Policymaker advised central bank to devalue naira: MPC minutes

Naira

Policymaker advised central bank to devalue naira: MPC minutes

Adedoyin Salami, an academic, said the naira was 10-percent over-valued and voted to move the exchange rate band to plus or minus five percent from 220, minutes from the 12-member MPC January meeting showed.

A member of Nigeria's central bank monetary policy committee(MPC) has said the naira should be devalued and allowed to trade within a band, saying that the fixed exchange rate would not work alongside a planned rise in government borrowing.

Structural changes lift BCP's 2015 profit 14.4 pct

In Morocco

Structural changes lift BCP's 2015 profit 14.4 pct

Net profit attributable to shareholders was 2.51 billion dirhams ($255.20 million) in 2015, compared with 2.2 billion in 2014, despite higher risk provisions, the bank said in a statement on Thursday.

Banque Centrale Populaire (BCP), one of Morocco's three biggest lenders, reported a 14.4 percent rise in 2015 net profit due to structural changes in the company, it said on Thursday.

Net profit attributable to shareholders was 2.51 billion dirhams ($255.20 million) in 2015, compared with 2.2 billion in 2014, despite higher risk provisions, the bank said in a statement on Thursday.