Nigeria needs help to tide it through the coronavirus lock-down. Without the kind of financial penetration and large government of developed countries, it is very difficult for it to inject
Last week the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its Monetary Policy Rate (MPR) at 13.50%, thus becoming one of the few central banks
The Central Bank of Nigeria (CBN) last Friday changed the rate in the principal foreign exchange markets by 3.6% in US dollar terms. This looks like a swift adjustment to
The VIX Index, a US index of volatility, stands at its highest level since the global financial crash of 2008. Volatility is not the same thing as risk, but volatility
We began this year with the view that the Naira / US dollar exchange rate could hold for most of 2020. When the coronavirus outbreak became apparent at the end
Since last July the Central Bank of Nigeria (CBN) has pursued non-conventional monetary policies (see Coronation Research, Year Ahead 2020, 16 January) which have seen credit grow and domestic risk-free
January started so well: February is another matter. Nigeria’s stock market was the world’s best-performing in January, foreign money flowed into its fixed-income instruments. Then came the coronavirus, fears over
What are the open market operation (OMO) bills of the Central Bank of Nigeria (CBN) for? And who are they for? We received some new answers last week. The OMO
If a surging stock market and falling risk-free rates are signs of optimism, then we can be optimistic about Nigerian markets this year. Indeed, the Central Bank of Nigeria (CBN)
If risk-free asset yields are driven low enough for long enough (and T-bill rates has been falling since October), then risk assets will gain in popularity. The equity market is
