Lukman Otunuga

    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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    Will Nigeria’s economy gather momentum during the second half of 2019?

Will Nigeria’s economy gather momentum during the second half of 2019?

The news that Nigeria’s economy cooled down to 2.05% in the first quarter of 2019 compared to 2.38% in Q4’18 has left investors wondering about the chances of growth gathering momentum during the second half of the year.On the one hand, it’s an encouraging sign we’ve seen the fastest first-quarter growth since 2015, driven mainly by the non-oil sector which [...]

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    ANALYSIS: Investors caught off-guard with CBN governor’s reappointment

ANALYSIS: Investors caught off-guard with CBN governor’s reappointment

Investors were caught completely off guard this week after Nigeria’s President Muhammadu Buhari reappointed the CBN governor Godwin Emefiele for a second term.Although the market reaction has been somewhat mixed with the All-Share Index (ASI) edging -0.26% lower today, it is too early to come to any conclusions about how this will impact domestic markets moving forward.With the re-appointment of [...]

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    Will Nigeria listen to IMF’s call to remove fuel subsidy?

Will Nigeria listen to IMF’s call to remove fuel subsidy?

The IMF has once again called on Nigeria to phase out government fuel subsidies, citing better use of the funds on social safety nets like healthcare, education and freeing up fiscal resources for infrastructural projects.Historically, fuel subsidies are an extremely sensitive issue which can have various impacts on economic growth and investor confidence. Following the IMF’s recent report, the finance [...]

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    Nigeria PMI under the spotlight; US GDP in focus

Nigeria PMI under the spotlight; US GDP in focus

It has certainly been a painful trading week for emerging market currencies thanks to the combination of rising oil prices, a broadly stronger dollar and renewed concerns over slowing global growth.Major emerging market currencies like the South African Rand, Argentine Peso, Turkish Lira and South Korean Won among many others all felt the heat.With oil prices trading around elevated levels [...]

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    Nigerian economy set to gather momentum in Q2

Nigerian economy set to gather momentum in Q2

There are higher expectations for Nigeria’s economic recovery after the fastest growth since 2015 was recorded during the fourth quarter of last year.As the nation draws further away from the worst effects of the recession, several important economic benchmarks show further signs of improving economic stability.Yearly gross domestic product (GDP) for 2019 is heading steadily towards a range of 2–2.3 percent [...]

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    Nigeria waits for complete election results

Nigeria waits for complete election results

Whatever the outcome of Nigeria’s presidential election, it will certainly have an impact on investor sentiment.Foreign investors need to see Nigeria stepping up its efforts to diversifying away from oil dependence, while also boosting infrastructure spending across major sectors.If the correct strategy is implemented towards improving local macroeconomic conditions and shielding against external forces, Nigeria could move a step close [...]

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    Nigeria GDP on the radar ahead of presidential election

Nigeria GDP on the radar ahead of presidential election

It has been a positive trading week for the Nigerian stock market with the All-Share Index pushing higher despite US-China trade talks pessimism denting global risk sentiment.Local equity markets are seen pushing higher next week if Nigeria’s GDP growth for Q4 exceeds market expectations.Away from macro fundamentals, the presidential elections will be in sharp focus. Whatever the election outcome, [...]

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Exchange Rates

January 20, 2019USDGBPEUR
INTERBANK306397354
LAGOS355444389
KANO354445370
PH355447412
ABUJA356454413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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