Weekly Market Review: Vol. 106
Prologue Interbank liquidity has been consistently short throughout the third quarter of 2024. Last week, however, the position shifted from a deficit in excess of N300 billion to a minor surplus of N107 billion. At the 296th Monetary Policy Committee (MPC) meeting concluded on Tuesday last week, the Central Bank of Nigeria (CBN) hiked the […]
Weekly Market Review: Vol. 105
Prologue The interbank market liquidity average in the last month was a deficit of over N390 billion. Last week, the deficit was an average of N600 billion, evidence of the aggressive, tightened stance the CBN has taken to curb inflation. Despite all efforts, the Naira, to the astonishment of many, weakened against the greenback to […]
Weekly Market Review: Vol. 104
Prologue The interbank money market had a liquidity deficit throughout the week as OPR and O/N closed at 31.61% and 32.45% respectively. The position opening Friday was a little over ₦663 billion short. As NAFEM closed at $/₦1,563.80 and the street market closed at $/₦1,600, the exchange rate appeared to be skewed in favour of […]
Weekly Market Review: Vol. 103
Prologue In a season where Central Banks worldwide have begun to signal easing after an elongated period of tightening to address global inflation, analysts have never been more perplexed about the outlook of Nigeria’s markets and economy at large. While some optimists bank on strategic moves made thus far as they foresee better days ahead, […]
Weekly Market Review: Vol. 102
Prologue The past week saw market liquidity open long at ₦951.5 billion, with bonds auction, T-bills auction and OMO auction held during the week. Liquidity is estimated to close at about ₦242 billion long for the week, and a total of ₦845.6 billion was withdrawn from the market through the weekly auctions. Despite liquidity in […]
Weekly Market Review: Vol. 101
Prologue Interbank money market liquidity opened ₦768 billion long, with the CBN conducting two (2) OMO auctions during the week. CBN raised ₦986.9 billion at the first auction and had no sales during the second auction. On Friday, liquidity opened at ₦712.1 billion long. The range of bids was higher at the second auction, ranging […]
Weekly Market Review: Vol. 100
Prologue The $/₦ appears stable sub 1,500 and the climbing interest rate environment appears to have slowed amidst tight money market liquidity and very high inflation. Efforts to curb inflation have been consistent, but do not seem to be yielding desired results as fast as expected perhaps due to the peculiar brand of inflation prevalent […]
Weekly Market Review: Vol. 99
Prologue Last week, Fitch noted significant fiscal and monetary reforms undertaken by Nigeria over the past year to stabilise the macroeconomic environment and enhance policy coherence and credibility. Despite these efforts, Nigeria faces substantial challenges in debt management. Fitch highlighted the critical importance of the ongoing Foreign Exchange (FX) reforms in boosting Foreign Direct Investment […]
The Nigerian Economy 1 Year After
Prologue On Wednesday, May 29, 2024, President Bola Ahmed Tinubu’s administration marked its first year in office. A year characterised by fast-paced developments in many ways giving some the impression that it has been much longer than a year. Upon assuming office in 2023, one of President Tinubu’s earliest actions was the swift removal of […]
Weekly Market Review: Vol. 97
Prologue Last week, attention was centred on the MPC meeting, as the CBN further tightened conditions. The Monetary Policy Rate (MPR) was hiked 150 basis points from 24.75% to 26.25% as the asymmetric corridor, Cash Reserve Ratio (CRR), and Liquidity Ratio (LR) were maintained. Analysts hadprojected a hike not exceeding 100 basis points to 25.75%, […]
