Here are key developments from the Nigerian financial markets at this time:

  •         Naira oversold, CBN seeks to intervene

  •         Naira hits N205 – $1, reaches upper limit of its circuit breaker

  •         Traders in emergency meeting

  •         Hope to reopen market by 2pm

• Government is throwing money it does not have down the drain with its interventions
• Need to float the Naira becomes apparent, or does it appear so for the managers of the economy
• Analyst expect the Naira to go to N220/$1 before it stabilizes
• Market expects the government to stop rash reactions….and resolve the uncertainty they created

Other Tit-bits:

• Sell-Off continues in the equities market
• 5million of GT Bank stock sold today
• Possibility of sanctions from the international community have increased as the government continues to ‘mess’ with the election process
• Sanctions could come by way of freezing Nigerian bank assets, travel bans and specific targeting of politically exposed persons
• Any talk of an interim government under any guise will not address the flight to safety going on…
   

Actions being taken by Government to ameliorate the unintended cost of postponing the 2015 elections

• President holds a media parley with Nigerians this evening – the believability quotient is not there
• Governor of Central Bank of Nigeria (CBN) to meet with stockbrokers … for what purpose? To a market that has concluded that the government has a legitimacy crisis
   

Developing story