20 February 2024 Morning Biz News: “Namibia Seeks Higher Diamond Stake in De Beers Negotiations, Rand Faces Decline Amidst Economic Anticipation, and Naira Hits Record Lows: A Snapshot of Current Financial Dynamics”

1. Namibia is actively engaging in negotiations with De Beers to secure a higher percentage of diamonds extracted within its borders. Currently, Namibia retains 15% of diamonds mined by Debmarine and Namdeb for value addition under the existing agreement. With this arrangement set to conclude in 2026, Mines Minister Tom Alweendo has revealed ongoing discussions to potentially increase the country’s share of diamonds.
2. The South African rand faced a decline against a strong dollar as investors eagerly awaited local unemployment figures on Tuesday and the upcoming budget speech from the finance minister on Wednesday. By 3 pm, the rand traded at 18.98 against the dollar, showing a 0.45% weakening compared to its Friday close.
3. The Nigerian naira experienced a significant decline, hitting record lows on both the official and unofficial markets. Late trades on the official market saw the currency drop to 1,712 naira per dollar, with a similar level observed on the unofficial market as losses continued. Simultaneously, local stocks recorded their most substantial one-day fall in over a year as nervous investors opted to sell off Nigerian assets.
4. In early Asian trading on Tuesday, oil prices remained relatively stable, hovering near three-week highs due to increased tensions in the Middle East and a rebound in demand from China. Brent futures saw a marginal decrease of 8 cents per barrel by 1 am, while U.S. West Texas Intermediate crude for April delivery experienced a slight decline of 10 cents per barrel.

Now, let’s delve into the latest financial indicators:

• Namibia dollar trades at 18.96 to the US$, 20.44 to the Euro, and 23.88 to the Pound.
• Gold is currently trading at N$2,017.94 per fine ounce.
• Brent crude stands at N$83.47 per barrel.
• 1 Bitcoin will cost you N$978,261.08.