The Naira yields of T-bills and Federal Government of Nigeria (FGN) bond are lower than its US dollar Eurobonds. This is highly unusual. See more below. FX Last week, the
What will be the fiscal and monetary responses to the events of the last week? The monetary authorities are probably relieved that the equity market advanced last week; that there
Which countries will be Africa’s winners and losers at the end of the Covid-19-induced recession? We believe it makes sense to a take a two-year view on this question so,
During the two weeks to 9 October, the Nigerian Stock Exchange All-Share Index (NSE-ASI) rose by 7.96%, bringing its year-to-date return to 5.86%. To what can we attribute the popularity
A year ago this month the Central Bank of Nigeria (CBN) banned most domestic institutions from buying new issues of its open market operation (OMO) bills. The result was an
As we often write, Nigeria’s public finances – all the way from trade balances through to the Federal Government’s budget – work well when oil trades over US$50.00/bbl. We have
The past three weeks have seen an unusual number of macroeconomic changes. The Central Bank of Nigeria (CBN) announced plans to clear the backlog of foreign currency demands and began
It is easy to forget – because the case rumbles on in foreign courtrooms – the danger posed to the Federal Government of Nigeria (FGN) by the award against it
Nigeria’s public finances work well when oil prices are above US$50.00/bbl (better still, above US$60.00/bbl). Though prices are trending in that direction the prospect the Democratic Party winning November’s presidential
Nigeria’s Q2 GDP performance was released this morning, with GDP down 6.10% year-on-year and non-oil GDP down 6.05% y/y. This was not a surprise (although one forecast poll predicted a
