Members. Individuals can register for the event, at www.emta.org.
Registration fee for EMTA Members is US$50, US$695 for Non-members.

In addition to the panel discussion, the Forum event will also include a cocktail reception. Additional support
for the event is being provided by Barclays and Rand Merchant Bank.

For more information, please contact Jonathan Murno at jmurno@emta.org.

 

April 28, 2017
Nigerian FX Benchmark 

Recently, the Nigerian FMDQ OTC Securities Exchange launched a new FX rate in Nigeria – the Nigerian Autonomous Foreign Exchange Rate (“NAFEX Rate”). Click Here to see the NAFEX Rate Methodology dated April 2017. EMTA’s African Currency Working Group was quick to note that the introduction of this new rate could precipitate significant changes in the NDF and local trading markets in Lagos. The EMTA African Currency Working Group is considering the possibility that NGN NDF market practices and documentation may need to be updated in response to this development.

September 21, 2016
Ghana, Nigeria and Zambia Dominate Panel Discussion on Africa

An over-capacity crowd at EMTA’s 5th Annual Sub Saharan African Forum proved interest in the region remained strong. Over 100 EM professionals attended the session, which was sponsored by ICBC Standard Bank. The event took place at the firm’s London headquarters on Wednesday, September 21, 2016.

Standard’s Phumelele Mbiyo led speakers through a variety of topics, with special focus on Ghana, Zambia, Nigeria, Angola and South Africa. In his opening comments, Mbiyo noted that, as the commodity markets remained weak, the question for investors was whether African leaders had taken sufficient action to address economic challenges... [Read more]  

EMTA Africa Focus Archive

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MARKETS

New Developments:
    Africa (Region)
    Algeria
    Angola
    Republic of Congo
    Cote d'Ivoire
    Egypt
    Ghana
    Libya
    Morocco 
    Mozambique
    Nigeria
    South Africa
    Sudan
    Tunisia
    Zambia

Key Industry Views:
    Africa All

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EMTA AFRICAN CURRENCY WORKING GROUP

In 2009, EMTA constituted a working group to address needs in the African FX markets. A small group of EMTA members with interests in the African market joined. The group initially discussed the best approach and determined that sequentially addressing the various local markets with a view toward the development of a consistency of approach made sense, and Nigeria was identified as the first focus for the group.  A number of other markets with a rough priority among them were discussed. After setting standard terms and market practice for Nigeria NDF trading, the group moved on to the Egyptian FX markets and then more recently has produced a package of documentation for the Ghanaian Cedi. Other issues have been addressed by the group which has grown over time. EMTA Members with an interest in these markets who wish to participate in an active working group are invited to participate.

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EMTA WORKSHOPS AND WHITE PAPERS

EMTA Talking Points on Proposed Laws to Mandate Debt Relief
February 26, 2010.

EMTA - Thomson Reuters Africa Forum
London, November 20, 2009.

EMTA Submission and Analysis in response to proposed UK Debt Relief Legislation
October 9, 2009 and updates.

EMTA Africa Workshop: "Financing African Development Post-HIPC: What Role for the Private Sector?"
London, November 5, 2007. Workshop Report.

Focus on Africa: The Nigerian Financial Markets
London, November 10, 2006.

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LITIGATION

AF-Cap v. Congo
AF-Cap, Walker Int'l and Nat'l Union Fire Insurance Co. of Pittsburgh v. Congo and Congo Holdings Inc.
Barbados Trust Company Ltd. v. Bank of Zambia Amicus Brief (EMTA)
Donegal International Ltd. v. Republic of Zambia and ANR
FG Hemisphere Associates v. Congo
Kensington International Limited v. Congo
Kensington International Limited v. Societe Nationale des Petroles du Congo, BNP Paribas, et al.
National Union Fire Insurance Co. v. Congo


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INSTITUTION LINKS

Algeria
Central Bank | Ministry of Finance | Stock Exchange

Angola
Central  Bank | Ministry of Finance

Democratic Republic of Congo
Central  BankStock Exchange

Republic of Congo
Central  Bank | Ministry of Finance

Cote d'Ivoire
Central  Bank | Ministry of Finance | Stock Exchange

Egypt
Central Bank | Ministry of Finance | Stock Exchange

Ghana
Central  Bank | Ministry of Finance | Stock Exchange

Kenya
Central  Bank | Ministry of Finance | Stock Exchange

Libya
Central BankStock Exchange

Morocco
Central  Bank | Ministry of Finance | Stock Exchange

Mozambique
Central Bank | Ministry of Finance | Stock Exchange

Nigeria
Central  Bank | Ministry of Finance | Stock Exchange

South Africa
Central  Bank | Ministry of Finance | Stock Exchange

Sudan
Central Bank | Ministry of Finance | Stock Exchange

Tunisia
Central Bank | Ministry of Finance | Stock Exchange

Zambia
Central  Bank | Ministry of Finance | Stock Exchange

Zimbabwe
Central  Bank | Ministry of Finance | Stock Exchange

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CONTACT US
If you are interested in learning more about EMTA's Africa Focus activities, please contact Leslie Payton Jacobs (lpjacobs@emta.org).


Africa Focus Portal Navigation
Fixed Income - Africa
FX and Currency Derivatives Documentation - Africa
Africa Focus Archive



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