Decent first 2021 auction for DMO, but drive to finance FGN deficit still poses a challenge
Charles Abuede
8 hrs
By Charles Abuede FBN Quest analysts suggest tapping the Eurobond market is a faster and less stressful process than local financing The Debt Management Office (DMO) last Wednesday held its first monthly FGN Bond Auction for 2021, which saw an oversubscription by 59 per cent (N238.28 billion), due to healthy liquidity in the market. […]
Exposing Nigeria’s vulnerabilities: Covid-19, crude oil downsides from weak global macro environment
Ben Eguzozie8 hrs
Geopolitical complexities with Covid-19 vaccines sourcing places Nigeria, Africa on backfoot Mass Covid-19 vaccination capable of creating herd immunity unlikely in Nigeria in 2021 Inflation to peak at 14% – 15% putting further pressure on Naira High inflation reflects country’s weak economic fundamentals, need to be reined in for long-term prosperity Fx to be Nigeria’s […]
Nigeria, Africa remittances on target as Wari, Lycaremit sign partnership
Zainab IwayemiJanuary 21, 2021
By Zainab Iwayemi In a bid to strengthen its global network, Wari, a global platform offering digital financial services is entering into a partnership with Lycaremit in a deal that will enable Lycaremit to benefit from Wari’s highly secure network in order to access low-cost fund transfers across 30 African countries, Europe, Russia, and […]
Total Nigeria, Mixta, Valency, list new CPs on FMDQ platform to enhance financial markets development
Charle AbuedeJanuary 19, 2021
By Charles Abuede Demonstrates confidence in debt markets FMDQ Securities Exchange, Nigeria’s over-the-counter (OTC) exchange market, has approved the N15 billion quotation of the commercial paper issuance by Total Nigeria Plc and N2 billion by Mixta Real Estate Plc and also approved the registration of a N20 billion commercial paper programme by Valency […]
Amidst N32.22trn public debt, analysts say Nigeria’s external debt service manageable
Charles AbuedeJanuary 19, 2021
By Charles Abuede Amyriad of negative events, ranging from the oil price shock, to the global pandemic, have overwhelmed the Nigerian economy, thereby necessitating a review of the budget spending and its assumptions to cater for additional expenditure plans like the Covid-19 crisis intervention fund (N288.02 billion) and other notable expansions along the lines […]
Stringent regulations, business environment forced Stanbic IBTC out of BDC business
Charles AbuedeJanuary 15, 2021
By Charles Abuede Stanbic IBTC pulled out of the Bureau de Change (BDC) business following what it described as stringent regulatory changes and harsh business environment in the market. Lack of liquidity in the currency market and heavy-handed interference by sector regulator, the Central Bank of Nigeria (CBN) has kept the BDC segment on […]
Cautious equities trading see gains in Flour Mills, Mobil, Wapco push market cap to ₦21.09trn
Charles AbuedeJanuary 15, 2021
By Charles Abuede Amid cautious trading on Wednesday, the Nigerian Stock Exchange All-Share index rose 11 basis points to 40,341.05 points as notable buying sentiments on top stocks pushed price gains in Flour Mills (+6.9%), Mobil (+9.4%) and Wapco (+1.4%) respectively. Consequently, the market year to date return improved to 0.2 per cent while […]
CBN issues guidelines for QR codes operation in Nigeria
Charles AbuedeJanuary 15, 2021
By Charles Abuede Says QR code payments shall be based on EMV code specifications Aims to deepen efficiency in payments services The Central Bank of Nigeria (CBN) has issued the guiding framework for the interoperability of Quick Response (QR) code payments in Nigeria, stating that its implementation in Nigeria shall be based on the mode […]
Global Equities: Positive sentiment buoys global markets’ performance on vaccine rollout, Biden confirmation
Charles AbuedeJanuary 13, 2021
By Charles Abuede With the on-going COVID-19 vaccines rollout, which is simultaneously taking place in more than 20 countries globally, and plans for other countries to commence, there exists a high anticipation of an upbeat in the global economic recovery, particularly as central banks are implementing accommodative monetary and fiscal policies. On the other […]
Domestic Equities: Bears navigate wheel in first trading week as profit taking halts bulls’ advance
Charles AbuedeJanuary 13, 2021
By Charles Abuede Losses in Dangote Cement, MTN and Oando dragged market to negative zone last week Sentiments expected to remain favourable this week amidst the unattractive yield environment in the fixed income space In the course of last week, the local bourse took a breather after a stellar run that spanned three weeks […]