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October 29, 2021 NITDA Alerts Nigerians On E-Naira Scams

Following the recent launch of the digital currency, e-Naira by the Central Bank of Nigeria, the National Information Technology Development Agency, NITDA has cautioned Nigerians of cybercriminals who have now deployed means to scam and defraud people through a new frivolous scheme. According to NITDA, the scheme, which the criminals perpetrate through Short Message Service […]

E-Naira’ll not affect commercial banks’ deposits – Adedipe

Dr Biodun Adedipe, Chief Consultant, B. Adedipe Associates Ltd., said the e-Naira introduced by the Central Bank of Nigeria (CBN) would not affect deposits of commercial banks. Adedipe said this at the National Business Extra fourth anniversary lecture/awards on Thursday in Lagos. He spoke on the theme: “Cryptocurrency Vs E-Naira: Issues, prospects and challenges in […]

July 23, 2021 Economic and Market Report –Week-ended July 23, 2021

Global Economy The Governing Council of the European Central Bank (ECB) elected to keep the key policy rate unchanged at 0.00% at its July policy meeting. The Council noted that the decision was hinged on the need to push inflation higher and mitigate the risk posed by the Delta variant of the COVID-19 pandemic on […]

July 2021: MPC to Hold Rates Steady to Support Economic Recovery

The Monetary Policy Committee (MPC) is expected to hold its fourth meeting of the year on the 26th and 27th of July 2021. We expect the Committee to assess global and domestic macroeconomic and financial market developments and provide forward guidance on the timing of a change in monetary policy stance. Reopening of Economy, Base […]

July 16, 2021 Headline Inflation Sustains Deceleration

Nigeria’s headline inflation moderated by 18bps to 17.75% y/y in June 2021 (May: 17.93% y/y) – the third consecutive month of decline and the lowest since February 2021 (17.33% y/y). The outturn is 8bps lower than Cordros’ estimate (17.83% y/y) and 5bps less than Bloomberg’s median consensus estimate (17.80% y/y), with the deviation coming from […]

July 3, 2021 Economic and Market Report – Week-ended July 02, 2021

Global Economy In our recently published H2-21 Global macroeconomic outlook (see report: Navigating the Uneven Path of Recovery), we reviewed global macroeconomic activities in H1-21 and discussed our views on what we expect in the second half of the year. The global economy appears to be decoupling itself from the havoc caused by the pandemic […]

Surging Third Wave of COVID: Nigeria’s Economic Recovery Hanging in the Balance?

This week, we picked interest in a report published by the International Monetary Fund (IMF) on Monday (28th June 2021) titled “Sub-Saharan Africa: We Need to Act Now”, as the issue raised may significantly affect the pace of Nigeria’s economic recovery if necessary measures are not taken. According to the report, the level of increase […]

H2-21 Outlook –Navigating the Uneven Path of Recovery

After a tumultuous year of extreme volatility, a relative calmness has been restored to the financial market. While the positive sentiments that pervaded the equities market in H2-20 extended into the early part of the year, it was short-lived as earlier-than-anticipated reversal in the yields on fixed income (FI) instruments dampened appetite for stocks. In […]

GDP growth projected at 4.2% in 2022–FG

The Federal Government has projected a rise to 4.2 per cent of the country’s Gross Domestic Product (GDP) in 2022. Mrs Zainab Ahmed, Minister of Finance, Budget and National Planning said this at the Public Consultation on the Draft 2022 to 2024 Medium Term Fiscal Framework and Fiscal Strategy Paper (MTFF/FSP) on Thursday. Ahmed said […]

Public Debt: Recent Currency Devaluation to Heighten Debt-Service Burden

The Q1:2021 Public Debt Stock report published by the NBS this week showed a minuscule 0.6% q/q increase in Nigeria’s total debt profile to ₦33.1tn from ₦32.9tn as at end of 2020. We attribute the slow increase in the debt figure in Q1:2021 to the late approval of the borrowing plan of ₦4.6tn (domestic ₦2.3tn; […]

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