Weekly Market Review: October 2024, Edition 2
Prologue Last week, Nigeria marked her 64th Independence Anniversary with modest celebrations across the country. Among the key highlights of events was President Bola Ahmed Tinubu’s announcement relating to the clearing of over N30 trillion in Ways and Means debt, a significant financial burden accumulated over time. This announcement sparked widespread discussion, as it suggested […]
Weekly Market Review: Vol. 115.1
Prologue Actions of the Central Bank of Nigeria (CBN) since its Monetary Policy Committee (MPC) meeting held on Tuesday, September 24th, 2024, have shocked the markets in ways not evidenced in a very long time. The CBN hiked the Monetary Policy Rate (MPR) by 50 basis points (from 26.75% to 27.25%), to the astonishment of […]
Weekly Market Review: Vol. 114.1
Prologue Nigeria’s inflation rate in August 2024 was reportedly at 32.15%, a rate lower than the figure in July 2024, which was 33.40%. We have observed the effect of the reduced inflation rate amongst some traders who appear excited about the possibility of a rate cut at the forthcoming MPC meeting. Last week, several central […]
Weekly Market Review: Vol. 113
Prologue The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced that the Federal Government’s revenue rose by N9.1 trillion in the first half of the year 2024. In a report presented by Dr. Armstrong Takang at the 17th Annual Banking and Finance Conference, the impact of this growth appeared to […]
Weekly Market Review: Vol. 112
Prologue In the week under review, American billionaire and philanthropist, Bill Gates, expressed concerns over the lack of progress in Nigeria’s economy, noting that the country’s revenue-to-GDP ratio was stronger 15 years ago. Speaking at a National Executive Council meeting held at the State House in Abuja, Gates emphasised the need for the Federal Government […]
Weekly Market Review: Vol. 111
Prologue The recently offered local dollar bond has gained significant attention and optimism in the last couple of days. The issue which is expected to be oversubscribed is a win-win for the issuer and investor as the Federal Government will benefit from low-cost borrowings and investors will enjoy decent returns in hard currency. The bonds […]
Weekly Market Review: Vol. 110
Prologue The recent shift in the Debt Management Office’s (DMO) strategy, evidenced by the undersubscription of Nigerian Treasury Bills (NTBs) and reduced offers at the Federal Government of Nigeria (FGN) Bonds auction may signal a significant move in the government’s approach to managing public debt and capitalising on market conditions. The DMO also opened a […]
Weekly Market Review: Vol. 109
Prologue Last week, the Nigerian Naira consistently closed below the $/N1,600 benchmark at the end of each business day. The Naira traded as high as $/N1,607.50 on Tuesday, as low as $/N1,495.00 on Wednesday, and closed for the week at $/N1,579.89. The performance of the Naira follows the recent Retail Dutch Auction System (RDAS) conducted […]
Weekly Market Review: Vol. 108
Prologue In the week under review, the global markets – from crypto to stocks – witnessed extreme challenges at the beginning of the week, especially in the Asian markets. However, as the week progressed, recoveries from dips were observed across the board. The crypto crash saw the Bitcoin trade as low as $49K and as […]
Weekly Market Review: Vol. 107
Prologue Nationwide protests were the focal point for Nigerian markets albeit from a foreign perspective as pricing of assets largely foreign vested debt instruments (Eurobonds and Open Market Operations (OMO) bills) appeared somewhat spooked by the apparent disgruntlement of her populace due to economic hardship. Despite efforts by the Central Bank to boost FX liquidity, […]
