Money and Fixed Income - Business Metrics

Naira loses N2.35 as FI market treads mixed paths

Jun 14, 2021 Banjo Olaniran

Naira loses N2.35 as FI market treads mixed paths Activities in the fixed income market were mixed across its various segments last week during which the local currency closed lower by losing to the dollar. The local currency depreciated by N2.35 week on week against the greenback to N411.50 on the official NAFEX window as the supply of dollars dropped by around a third this month, prompting the Central Bank of Nigeria to take steps to boost liquidity by increasing forex allocation to banks. On the domestic foreign…

Bismarck Rewane forecasts respite for naira at N470/$ in parallel market by July

Jun 8, 2021 Banjo Olaniran

Bismarck Rewane forecasts respite naira at N470/$ in parallel market by July Chief Executive Officer (CEO), Financial Derivatives Company Ltd (FDC), Mr. Bismarck Rewane, has predicted that the local currency will appreciate to N490/$1 this month. As concerns mount over the continued decline in the value of naira against major currencies, he also forecast that the “parallel market rate will oscillate between N470/$ and N490/$ in July.” The FDC boss stated this in his June 2021 Lagos Business School (LBS) Executive Breakfast Session presentation, made available to Business…

Union Bank races to the debt market for N34.96bn short-term funding

Jun 3, 2021 Omobayo Azeez

Union Bank rewards customers with N55m in promo

Union Bank races to the debt market for N34.96bn short-term funding To settle its short-term financial obligations, the old yet agile horse of Union Bank of Nigeria plc has raced hurriedly to the debt market to raise fund to a tune of N34.96 billion. This was achieved through N2.58 billion Series 8 and N32.38 billion Series 9 Commercial Papers (CPs) just quoted on the FMDQ Securities Exchange. The Commercial Papers came under the lender’s N100.00 billion Commercial Paper Issuance Programme on the Exchange platform. These admissions on FMDQ…

FMDQ admits N115bn bond of BUA Cement

May 24, 2021 Ugochi Emmanuel

FMDQ admits N115bn bond of BUA Cement FMDQ Securities Exchange Limited has announced the admission of the BUA Cement Plc N115bn Series 1 Fixed Rate Senior Unsecured Bond under its N200bn Bond Issuance Programme, for listing on its platform, as approved by the Board Listings and Markets Committee of the Exchange. The Exchange described the issuance as the first by BAU Cement and the largest corporate bond issued in the Nigerian debt capital markets. It said in a statement that the proceeds from the issuance would be used…

Treasury Bills market closes in red as average yield expands by 10 points

May 19, 2021May 19, 2021 Ugochi Emmanuel

Treasury Bills market closes in red as average yield expands by 10 points The NT-Bills secondary market closed on a negative note on Tuesdat, with the average yield across the curve increasing by 10 basis points to close at 5.41 per cent from 5.31 per cent on the previous day. Average yields across short-term and medium-term maturities widened by 36 basis points and 13 basis points, respectively, while the average yield across long-term maturities fell by 2 basis points. Meanwhile, maximum selling pressure was seen in the NTB…

Naira sees 0.04% uptick at I&E Window

May 18, 2021 Banjo Olaniran

Naira sees 0.04% uptick at I&E Window Nigeria’s local currency, Naira appreciated by 0.04 per cent to close at $411.50 against the Dolla at the Investors & Exporters Foreign Exchange (I & EFX) window on Monday. The local currency at the specialized window lost by 0.17per cent and 0.24 per cent against the Euro and Pound Sterling to close at N499.06 and N580.17 respectively. Data obtained from FMDQ Exchange on Monday said total foreign exchange trade turnover by investors and exporters was $111.53 million. At the parallel market,…

Liquidity squeeze persists as CBN auctions fresh N117.6bn TB instruments

May 16, 2021 Ugochi Emmanuel

Liquidity squeeze persists as CBN auctions fresh N117.6bn TB instruments The Treasury bills secondary market remained bearish this week, as the liquidity squeeze in the system drove sell-offs by market participants. As a result, the average yield across all instruments expanded by 14 basis points to 7.1 per cent. Across the market segments, the average yield increased by 23bps to 8.6 per cent at the OMO segment and by 21bps to 5.1 per cent at the NTB segment. At the NTB auction, the CBN offered instruments worth N117.56…

FG to auction N150bn bonds May 19

May 11, 2021May 12, 2021 Banjo Olaniran

FG to auction N150bn bonds May 19 The Debt Management Office on Tuesday disclosed that the Federal Government would offer N150 billion bonds for subscription in May. A circular by the DMO on its website showed that the breakdown of bonds comprised three bonds worth N50 billion each. They are 10-year reopening bond to be offered at the rate of 16.2884 per cent and to mature in March 2027; a 15- year reopening bond to be offered at 12.5 per cent and mature in March 2035; and a…

DMO announces May 2021 FGN savings bond offer for subscription

May 5, 2021May 7, 2021 Banjo Olaniran

DMO announces May 2021 FGN savings bond offer for subscription The Debt Management Office (DMO), on behalf of the Federal Government has announced the offer for subscription of the May 2021 Federal Government Savings Bond to investors. This disclosure is contained in a circular issued by the DMO on May 3, 2021, and can be seen on its website noting that there are 2-year and 3-year savings bonds. The Debt Management Office (DMO), on behalf of the Federal Government has announced the offer for subscription of the May 2021 Federal…

Naira depreciates in I&E window

Apr 28, 2021 Ugochi Emmanuel

Naira depreciates in I&E window In the foreign exchange market, the naira traded at a lower value on Tuesday as the Nigerian currency shed 0.41 per cent, quoted at N411.67 against last close of N410 per dollar. However, in the official window of the Central Bank of Nigeria (CBN) the local currency was flat at N379 to a dollar. Trading details revealed that Most participants maintained bids between N402 and N436.55 per dollar. Treasury Bills Elsewhere, the NT-Bills secondary market closed on a flat note, with the average…