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Fixed Income Market Monitor (8th-12th April)

The money market rate increased last week as the Overnight rate(OVN) and Open Buy Back (OBB) rose to 21.57% and 20.29%from 16.14% and 15.29% respectively

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Money Market

Money Market

The money market rate increased last week as the Overnight rate (OVN) and Open Buy Back (OBB) rose to 21.57% and 20.29% from 16.14% and 15.29% respectively. Consequently, the average money market rate rose by 5.22% to settle at 20.93%
despite an increase in the system liquidity to cN267bn from cN105bn in the previous week as CBN suspended its liquidity mopping activities during the week.

Major inflow for the week included: OMO maturity of cN33bn and CBN retail FX auction
refund of cN165bn while Outflow for the week included: Weekly Wholesale, Invisible and SME FX auction of $210mn. The rise in the rates can be attributed to the inability of banks to access the CBN Standing Lending Facility (SLF) for their funding needs
during the week.

We expect the rates to inch higher on Monday as Banks prepare for another round of CBN weekly FX auctions on Monday.

Forex: USD/NGN

The CBN Official rate remained unchanged last week to close at N307.00/$ while the rate in the Investors and Exporters’ FX Window fell marginally by N0.01 to close at N360.32/$ due to increase in market turnover rate by 8.25% week-on-week to $1.18bn from $1.09bn in the previous week. However, Naira at the parallel market remained unchanged to close at N360.00/$ (using the Everdon BDC Rate).

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We expect rates in the parallel market to remain constant as the apex bank continues to supply FX into the market, coupled with its frequent Wholesale and Retail SMIS programme.

Commodities

Brent Crude Oil and WTI Crude Oil rose by 1.72% and 0.73% to close at $71.55 per barrel and $63.54 per barrel respectively, as supply reductions outweighed fears of slowing economic growth due to reduction in OPEC supply, and geopolitical issues in countries like Venezuela, Libya and Iran.

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Fixed Income Bond: FGN

The Bond Market closed on a bullish note last week despite sell offs and mild activities recorded on the first 2 trading days of the week. Average yields fell by 5bps to close the week at 14.25% following a buying interest witnessed on some bonds most especially the 2024s (-41bps) and 2022 (-32bps).

We expect market to continue to trade cautiously ahead of the April Bond Auction.

Treasury Bills

Due to the increase in system liquidity as CBN suspended its mopping up activities last week, the secondary treasury bills market closed on a bullish note. Consequently, the average yield fell by 9bps to close the week at 13.35%. The CBN is expected to hold its Treasury Bill Primary Market Auction on Wednesday 17th April 2019. The CBN is expected to roll over the same amount of bills maturing.

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Energy

BREAKING: It makes no sense for oil to be cheaper in Nigeria than Saudi Arabia – President Buhari

Nigeria sells petrol at N161 per litre when the same is sold at higher in Saudi Arabia, Egypt, Ghana, Chad, and Republic of Benin.

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NDDC, Cash transfer, President Buhari, non-oil Exports, oil revenue, export revenue, FG Waives import duties for medical supplies, Orders Customs to expedite clearing, Presidency faults report on Kyari as Buhari didn’t cancel memos, appointments approved by him

The Federal Government has said that it does not make sense for oil to be cheaper in Nigeria than Saudi Arabia, Egypt, Niger Republic and Republic of Benin, other oil-producing nations.

This was disclosed by President Muhammadu Buhari during his Diamond Jubilee Presidential Broadcast to mark the nation’s 60th independence anniversary on Thursday.

He said, “We sell petrol at N161 per litre when same is sold at higher in Saudi Arabia, Egypt, Ghana, Chad, and Republic of Benin among others. It does not make sense for petrol to be cheaper in Nigeria than Saudi Arabia and other oil producing states.”

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Tech News

Google launches Chromecast with Google TV

Google unveils the Chromecast device to stream contents from Walt Disney Co’s Disney+ and Netflix.

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Google set to extend footprints with acquisition of smartwatch company, Fitbit  , Google wants to start banking with you ,Google partners Flutterwave to train 5,000 merchants, Google to pay Online publishers for high quality contents

Alphabet Inc’s Google, some hours ago, launched Chromecast with Google TV, a hardware platform designed to show contents from leading streaming services like Walt Disney Co’s Disney+ and the most popular streaming service company, Netflix.

The tech juggernaut unveiled the Chromecast streaming device that now comes with a remote control. It will cost $49.99 in the U.S, and will be available in other countries by the end of 2020.

The real advantage this device holds looks to be the underlying search smarts that serve as the foundation for so much of what Google does. Here’s the company discussing the new feature in a blog post:

“Google TV’s For You tab gives you personalized watch suggestions from across your subscriptions organized based on what you like to watch—even your guilty pleasure reality dramas. Google TV’s Watchlist lets you bookmark movies and shows you want to save for later.

You can add to your Watchlist from your phone or laptop, and it will be waiting on your TV when you get home. 

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Best of all, you’ll also have access to thousands of apps and the ability to browse 400,000+ movies and TV shows sorted and optimized for what you like—ask Google Assistant to see results from across your favorite apps, like YouTube, Netflix, Disney+, Stan, 9Now and ABC view, among others.”

The new Chromecast with Google TV comes in a compact and thin design and is packed with the latest technology to give you the best viewing experience. It neatly plugs into your TV’s HDMI port and tucks behind your screen.

Hardware composition:

  • Switching it on, the new Google Tv comes with a crystal clear video in up to 4K HDR at up to 60 frames per second in no time. With Dolby Vision, you’ll get extraordinary color, contrast, and brightness on your TV.
  • The Hardware also supports HDMI pass coupled with Dolby audio content.

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Coronavirus

COVID-19 Update in Nigeria

On the 30th of September 2020, 201 new confirmed cases and 1 death was recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 58,848 confirmed cases.

On the 30th of September 2020, 201 new confirmed cases and 1 death was recorded in Nigeria, having carried out a total daily test of 2,549 samples across the country.

To date, 58,848 cases have been confirmed, 50,358 cases have been discharged and 1,112 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 509,555  tests have been carried out as of September 30th, 2020 compared to 507,006 tests a day earlier.

COVID-19 Case Updates- 30th September 2020,

  • Total Number of Cases – 58,848
  • Total Number Discharged – 50,358
  • Total Deaths – 1,112
  • Total Tests Carried out – 509,555

According to the NCDC, the 201 new cases were reported from 13 states- Lagos (77), Rivers (37), Plateau (25), FCT (13), Kaduna (12), Ogun (12), Adamawa (8), Taraba (7), Imo (4), Kwara (2), Osun (2), Abia (1), Oyo (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 19,461, followed by Abuja (5,709), Plateau (3,450), Oyo (3,261), Edo (2,626), Rivers (2,432), Kaduna (2,419), Ogun (1,850), Delta (1,802), Kano (1,737), Ondo (1,631), Enugu (1,289), Ebonyi (1,040), Kwara (1,036), Abia (895), Gombe (883). Katsina (861), Osun (839),  Borno (745), and Bauchi (699).

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Imo State has recorded 572 cases, Benue (481), Nasarawa (450), Bayelsa (399),  Jigawa (325), Ekiti (321), Akwa Ibom (288), Niger (259), Adamawa (248), Anambra (237), Sokoto (162), Taraba (102), Kebbi (93), Cross River (87), Zamfara (78), Yobe (76), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

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The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

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