Last week, in a surprise announcement, the CBN governor halted the sale of the apex bank’s FX to Bureau De Change (BDC) operators. The statement, and reasons given for the action, gave us a feeling of déjà vu – the CBN did this in 2016. So, we took a trip down memory lane and explored …

The monetary policy committee (MPC) meets today and tomorrow. At its last meeting held in May, the committee was faced with two broad options: address the high inflationary pressure or pursue measures to support the economic recovery. See more details below. FX Last week, the exchange rate at the Investors and Exporters Window (I&E Window) …

Last week, the National Bureau of Statistics (NBS) Consumer Price Index (CPI) report for June 2021 showed a moderate decline in the headline inflation to 17.75% from 17.93% recorded in May 2021. We attribute the slowdown to the effect of the high base from the previous year. The trend over the last three months suggests …

As oil demand is expected to grow strongly in the summer months, the OPEC+ alliance is still unable to reach an agreement on oil supply going forward with mixed results for the Nigerian economy. This month, the Senate passed the Petroleum Industry Bill (PIB); it is expected to create efficient and effective governing institutions with …

In times of recession, and of a budget shortfall, it is only normal to expect a central bank to lend money to its government.  However, in Nigeria, it appears to have become a habit.  And the stock of debt is mounting.  See details below. FX Last week, the exchange rate at the Investors and Exporters …

Coronation Research, today releases its report on Nigerian Banks “Nigerian Banks, Resilience Built In”. The report shows that Nigerian banks’ earnings have been remarkably resilient over the interest rate cycle, their profitability is improving over time and their stock values are remarkably cheap compared to Ghanaian and Kenyan bank stocks. Our 10-year study of Nigerian banks shows …

On Friday, we published our report on Nigerian Banks. We examined what has happened within the Nigerian Banking industry over the past 10 years. It is a unique 10-year study of the margins and profitability of six listed banks:  Zenith Bank; Guaranty Trust; Access Bank; FBN Holdings; UBA, and Stanbic IBTC.  Read below for details …