Author: Aishat Olalere

In respect to the CBN policy committee meeting in February 2024, the Central Bank of Nigeria (CBN) further increased spot interest rate on 36-day treasury bill (NTB) instrument to 21.45% The CBN balance funding cost is expected to climb following interest rate push to 22.75%. It was analysed that the high interest rate environment would trigger rates repricing on government borrowing instrument. The apex bank conducted a primary market auction across tenors; 91-day, 181-day, and 364-day. The 364-day bills recorded the highest rate at 21.49 per cent, in a bid to control liquidity in the Financial system. According to the…

The President’s Special Adviser on Media and Publicity, Ajiri Ngelale said in a statement on Wednesday that extensive engagement, analyses, and benchmarking with other jurisdictions. President Bola Ahmed Tinubu has given policy directives to improve the investment climate and position Nigeria as the preferred investment destination for the oil & gas sector in Africa. He initiated the amendment of primary legislation to introduce fiscal incentives for oil & gas project, promote cost efficiency in local content requirement and reduce contracting cost and timelines. The President directed the introduction of fiscal incentives for non-associated gas, midstream and deepwater developments; ⁠Streamlining of…

The International Monetary Fund (IMF) has advised Nigerian Government on the need to take a crucial step by prioritizing the full implementation of its cash transfer policy to aid vulnerable households before taking on the task of revaluating the costly fuel and electricity subsidies. According to the IMF, “the established social safety net programme, designed to disburse cash transfers to the poor and vulnerable, needs to be operational to its fullest capacity. This approach ensures that the economically vulnerable segments of the population remain shielded as the government contemplates adjustments to the existing fuel and electricity subsidy framework”. IMF said…

Following the recent yield inversion in the debt capital market, reflecting new condition in the fixed income space, the average yield on Federal Government Bonds and Treasury bills settle at 17.2%. The rate collided ahead of the Treasury bills auction for the week. Short-term interest rates came under heat in the money market due to a liquidity squeeze that followed large primary market OMO bills auction sales last week. The market had shaken off large debits for the T-Bill auction early in the week when funding rates declined. According to data from FMDQ, the overnight lending rate expanded by 155…

Fitch rating said in its latest commentary note that foreign investors would keep abstaining from Nigeria’s economic affairs even after the Central Bank of Nigeria (CBN) cleared its backlog of FX forwards which is less than $2.2 billion and made some other policies. Some of the policies made by the CBN is that CBN has directed banks to reduce their net open position to reduce round tripping and other sharp practices in the financial service sector. It also reduce the number of bureau de change operator , those who breached regulatory requirement have been withdrawn from the parallel market. CBN…

According to data from FMDQ, the official exchange rate of Naira against dollar is N1,602.43 as it falls by 4.26% from N1,534.18/ $ on Tuesday March 5, 2024. This drop marks the first three days, indicating that the demand pressures increase in the forex market as supply remain insufficient. This represent a loss of N68.24 compared to the N1,534.19 closing on Monday. The intraday high was N1,652.40/ $ while the intraday low was N1,450/$, representing a spread of N202.40/$ This drop tally with the announcement from Binance, a cryptocurrency trading platform that it cease trading activities involving the Nigeria currency.…

The Economic and Financial Crime Commission (EFCC) prosecute the former Minister of power and steal under the administration of President Olusegun Obasanjo, Olu Agunloye, for an alleged $6 billion for Mambilla hydroelectri power plant. EFCC asserted that it has power based on judicial precedents to procecute the former minister of power and steal. Olu Agunloye has been charged with a seven – count charge base on forgery, disobedience of president order and corruption. The suit is marked FCT/HC/CR/617/22 is before Justice Jude Onwuegbuzie of an FCT high court in Apo, Abuja. He was alleged to have, among others, on May…

Boma Yangu, the pivotal platform for the affordable housing program and also the gateway for the programme said Kenyans who are keen on exploring and adding affordable houses to their wish must be able to pay nominal fee of Ksh 200 and must also have an eCitizen account. The fee ensure access to a wide array of housing options, making the dream of house ownership more accessible. The house ownership depends on several factors including social Factors, Family status and time of deposit payment. “When you register, your details will be verified by the relevant government agencies. To register, you…

On Tuesday, Oil prices dipped following China’s 5% gross domestic product growth (GDP) target for 2024. According to ING in a note, brent has been trading softer this morning as moderate economic growth targets from China weighed on sentiment. The country has kept GDP growth unchanged at around 5% for 2024, with the fiscal deficit target set at 3% of GDP compared to expectations of around 3.5%. Market see the plan as ambitious, raising concerns over demand outlook for 2024. According to analyst notes, lower fiscal spending could restrict the economic stimulus measures by China even as the government aims…

The latest figures on the daily summary of power distribution companies indicate that the firms failed to distribute about 1,769.91 megawatts of electricity between February 1 and 14,2021, despite the widespread blackout and the worsening state of electricity supply in Nigeria. Data from the Transmission Company of Nigeria, obtained in Abuja on Monday, showed that though some of the power firms received excess electricity load allocation during the period, most of them failed to utilise all the quantum of energy allocated to them by TCN. Nigeria’s power situation grew worse since January this year, forcing the Minister of Power, Chief…