Tuesday, March 24, 2020

Lukman Otunuga

    Will the Central Bank of Nigeria pull the rate cut trigger?

Will the Central Bank of Nigeria pull the rate cut trigger?

As the coronavirus outbreak creates shockwaves across the globe, central banks and governments are enforcing emergency measures to defend their respective economies. It was only last week that the Central Bank of Nigeria (CBN) technically devalued the naira at the investors and exporters (I&E) windows of the nation’s foreign exchange markets. While this move may attract foreign exchange investors due to the [...]

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    Nigeria’s economic outlook threatened by coronavirus outbreak

Nigeria’s economic outlook threatened by coronavirus outbreak

The dramatic and fast-moving consequences of the coronavirus (COVID-19) outbreak threatens an otherwise resilient outlook for Nigeria’s economy, following GDP results for Q4 showing an expansion of 2.55%. The growth was the highest seen since 2015 and above the International Monetary Fund’s (IMF) 2.1% forecast. The economy is supported by the Central Bank of Nigeria’s (CBN) policies to boost credit growth like [...]

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    Nigeria stands tall amidst the global market chaos

Nigeria stands tall amidst the global market chaos

2019 was packed with uncertainty thanks to persistent trade drama, global growth fears and volatile oil prices. Unfavourable global economic conditions left no prisoners with both developed countries and emerging markets feeling the heat. Although the market mood slightly improved during the final months of 2019 amid trade optimism, caution remained a dominant market theme. Nevertheless, Nigeria was able to capitalise [...]

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    Nigeria’s inflation hits near two-year high, IMF strikes again

Nigeria’s inflation hits near two-year high, IMF strikes again

Rising inflationary pressures could not have come at the worst possible time for Nigeria. The country is currently grappling with lower oil prices and fears over the coronavirus’s impact on the global economy. Consumer prices in Africa’s largest economy jumped 12.1% in January as food shortages caused by the border closures continued to boost the prices of staples. With inflation rising for [...]

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    Nigeria week ahead: stocks, oil and coronavirus in focus

Nigeria week ahead: stocks, oil and coronavirus in focus

Speculation over central banks easing monetary policy in the face of coronavirus fears and slowing global growth may support appetite for riskier assets in the short term. The Nigerian Stock Exchange all-share index has entered the trading week on a positive note, gaining 0.15% this morning and over 4.70% since the start of 2020. While the index has the potential to push [...]

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    Coronavirus, oil, naira and dollar in focus

Coronavirus, oil, naira and dollar in focus

This will be a relatively quiet week for the Nigerian economy data-wise with the latest Stanbic IBTC PMI figures under the spotlight. The PMI figures for January are projected to rebound from the 56.8 in December to 57.0 as Nigeria’s private sector continues to recover. While domestic data may boost sentiment towards the economy and support local stocks, external factors in [...]

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    Nigeria week ahead: CBN on mission to tame inflation

Nigeria week ahead: CBN on mission to tame inflation

Rising fears over the human and economic cost of the coronavirus in Asia should set a negative tone across global markets in the week ahead. Appetite for riskier assets including stocks and emerging markets are likely to diminish as investors rush towards prime destinations of safety like gold. The Nigerian naira like many other emerging market currencies could weaken on renewed global [...]

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    CBN to maintain status quo on rates as inflation quickens

CBN to maintain status quo on rates as inflation quickens

The latest inflation figures from Nigeria will most likely deter the Central Bank of Nigeria (CBN) from cutting interest rates anytime. Consumer prices in Nigeria accelerated for the fourth straight month in December last year, hitting its highest level since April 2018 at 11.98% as food prices continued to climb amid the on-going border closure. With inflationary pressures making an unwelcome return [...]

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    Inflation under the spotlight

Inflation under the spotlight

This will be a relatively quiet week for the Nigerian economy data-wise as investors await updates on consumer prices. The annual inflation rate is projected to jump 12.10% as food prices surge amid the country’s ongoing border closures. Rising inflationary pressures will certainly complicate the Central Bank of Nigeria’s efforts to ease monetary policy to stimulate growth. While the outlook for Nigeria’s [...]

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    What does 2020 hold for the Nigerian Economy?

What does 2020 hold for the Nigerian Economy?

The year 2019 was a rough one for the Nigerian economy thanks to volatile crude oil prices and the headwinds not only coming from global recession risks but also US-China trade tensions. In addition, there were political uncertainties amid elections which settled down following the re-election of President Buhari. However, shortly after the investors’ attention turned back to the economy as the Central Bank of [...]

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    Nigeria expected to expand 2.38% in Q4; Fed meeting in focus

Nigeria expected to expand 2.38% in Q4; Fed meeting in focus

A sense of confidence restored over the Nigerian economy this week. This comes after the Central Bank of Nigeria (CBN) governor stated that economic growth could expand 2.38% during the final quarter of 2019. It has been a rough and rocky year for the global economy due to trade uncertainty and geopolitical risk factors weighing heavily on investor sentiment. However, Nigeria [...]

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    ANALYSIS: What Brexit means for the Nigerian economy?

ANALYSIS: What Brexit means for the Nigerian economy?

After more than 1200 days after Britain voted to leave the European Union, the country still remains in the trading bloc, pondering exactly how to leave. Although the October 31 “do or die” Brexit deadline has been extended to January 2020, this is simply kicking the can further down the road. With the United Kingdom set for general elections on December [...]

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    What the recent oil disruption means for Nigeria

What the recent oil disruption means for Nigeria

The unprecedented oil disruption in Saudi Arabia in September shocked the markets and triggered multiple financial reactions for investors across the globe. Oil prices exploded 20% higher on Monday, September 16 after attacks on Saudi oil fields caused disruptions of 5.7 million barrels per day, roughly 5% of global oil supplies. Oil later gave back gains after Saudi Arabia pledged that [...]

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    Will Nigeria be able to float the Naira?

Will Nigeria be able to float the Naira?

The stabilizing economic conditions in Egypt almost three years after allowing its currency to float serves as a clear reminder to Nigeria that Egypt made the right decision. Today, when comparing the two nations side-by-side Egypt stands tall while Nigeria continues to nurse wounds inflicted from depreciating oil prices. While inflation in Egypt has slowed to single digits with growth projected to [...]

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    Will oil prices help or harm Nigeria’s economy in Q3?

Will oil prices help or harm Nigeria’s economy in Q3?

Global oil prices looked tired and ready for an early summer break during the second quarter of 2019 as global growth fears overshadowed supply disruptions and ongoing OPEC supply cuts. At the time of writing, oil prices remain shaky and vulnerable despite OPEC's latest decision to extend production cuts until March 2020. The crucial question is whether oil prices will ever recover [...]

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    Nigeria week ahead: US jobs report could affect naira

Nigeria week ahead: US jobs report could affect naira

It will be another busy week for financial markets as investors grapple with trade tensions, Brexit, depressed oil prices and concerns over slowing global growth. The week kicks off with the US ISM Manufacturing PMI for May which is projected to hit 53.0. Appetite for the Dollar is likely to take another hit if the PMI figures fail to meet market [...]

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Exchange Rates

March 25, 2019USDGBPEUR
INTERBANK306397354
LAGOS380478402
KANO375477498
PH380478498
ABUJA375476400
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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