Nigeria’s GDP for Q2 2021 expanded by +5.01% year-on-year

Data released by the National Bureau of Statistics (NBS) show that the Nigerian economy expanded for the third consecutive quarter, growing at its fastest pace since Q4 2014. The Nation’s Gross Domestic Product (GDP) grew by 5.01% year-on-year in Q2 2021, lower than Bloomberg’s forecast of 5.6%. This expansion is ca +4.50% better than +0.51% growth recorded in Q1 2021, and +11.11% higher than the -6.10% contraction recorded in Q2 2020.

FINANCIAL MARKETS TODAY – 26 August 2021

FIXED INCOME MARKET Money Markets Banking system liquidity improved today, opening with a balance of ca ₦258.10 billion, better than the previous day’s opening of ca – ₦80.92 billion. As a result, the Open Buy Back (OBB) and Overnight (ON) rates trended lower to settle at 10.00% and 10.00% from 13.00% and 13.33% respectively, the… Continue reading FINANCIAL MARKETS TODAY – 26 August 2021

FINANCIAL MARKETS TODAY – 25 August 2021

FIXED INCOME MARKET Money Markets Liquidity in the banking system slipped into a deficit to open at ca – ₦80.92 billion today, lower than yesterday’s opening balance of ca ₦113.41 billion. However, with no significant funding activity, the Open Buy Back (OBB) and Overnight (ON) rates trended lower to settle at 13.00% and 13.33% from… Continue reading FINANCIAL MARKETS TODAY – 25 August 2021

FINANCIAL MARKETS TODAY – 24 August 2021

FIXED INCOME MARKET Money Markets Banking system liquidity improved significantly, to open with ca ₦113.41 billion today, higher than yesterday’s opening balance of ca – ₦211.03 billion as the repayment of OMO maturities hit the system. Thus, the Open Buy Back (OBB) and Overnight (ON) rates trended lower to settle at 15.50% and 15.75% from… Continue reading FINANCIAL MARKETS TODAY – 24 August 2021

FINANCIAL MARKETS TODAY – 23 August 2021

FIXED INCOME MARKET Money Markets Liquidity in the banking system slipped further into a deficit to open at ca – ₦211.03 billion, lower than Friday’s opening of ca ₦- ₦72.32 billion. However, the Open Buy Back (OBB) and Overnight (ON) rates trended lower to settle at 17.50% and 17.50% from 23.33% and 23.83% respectively, the… Continue reading FINANCIAL MARKETS TODAY – 23 August 2021

FINANCIAL MARKETS TODAY – 20 August 2021

FIXED INCOME MARKET Money Markets System liquidity declined today, opening in a deficit of ca – ₦72.32 billion, lower than previous day’s opening of ca ₦8.33 billion. As a result, the Open Buy Back (OBB) and Overnight (ON) rates trended higher to settle at 23.33% and 23.83% from 17.67% and 18.33% respectively, the previous day.… Continue reading FINANCIAL MARKETS TODAY – 20 August 2021

FINANCIAL MARKETS TODAY – 19 August 2021

ystem liquidity improved slightly today, opening with a balance of ca ₦8.33 billion, higher than previous day’s opening of ca -₦7.60 billion. Nonetheless, the Open Buy Back (OBB) and Overnight (ON) rates trended higher to settle at 17.67% and 18.33% from 17.50% and 17.75% respectively, the previous day.

FINANCIAL MARKETS TODAY – 18 August 2021

System liquidity declined today, opening with a deficit of ca ₦7.60 billion, lower than previous day’s opening of ca ₦21.78 billion. Consequently, the Open Buy Back (OBB) and Overnight (ON) rates trended higher to settle at 17.50% and 17.75% from 17.00% and 17.67% respectively, the previous day.

FINANCIAL MARKETS TODAY – 17 August 2021

Nigeria’s headline inflation eased for the fourth consecutive month, settling at 17.38% year-on-year in July 2021 vs 17.75% recorded in June 2021. This comes on the back of persistent decrease in food prices, with the food sub index declining to ca 21.03% from 21.83% the previous month, while the core sub-index rose to 13.72% from 13.09% in June 2021.

INFLATION WATCH – JULY 2021

Nigeria’s Headline Inflation Figures: Sustained downward Trajectory Nigeria’s headline inflation fell for the fourth consecutive month, down 37bps Y-o-Y to 17.38% (from 17.75% in June’21). The inflation rate came in 12bps lower than the Bloomberg consensus estimate of 17.50%. Further supporting, the “steady price recovery” narrative, the headline index grew at a slower pace to… Continue reading INFLATION WATCH – JULY 2021