CBN noted that the ban was necessitated in order to protect local production of maize.
We expect the e-payments industry to continue to record significant growth even beyond the pandemic.
Direct job interventionist schemes remain largely insufficient and unlikely to generate economic benefits.
We project Pre-tax Profit of N9.0bn (down 15% y/y) and we estimate ROAE of 6.9% in 2020e (FY 2019; 9.8%).
ECOWAS countries would have to relegate the independence of their monetary authorities to a regional monetary body.
CBN in recent years has played an active role in stimulating growth in the agricultural sector.
The possibility of further devaluation and weak economic outlook has stalled foreign portfolio inflows.
We have made slight changes to our estimate, with the overall effect being a slight change to our price target.
We believe the steep decline in the stock price (down c.28% since the start of the year) presents an attractive entry point for investors.
We are increasingly worried about the government’s ballooning deficits and unsustainable debt service costs.