Global Macroeconomic Review
June opened with the U.S. economy still growing, though on a narrower base than the broad-based growth seen previously. The final Q1 2026 GDP estimate was revised up to 2.1% (Q1 2025: -0.5%), reflecting a pickup in activity despite the drag from the U.S.-Iran war and its effect on energy prices…
Domestic Macroeconomic Review
Nigeria’s headline inflation rose for a third consecutive month in June, indicating the earlier disinflation trend has stalled. The Nigeria Bureau of Statistics(NBS) May 2026 CPI report showed headline inflation at 15.93% y/y — down sharply from 26.06% in May 2025, a gap of roughly 10 percentage points. Food inflation, which accounts for 52% of the CPI basket, rose to 16.96% y/y, contributing disproportionately to the headline figure…
Market Update
Financial markets in February were shaped by firmly surplus liquidity, increased government borrowings, and stronger investor sentiment. The naira appreciated by about 0.94% to ₦1,379.68/$ at the NFEM, supported by improved foreign portfolio inflows and rising external reserves to $51.29 billion. Money market conditions remained liquid with average system liquidity around ₦4.00 trillion, while funding costs remained relatively stable. The Treasury bills market saw a surge in debt issuance, with yields rising 74bps to 17.06%. FGN bonds yields also rose by about 28bps month-on-month to 17.79%. Eurobonds recorded modest yield expansion to around 7.06%, while equities lost 8.3%, reducing the NGX ASI to 229,419.19 points amid strong market correction…
