The fixed income markets have plenty of liquidity, market interest rates are falling, and even the equity market rallied last week. The outstanding problem is weak growth, with Q1 2019 GDP economic expansion at just 2.01% y/y (Q1 2019 non-oil growth was 2.47% y/y). What better time for the Central Bank of Nigeria (CBN) to publish its five-year …

As we come to the end the first half of 2019 Nigeria’s monetary authorities can give themselves a pat on the back. FX reserves are high and interest rates are 300bps lower than at the end of the year. However, the entire public sector is small fry compared with the private sector. See page 2.​ FX​ The Central …

From one perspective, it could not be better. As we outline on page 2, foreign exchange reserves are high, the foreign exchange markets need no official support and the Naira has appreciated against the US dollar this year. Yet nothing stays still for long. Oil prices are weak and some investors are taking long-duration Naira fixed-income positions off the table. …