Category: Research

Another decent FGN bond auction

The demand at this auction primarily reflects improved system liquidity as call, overnight, and repo rates closed within a range of 6% – 30%. We note there was substantial demand


The dialogue reaffirmed the CBN’s dedication to rectifying distortions within the foreign exchange market. We understand that a payment of USD400m has recently been made towards the outstanding FX backlog

Nigerian Stocks: Worth a second look

Now that we are almost three-quarters through the year, Nigeria stock market investors might want to take a look at what factors and sectors have driven the market’s performance and

Taking stock of the LDR policy

In 2019, the Central Bank of Nigeria decided to introduce a policy that, in its view, would stimulate the economy while keeping monetary policy tight. A little over two years

Nigerian Banks: H1 2021 Scorecard

The scorecard for the listed banks that have reported their H1 results is mixed.  We believe that it is a matter of timing changes in interest rates and that Q3

  • 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.