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Sunday, August 9, 2020

Non-deliverable forwards see naira lose fifth of its value in 365 days

Non-deliverable forwards see the naira losing a fifth of its value over the next 12 months after the Central Bank of Nigeria, (CBN) devalued the naira at one of its currency auctions, according to people familiar with the matter. Nigeria’s naira eased 5.5% on the...

CBN devalues Naira’s official exchange rate by 5.5% to N381 to US dollar

The Nigerian central bank has devalued its official exchange rate by 5.5% to 381 naira to the dollar from 360 naira, according to data on the website of FMDQ OTC Securities Exchange, the Lagos-based platform that oversees foreign-exchange trading. The bank has not issued a...

FGN Bond Yields Moderate for Most Maturities Tracked amid Sustained Buy Pressure…

In line with our expectations, the values of FGN bonds traded at the over-the-counter (OTC) segment appreciated further for most maturities tracked. Specifically, the 7-year, 13.53% FGN MAR 2025 note, the 10-year, 16.29% FGN MAR 2027 debt and the 20-year, 16.25% FGN APR 2037 bond...

Naira Gains Against USD at I&E FXW Despite Dwindling External Reserves…

In the just concluded week, Naira appreciated against the USD at the Investors and Exporters FX Window (I&E FXW) by 0.09% to close at N386.00/USD despite the dwindling external reserves. It fell week-on-week by 0.16% to USD36.16 billion as at Thursday, July 2, 2020. However, NGN/USD...

FGN Bond Yields Fall for All Maturities Tracked amid Buy Pressure…

In line with our expectations, the values of FGN bonds traded at the over-the-counter (OTC) segment appreciated for most maturities tracked. Specifically, the 5-year, 14.50% FGN JUL 2021 paper, the 7-year, 13.53% FGN MAR 2025 note, the 10-year, 16.29% FGN MAR 2027 debt and the...

NIBOR Rises on Liquidity Squeeze as Banks Increase Borrowings from CBN…

In the just concluded week, activity in the primary market was muted as there were no auction and maturing T-bills. However, the Standing Lending Facilities (SLF) worth N279.05 billion outweighed the Standing Deposit Facility (SDF) worth N45.84 billion – indicative of financial system liquidity strain as...

Naira Appreciates Against USD at I&E FX Window as Bonny Light Crude Oil Price Rises…

In the just concluded week, Naira appreciated against the USD at the Investors and Exporters FX Window (I&E FXW) by 0.04% to close at N386.33/USD as Bonny light crude price rose week-on-week by 2.34% to USD40.70 as at Thursday, June 25, 2020. However, NGN/USD exchange...

Explainer: What are Eurobonds and why do they matter?

Here’s your quick guide to eurobonds: ‘Eurobonds’ are debt securities denominated in a currency foreign to the country of issuing. Then, why everybody is so concerned, especially nowadays, about something that exists since 1963, the year when Autostrade issued the world’s first 60.000 Eurobonds denominated in...

Here’s how you can protect your investment portfolio from Naira devaluation

The Naira has been undergoing some erosions in value in what economist call devaluation since September 1986, but the pace of such devaluation seems to be gaining traction. It will be recalled that the Naira was higher in value than the US dollar until around...

A-Z of investing in Federal Govt of Nigeria’s Savings Bonds

The Debt Management Office of Nigeria launched a new retail investment program called the FGN Savings Bonds. In this article, We will explain what the FGN Savings Bond means and how you can subscribe to it. We will also explain the difference between this product...
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