Author: Marketforces Africa

FX Scarcity Will Drag Economic Recovery as Nigeria Faces Stagflation

Investors’ Wealth Declines ₦44.3bn as Profit-taking Continues. The Nigerian equities capitalisation again nosedived ₦44.3 billion Tuesday as profit-taking continues despite better-than-expected earnings releases by Tier-1 banks.

Brent Crude Drops to $41.86/Barrel amidst Demand Pressure. Brent Crude price slides again Tuesday due to expectation of lower demand as driving season ends in the United States, one of the largest oil consumers in the world.

Zenith Bank: How Cash-Rich Lender Defied Gloomy Estimates…

FX liquidity Could Trigger Foreign Investors Exits. Stranded foreign investors may find an exit route from the Nigeria’s financial market as foreign exchange as foreign exchange liquidity improves.

Analysts Expect Rates to Remain Subdue Until Friday FX Auction. Rates are expected to remain subdued until the foreign exchange auction on Friday, analysts have hinted.

Fidelity Bank Raised Profit 33% in First Half 2020. Fidelity Bank Plc has bolstered first half earnings performance despite multitude of operational and economic challenges lender faced in the first half of 2020.

Border Closure: Imports from West African Countries Drop 79%. Following the implementation of land border closure, there has been heavy adjustment in trade relations with West African Countries as data shows that both imports and exports declined in the second quarter.

PMI: Economic Recoveries in Nigeria, Others Could Disappoint in Q3. Given the latest data from the Nigeria’s central bank purchasing managers index (PMI), analysts said economic recoveries could disappoint against expectation in the third quarter of 2020.

Yields Drop as DMO Roll over 87% of Maturing Bills. Again, in the just concluded week yields on Treasury Bills declined due to surplus liquidity and the recently published fourth quarter of 2020 Nigerian Treasury Bills (NTB) auction calendar.