Average yield on T-Bills drops to 3.9% The Nigerian Treasury Bills market started off with panic sell-offs across the yield curve as investors reacted to the slump in oil prices amidst the global outbreak of COVID-19. Thus, average yield across tenors dropped marginally to 3.9% from 4.0% the previous week. Sell-offs persisted...
“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.
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.
“FG better placed collaborating with private sector to bridge infrastructure deficit”.
Increased foreign exchange interventions drain external reserves - Analysts. Analysts WSTC Securities Limited has connected the downward slope in gross external reserves amount to an increased intervention of the Central Bank of Nigeria in the investors and exporters (I&E) window.
DANGCEM: How competition, expired pioneer tax credit affect 2019 result. Dangote Cement Plc had it tough in 2019 with excess capacity brought into the market by its major competitors.
FX: Naira Remains Stable Despite Sloppy Reserves, Coronavirus Outbreak. In the foreign exchange market, Naira remained strong at direct pair with foreign currencies last week.
Declining yields: Local investors shift to foreign currency investments. Analysts have observed that local investors are shifting from murky investment environment into foreign currency investments due to declining yields in the market.
FIRSTBANK WINS 2019 OIL AND GAS BANKER AWARD. First Bank of Nigeria Limited has won Oil and Gas Banker of Year 2019 award. The award was presented at the Patrons' Dinner and Industry Awards of the Nigeria International Petroleum Summit held recently at Transcorp Hilton, Abuja.