Category: Nigeria Weekly

Fiscal and monetary response to events

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

Winners and losers in Africa

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,

The return of the equity market

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

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

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

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

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

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

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

Cracks in the bond market?

From mid-March through to the beginning of this month, the Federal Government of Nigeria (FGN) bond market was a one-way bet, with yields tightening and prices moving up steadily. Two

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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.