Category: Nigeria Weekly

Do you want a 15.0% Naira return?

For the past 18 months investors in 1-year risk-free Nigerian Treasury Bills (T-bills) have been denied a return anywhere near the rate of inflation. Yet this has begun to change

Comparing Mutual Funds, Apples & Oranges

Tomorrow we publish our report on the Mutual Fund (Collective Investment Scheme) industry. The total assets under management (AUM) of Nigeria’s Mutual Funds grew by 50% last year to N1.6

Transparency and Foreign Direct Investment

Last week the Central Bank of Nigeria removed the directors of First Bank of Nigeria, but reinstated its managing director, in a move that grabbed headlines. It raises the issue

Oil prices to the rescue?

It was in April last year when oil prices hit multi-year lows, the price of Brent crude dipping down to US$19.33/bbl late in the month and West Texas Light hitting

The CBN and interest rates

Last week the fixed income markets received two important indicators as to the likely direction of market interest rates.  One was the fact that a few members of the Central

Monetary Policy Rate decision

The Monetary Policy Committee (MPC) of the CBN meets today and tomorrow to decide upon its Monetary Policy Rate (MPR). We estimate that it will keep the MPR on hold

Inflation and interest rates

Inflation continues to rise, with February inflation reported at 17.33% year-on-year after 16.47% y/y in January, and food inflation at 21.79% y/y. Policymakers believe that structural issues are the core

The US 10-year bond and Nigeria

Nigerian markets are famous for not correlating with global markets, but recently it has been wise to pay attention to global bond markets.  The rise of the US government 10-year

Q4 GDP and the implications for markets

Q4 2020 GDP was reported last week and it showed Nigeria leaving recession – just. Q4 2020 growth was 0.11% year-on-year (y/y). The non-oil economy reached a respectable level of

Interest rates: how much higher?

How much higher are Nigerian Treasury Bill rates going to rise this year? We think that there are several months of rising rates ahead of us and that we should

  • Featured
Year Ahead-Re-risking the financial system

Oil prices: In a global oil market threatened with over-supply, it appears that OPEC, and its ally Russia, are doing a good job of limiting production.

  • Featured
Year Ahead-Re-risking the financial system

Year Ahead 2020: Re-risking the financial system

Oil prices: In a global oil market threatened with over-supply, it appears that OPEC, and its ally Russia, are doing a good job of limiting production.