Author: Marketforces Africa

The Nigerian bonds benchmark yield hit about 15.8% as local investors offloaded their portfolio in reaction to accelerating consumer inflation in the country.

Money market rates spiked as liquidity in the financial system dropped significantly amidst accelerating inflation conditions in Nigeria.

The naira rallied midweek as invisible hands put a touch on exchange rates across the markets. Both official and parallel market rates appreciated against the dominant US dollar in the Nigerian economy.

The Murtala Muhammed Airport Command, the Nigeria Customs Service (NCS), has generated N74.29 billion through customs duty and other charges from January to October 2023.

The Central Bank of Nigeria (CBN), has expressed optimism that its monetary policy initiatives are yielding the desired results.

The equities segment of the Nigerian Exchange (NGX) gained more than N93 billion on Wednesday amidst increased bargain hunting on stocks with strong fundamentals and liquidity.

Prices of crude oil increased on Wednesday following a positive demand forecast by the International Energy Agency (IEA).

The average yield on Nigerian government fixed interest securities instruments slid over renewed interest by local investors. Buying interest in the secondary market dragged the average yield lower by 1bp to 15.8% in the OMO segment.

The average yield on Nigerian government bonds climbed to 15.74% on Tuesday amidst high inflation rate expectations. The secondary market witnessed selloffs across tenors with investors showing particular interest in very long-dated borrowing instruments.

President Bola Tinubu has assured Nigerians that the Federal Government would reverse the worrisome trend in the economy.