August 15, 2023/Cordros Report Before now, there have been divergent opinions on the actual state of Nigeria’s FX reserves, given that the CBN only publishes the gross FX reserves without comprehensive information on FX liabilities. However, the CBN’s 2022 financial statement has now allowed us to analyse the country’s international […]
OPINION/EDITORIAL
Gross Official Reserves Declined by US$167m to US$34bn in July 2023
August 14, 2023/FBNQuest Research According to CBN data, Nigeria’s gross official reserves fell more slowly by -USD167m m/m to around USD34.0bn at the end of July 2023, compared to a fall of -USD975m in June 2023. The drop in the official reserves in July is consistent with the steady attrition […]
Bearish Sentiment Resurfaces: CBN Resumes Open Market Operation (OMO)
August 14, 2023/Afrinvest Research The Nigerian Treasury Bills (“NT-Bills”) secondary market started the previous week on a quiet note as investors anticipated the result of the Primary Market Auction (’’PMA’’) that was held on Wednesday (9 -Aug-23). Mild selloffs were witnessed on selected papers after the NT-bills auction. Consequently, average […]
