Macros
Macroeconomic data from Nigerian.
CBN retains MPR at 12.5%
MPR, Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor remain unchanged.
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Inflation: Headline index continues to rise
The Food index was up 14bps to 15.18%, the highest level since March 2018.
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Nigeria’s inflation rate rises to 12.56% in June, as food prices surge
The report also showed that composite food index rose to 15.18% compared to 15.04% recorded in May 2020.
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CBN to hold MPC meeting on July 20
Apex bank to hold its 274th Monetary Policy Committee meeting on Monday, July 20, 2020.
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Katsina State records fastest growth in mobile internet subscribers in Nigeria
Nigeria has a total of 136.2 million mobile internet subscribers as at 2020 Q1.
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FPI and FDI drop to $68 million and $18 million respectively in April, lowest since 2016
The Covid-19 economic lockdown impacted negatively on investor inflow into Nigeria.
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EFG Hermes highlights sectors that will boom Post-COVID
Investors and executives will nevertheless have to navigate a changed landscape.
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Nigerian businesses are optimistic about July – CBN
Regarding the currency outlook, respondent firms expect the Naira to depreciate in the current month.
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Nigeria’s external reserve drop by $261 million in 15 days, oil firms to sell forex to CBN
Nigeria’s external reserve position is now $9 billion years to date and down from its peak of $45.17 billion achieved.
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Nigeria & UK: Two opposing inflation problems
The problem with inflation getting to high is that it erodes income, reduces value of naira.
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