Tuesday, January 22, 2019

Lukman Otunuga

    Nigeria’s economy under Buhari… for better or worse?

Nigeria’s economy under Buhari… for better or worse?

It is quite thought-provoking how this month marks just over three years since President Muhammadu Buhari secured a historic victory in Nigeria’s state elections.There was a high degree of optimism over Buhari changing Nigeria for the better by reviving economic growth and fighting corruption and insecurity. Much has happened over the past few years under the Buhari regime, with the [...]

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    Naira steady ahead of NFP report, Euro strengthens

Naira steady ahead of NFP report, Euro strengthens

The Naira was steady against the Dollar ahead of the hotly anticipated US jobs report scheduled for release this afternoon.With the pending US jobs report potentially impacting Fed rate hike expectations, emerging market currencies like the Naira could be affected. Solid US jobs report for May that fuels speculation of higher US interest rates this year may spell more pain [...]

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    Fitch affirms Nigeria at B+, dollar steady

Fitch affirms Nigeria at B+, dollar steady

 Fitch Ratings has affirmed Nigeria’s long-term foreign currency Issuer Default Rating (IDR) at ‘B+’ with a negative outlook.While B+ is encouraging as the nation continues to recover, the negative outlook serves to highlight how Nigeria must break away from its reliance on oil.With Fitch expressing concerns over “the sustainability of the economic growth momentum”, the nation must strive to derive [...]

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    Naira stable as markets tremble over Trump’s Iran decision

Naira stable as markets tremble over Trump’s Iran decision

In a move that dealt a painful blow to global sentiment, President Donald Trump declared on Tuesday that the United States will be pulling out of the “defective” Iran nuclear deal.US stocks ended mixed on the news while oil prices fluctuated in each direction, as investors considered the potential negative ramifications of Trump’s decision. The US president adopted a very [...]

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    Nigeria signs currency swap deal with China, NFP in focus

Nigeria signs currency swap deal with China, NFP in focus

Sentiment towards the Nigerian economy was elevated on Friday, after the nation finally signed a bilateral currency swap agreement with China.The transaction, which is valued at 16 billion Renminbi, aims to provide sufficient liquidity to Nigerian and Chinese industrialists. This move will not only improve the speed, but also the convenience of transactions between both nations. There is a possibility [...]

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    Global stocks crumble on risk aversion, Pound higher

Global stocks crumble on risk aversion, Pound higher

Investors have entered the second trading quarter of 2018 on a mission to avoid riskier assets amid the escalating trade tensions between the US and China.After global equities experienced their worst three months in more than two years, retaliatory tariffs announced by China resulted in stocks suffering their worst start to April since the great depression.Asian shares were depressed during [...]

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    ‘Nigeria’s economic recovery poised to build momentum in Q2’

‘Nigeria’s economic recovery poised to build momentum in Q2’

Market optimism over the recovery of Africa’s largest economy has increased steadily throughout the first trading quarter of 2018.The combination of appreciating oil prices, foreign exchange stability and easing inflationary pressure has boosted confidence in Nigeria’s economy. With the nation’s GDP hitting 0.82% in 2017 and predicted to register a positive trajectory amid strengthening domestic demand, the outlook continues to [...]

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    Global stocks bruised by US-China trade off

Global stocks bruised by US-China trade off

Stock markets are likely to remain explosively volatile and wildly unpredictable amid the ongoing trade drama between the US and China.The fact that global equities roared back to life on Monday only to surrender gains yesterday, continues to highlight how extremely skittish the market is currently.While easing fears of a trade war initially supported risk sentiment, reports that the Trump [...]

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    Global markets panic as US-China trade war brews

Global markets panic as US-China trade war brews

A tidal wave of risk aversion engulfed financial markets on Friday after President Donald Trump announced that the US will impose tariffs on up to $60 billion of Chinese imports.This bold and frightening move by Trump has already triggered retaliatory actions from China, who fought back by disclosing plans to impose tariffs on up to $3 billion of US imports. [...]

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    Dollar dips on dot-plot disappointment, BoE in focus

Dollar dips on dot-plot disappointment, BoE in focus

The federal reserve has lifted interest rates to their highest level since the financial crisis, but Dollar bulls are clearly unamused.Although on Wednesday, as widely expected, US interest rates were raised by 0.25% to a new band of 1.5% -1.75%, investors were more concerned with the dot-plot and Powell’s press conference. While the policy statement was generally positive and US [...]

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    The week ahead FOMC Trump tariffs and UK inflation in focus

The week ahead FOMC Trump tariffs and UK inflation in focus

Concerns over the potential for a Trump trade war still seem to be weighing on the minds of investors, with a lack of risk appetite still leading to caution in global stock markets.Asian stocks were mostly mixed during early trading amid market anxiety, while European equities are currently following the lead from Asia.Trade war fears are lingering in the atmosphere [...]

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    Nigeria’s squares up to economic woes

Nigeria’s squares up to economic woes

Confidence over the recovery of Nigeria’s economy received a welcome boost in February. Official reports illustrated the nation’s economy roaring back to life last year, after encountering its first recession in over 25 years. Nigeria’s GDP growth expanded by an impressive 1.92% in the final quarter of 2017 which elevated full year 2017 growth to 0.82% when compared to the [...]

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    Dollar finds a friend in Powell as global stocks slip

Dollar finds a friend in Powell as global stocks slip

Dollar bulls were injected with a renewed sense of confidence on Tuesday after Federal Reserve chairman, Jerome Powell, struck a careful but fairly upbeat tone during his congressional testimony.Powell expressed optimism over the health of the US economy with inflation pushing towards the 2% target, while downplaying concerns of market volatility.He deftly maintained a safe distance when quizzed on whether [...]

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    Central Bank of Nigeria steals the spotlight in January

Central Bank of Nigeria steals the spotlight in January

Investor sentiment towards the Nigerian economy was dealt a slight blow, after the MPC cancelled the January meeting due to their “inability to form a quorum”.Although the missed central bank meeting is likely to have little impact on the economy, it has the potential to reinforce market concerns over the nation’s poor policy management. An unwelcome return of political risk and uncertainty amid [...]

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    Sterling boosted by UK jobs report, dollar sobs

Sterling boosted by UK jobs report, dollar sobs

Investors who were itching for another opportunity to propel Sterling higher were given the green light on Wednesday after UK employment data came in stronger than market expectations. The number of people in work unexpectedly jumped in the three months to November, while wage growth offered a pleasant surprise by rising 2.4% - the highest in almost a year. Although the number of jobless [...]

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    Bitcoin hammered by crackdown fears

Bitcoin hammered by crackdown fears

Bitcoin was the talk across financial markets for all the wrong reasons on Tuesday after prices tumbled sharply to their weakest level since early December at $11,192. Market jitters over South Korea potentially banning cryptocurrency trading has effectively eroded investor appetite for Bitcoin. With reports on a renewed crackdown on the cryptocurrency in China fueling anxiety over future restrictions, further losses could be [...]

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Exchange Rates

January 21, 2019USDGBPEUR
INTERBANK306397354
LAGOS362463411
KANO361465413
PH361462412
ABUJA362462413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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