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
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 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
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
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
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
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
Last week we received a lot of questions about the foreign exchange markets. Was the World Bank forcing the Nigeria’s hand in demanding unification of all exchange rates? Why was
Talking with clients about our report ‘Navigating the Capital Market; the Investors’ Dilemma’, 14 July 2020 we sometimes hear back that Federal Government of Nigeria bonds are safe while equities
Global equity markets have been trending up this month. Markets are showing confidence in a global economic rebound, despite significant setbacks from the rising number of recorded Covid-19 cases in
