Author: merchant-bank
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Which way for interest rates?
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 exodus of money from the OMO market into government bills and bonds, which has driven down rates without a break for coming up to one […]
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Disclosures and Disclaimers
This report has been prepared by the Research Department of Coronation Merchant Bank using sources believed to be reliable, trustworthy and factually accurate, however the Research Department has not independently verified these sources of information and Coronation Merchant Bank does not vouch safe the accuracy of these. No guarantee is given as to the independence […]
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Coronation Research releases report on Mutual Funds
The Shifting Appetite of the Nigerian Investor: From Savings to Mutual Funds Lagos, Nigeria – September 29, 2020 Mutual Funds are growing rapidly and are quickly becoming the default destination for Nigerians’ savings. Just as the Pension Funds began to take off a decade ago, now Mutual Funds are growing fast. The total value of […]
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In the hands of OPEC+
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 seen some forecasts predict oil prices above US$50.00/bbl as early as Q4 this year, and indeed oil (in this case Brent) traded at around US$47.00/bbl […]
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The policy mix and the markets
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 supplying US dollars to the Bureaux de Change (BDC). Nigeria won an important High Court case in London. And oil prices fell. However, we don’t […]
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Progress in the P&ID case
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 of US$6.6bn in favour of the engineering firm Process & Industrial Developments (P&ID). With accrued interest the award has ballooned to some US$10.0bn and, if […]
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The oil price/production paradox
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 election puts a question mark over the trend next year. And the Organization of the Petroleum Exporting Countries (OPEC) insists on Nigeria cutting its production […]
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Fitch affirms Coronation Merchant Bank’s rating at B-
Lagos, Nigeria – August 25, 2020 Nigeria’s leading financial institution, Coronation Merchant Bank emerged the first and only internationally rated merchant bank in Nigeria as shown by the recently released Rating Report by Fitch, a global rating agency. Fitch assigned the Bank a Long Term Issuer Default Rating (IDR) of ‘B-’ with a Negative Outlook, […]
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Coronation Merchant Bank launches Mobile Banking App
……assures customers of its commitment to providing innovative solutions Lagos, Nigeria – August 24, 2020 Nigeria’s leading financial institution, Coronation Merchant Bank has once again blazed the trail in merchant banking with the launch of its mobile banking application. The App which is the first of its kind within the merchant banking space provides customers […]
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GDP slumps as expected
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 4.05% decline), given that in June the World Bank forecast a 3.2% contraction and the IMF forecast a 5.4% contraction for full-year 2020, suggesting that […]
