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, […]
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 […]