Liquidity in Nigerian money market up 450 bln naira last week

Last week, there was a turnover of $1.29 billion in Investors' and Exporters' (I&E) window, which represents an increase from last week's $1.17 billion.  Money market dealers expect that there will be an uptick in demand at this window this week, as corporates start to make dividend payments for the year 2017. Overnight rates were depressed all through last week as the market was liquid most of the time. The interbank money market has been...

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Nigerian money market at a glance this week- Citibank

Nigeria's overnight rates have been depressed all week with money market liquidity high.  Overnight rates closed at 5.3 percent on Thursday. Investors bought down Treasury bills early in the week in response to liquidity and the lack of OMO auctions held up until Friday.  However, this trend was reversed on Friday by an OMO auction which withdrew 750 billion naira from the market.  The 30, 90, 180 and 364-day bills opened in the...

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Nigeria's UAC plans 20 bln naira bond sale for real estate unit

Nigerian conglomerate UAC plans to raise 20 billion ($65.4 million) naira this year through a bond sale to refinance short-term borrowings at its real estate subsidiary, where losses have widened, group CEO Abdul Bello said on Thursday.Bello said the company would restructure its real estate unit UPDC, which is suffering from a current oversupply in the market coupled with a drop in Nigerians’ purchasing power.Nigeria has just emerged from its worst...

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As we draw the curtain on VAIDS …what next, asks United Capital

The deadline for the Voluntary Assets and Income Declaration Scheme (VAIDS) expired last week, 31st March 2018. Launched in July-2017, VAIDS targets increased tax compliance and revenue, by deepening tax penetration and granting taxpayers a time-limited opportunity to regularize their tax status without penalty. The importance of this scheme cannot be over-emphasized as Nigeria’s tax/GDP ratio stands as one of the lowest globally amid the need...

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Nigeria bank stocks fall as central bank holds benchmark rate at 14 pct

Nigeria’s banking index fell 2.4 percent on Wednesday shortly before the central bank’s first interest rate decision where the MPC decided to hold the benchmark rate at 14 percent as investors grew bearish on equities, traders said.The drop in banking stocks led the main share index down 0.65 percent to its lowest level in almost three months.The central bank Monetary Policy Committee (MPC) member unanimously decided to hold the MPR rate. Most analysts...

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