Author: Marketforces Africa

Devaluation will be last resort for CBN – FBNQuest analyst Despite the fact that oil price sloped downward, and rising impacts of Coronavirus that is threatening the global economy, analyst at FBNQuest , Fola Abimbola CFA has said Naira devaluation would be a last resort for the apex bank. In a chat with MarketForces Africa, Abimbola said given the lack of political will to weaken naira, devaluation will likely be a last resort for the CBN due to far-reaching implications this has on the economy. The Central Bank of Nigeria  has consistently maintains that the monetary policy authority would not…

Investors’ fortune plunge as sell pressure hit banking stocks amid COVID-19 fear Investors’ fortunes declined as bear knocked off ₦329.4 billion from stock value as fear of coronavirus, falling oil prices hit the Nigerian Stock Exchange. On Monday, trading activities opened the week negative amid threat of persistent decline in global oil prices on Nigeria’s economy. The All-Share index fell 241 basis points (bps) to 25,647.54 points due to sell pressures in GUARANTY (-10.0%), ZENITH (-9.8%) and STANBIC (-10.0%). Consequently, investors lost ₦329.4 billion as market capitalisation declined to ₦13.4 trillion while the year to date  loss worsened to -4.5%.…

Treasury Bills: Average yields drop further   Average yield across all tenor dropped 1 basis point to close at 4% at the close of week on Friday. Meanwhile, the market anticipates release of the second quarter T-bills issue program by the apex bank this week. Performance in the Nigerian Treasury Bills market was mixed albeit slightly bullish as average yield across all tenors shed 1bp to close at 4.0% on Friday. Analysts at Afrinvest recalled that the week started off on a bearish note as investors traded cautiously amidst the COVID-19 breakout fears. Sell offs were witnessed on the short and…

GTB: How the godfather of retail banking strategy bolsters earnings, market share Julius Alagbe The struggle to serve its customers and shareholders well has been the top priority of Segun Agbaje, the Group Managing Director and Chief Executive Officer at the Guaranty Trust Bank Plc. The financial service boutique’s blockbuster earnings performance for 2019 was strongly efficient driven. The cost cutting strategy is simple, a no-brainer but tough thing to do at a time when average inflation rate steeply moved and a slowly moving gross domestic product. Again, as usual, Agbaje kept his eyes on the ball irrespective of the…

“Each dollar slump in Oil price cost Nigeria N20 Billion daily. The Nigerian economy is swinging down with the oil market performance after OPEC+ failed supply cut discussion.

Nigeria records N2.23 trillion positive trade balance as imports grow 28.8%. The Nigerian economy has recorded a favourable trade balance of N2.232 trillion in 2019, data provided by the National Bureau of Statistics has shown.

Access Bank earnings pick as lender builds Pan-African footprint

OPEC+ failure to cut supply put Nigeria’s economy in danger. The Nigeria’s economy would bleed as the Organisation of the Petroleum Exporting Countries failed to agree on supply cut due to Russia terms.

Analysts advocate reforms, say CBN’s impossible trinity pursuits unsustainable. The Central Bank of Nigeria seems to have demystified the impossible trinity but experts at WSTC Securities Limited has put question mark on its sustainability.

“FG better placed collaborating with private sector to bridge infrastructure deficit”.