30-Day T-Bills Yields Shrinks to 9.94%

Image

By Dipo Olowookere

The continued absence of an OMO auction by the Central Bank of Nigeria (CBN) left the yields on the one-month treasury bills going down by 0.14 percent on Tuesday to settle at 9.94 percent at the secondary market.

Business Post observed that the tenor was the only that depreciated yesterday as the other three maturities closed green.

Yields on the 3-month bill appreciated on Tuesday by 0.44 percent to finish at 10.61 percent, the 6-month instrument rose by 0.26 percent to end at 12.06 percent, while the 12-month tenor gained 0.43 percent to close at 13.24 percent.

Business Post reports that on the average, the yields increased yesterday by 0.25 percent to settle at 11.46 percent.

Yesterday, Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, announced the decision of the Monetary Policy Committee (MPC) to retain rates at 13.5 percent.

According to him, the reason for the decision was due to renewed inflationary pressures, concerns for forex stability and the need to monitor real sector developments.

However, the committee frowned on the ‘overinvestment’ of banking sector deposits in risk free government securities which have consequently crowded out the much needed credit to the private sector, and stated its intentions to check the unlimited access to government securities by DMBs.

Whilst the CBN has slowed down its spate of OMO issuances in recent sessions, analysts at Cowry Asset “await more clarity on how it actually intends to implement its aforementioned policy stance towards the DMBs.”

Meanwhile, rates in the money market remained relatively stable, as system liquidity improved to about N266 billion.

The Open Buy Back (OBB) and Overnight (OVN) rates consequently ended the session at 4.57 percent and 5.29 percent respectively.

“We expect rates to remain stable at these levels tomorrow, as there are no significant outflows anticipated,” Cowry Asset said.

Share
Related Stories
Image
28-February-2024

Nigeria’s Stock Market Stands Still to Honour Ogunbanjo’s Legacy

By Aduragbemi Omiyale The stock market in Nigeria stood still for the late former chairman of the Nigerian Exchange (NGX) Group Plc, Mr Abimbola Ogunbanjo, on Tuesday, February 27, 2024. The day was set aside to pay homage to the enduring legacy of the esteemed luminary, who died in a helicopter crash in the United States a few weeks ago along with the group chief executive of Access Holdings, Mr Herbert Wigwe, his wife and son. The NGX Group held an Afternoon of Tributes and Closing Gong Ceremony yesterday for him in collaboration with the Coronation Group. In a poignant

Image
01-March-2024

Business Confidence in Nigeria Falls in February Amid Rise in Input Costs

By Modupe Gbadeyanka Business conditions in Nigeria slowed to 51.0 in February 2024 from 54.5 in January 2024, as price pressures intensified in the private sector at an unprecedented pace in over a decade of data collection, the Stanbic IBTC Bank Purchasing Managers’ Index (PMI) has revealed. A statement from the lender disclosed that the improvement in business conditions was the weakest since the recovery in the private sector began last December. It stated that input costs surged higher in the period under consideration as a result of higher fuel prices and exchange rate weakness, which drove up material costs.

Image
01-March-2024

Unlisted Securities Remain in Negative Territory by 1.36%

By Adedapo Adesanya Correction at the NASD Over-the-Counter (OTC) Securities Exchange continued as it recorded a 1.36 per cent loss on Thursday, February 29. The bourse lost N21.34 million of its value during the trading session to close at N1.542 trillion compared with the preceding day’s N1.564 trillion and the NASD Unlisted Security Index (NSI) went down by 15.74 points to end the day at 1,138.05 points versus Wednesday’s 1,153.79 points. Yesterday’s decline was influenced by Aradel Holdings Plc, which further suffered further profit-taking, causing its price to drop N98.25 to close at N2,401.75 per share versus the preceding session’s

Image
01-March-2024

Lokpobiri Charges New NCDMB Council on Growth of Nigeria’s Energy Sector

By Adedapo Adesanya  The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has charged the newly inaugurated fourth Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) to continue advancing the country’s oil and gas industry. The NCDMB Governing Council is set up under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and draws membership from representatives of select institutions connected with the energy sector. The fourth NCDMB Governing Council would be chaired by Mr Lokpobiri, while the Executive Secretary of NCDMB, Mr Felix Omatsola Ogbe, would serve as the Secretary. Others are the

More Stories
Image
24-April-2018

Red Card Movement Launches Three Campaigns in Abuja

By Modupe Gbadeyanka On Wednesday, April 18, 2018, the Red Card Movement was officially launched in Abuja with key officials of the group and other activities in attendance. The movement aims to promote democratic rights in Nigeria and also enhance electoral due process. Business Post reports that the unveiling of the Red Card Movement took place at the Berger Park, Wuse Berger Roundabout. During the launch, the group kicked off three campaigns to achieve its aims and objectives and they were the #OfficeOfTheCitizen, #MyPVCMyRedCard and #RedCardToAPCAndPDP campaigns. It was gathered that these campaigns have three distinct objectives to  educate and

Image
21-September-2020

Winners Emerge in NCDMB Local Content Hackathon

By Adedapo Adesanya Five teams have emerged as winners in the Nigerian Oil and Gas Technology (NOGTECH) Hackathon sponsored by the Nigerian Content Development and Monitoring Board (NCDMB). At the event, which was held over the weekend in Lagos, the panel of judges picked projects from Fuel Intellisense, Homefort Energy, Gricd Mote, Kiakia Gas and Airsynq as the most innovative and bankable. During the grand finale of the programme, which specifically took place on Saturday, 15 semi-finalists made presentations on their innovations. Each of the five winning teams received a cheque of $10,000 equity-free grant and will proceed to participate

Image
17-August-2021

NASD to Launch Investor Protection Fund, Strengthen Trading in H2 2021

By Ashemiriogwa Emmanuel Following a very impressive first-half performance, the NASD Over-the-Counter (OTC) Securities Exchange is set for an active second half of 2021. In this half of the year, there are plans to commence the NASD Investor Protection Fund (IPF), among other implementations to further strengthen the unlisted securities bourse. The Managing Director and Chief Executive Officer (CEO) of NASD, Mr Bola Ajomale, while speaking at a webinar held last Friday, which was monitored by Business Post, stated that the IPF scheme is to compensate investors with genuine claims of pecuniary loss resulting from insolvency, bankruptcy or negligence of

Image
01-December-2017

Asian Equities Give up Early Gains to End Mixed Friday

By Investors Hub Asian stocks gave up early gains to end mixed on Friday after the Senate vote on the tax bill was delayed and a private survey showed that activity in China’s vast manufacturing sector slowed in November to the weakest pace in five months. The dollar held steady against the Japanese yen and oil prices extended overnight gains after a decision by the world’s biggest oil producers to extend oil output cuts until the end of 2018, helping support underlying sentiment to some extent. Regional manufacturing surveys also painted a mostly positive picture. Chinese stocks ended roughly flat

Image
03-November-2021

NIPC Introduces Initiative for Investors’ Convenience

By Sodeinde Temidayo David An initiative aimed to boost investors’ convenience has been launched by the Nigerian Investment Promotion Commission (NIPC). The initiative, called the electronic One-Stop Investment Centre (e-OSIC), is the digital version of OSIC, which brings together relevant government agencies to provide efficient, transparent and fast-tracked services to investors. e-OSIC was featured through the organisation Single Window Investors’ Platform (SWIP) and will enhance its effectiveness and ensure timely service. The centre is coordinated by the NIPC and the objective is to simplify business entry processes by removing administrative and regulatory bottlenecks pertaining to doing business in Nigeria. Speaking

Image
05-July-2017

Senate Instructs Fashola to Resign if Tired

By Modupe Gbadeyanka Minister of Power, Works and House, Mr Babatude Fashola, has been advised to honourably resign from office if he was overwhelmed by the enormous portfolios he was handling. This counsel came following statements credited to him accusing the National Assembly of importing ‘strange’ projects into the recently-signed 2017 budget. After the Minister made that statement, the lawmakers came hard on him, warning him to stop “misleading” the public with “half-truths.” At the plenary on Wednesday, Chairman of the Senate Committee on Appropriations, Mr Danjuma Goje, told his colleagues that, “Initially, I wanted to come under a motion

Image
05-April-2022

DMO Begins Sale of FGN Retail Bonds for April 2022

By Dipo Olowookere The Debt Management Office (DMO) has announced the commencement of the sale of the FGN savings bond for April 2022. The retail debt instrument is issued to low-income earners and other investors by the debt office on behalf of the Nigerian government on a monthly basis. It is issued in two different tenors of 2 years and 3 years. According to a circular issued by the DMO for this month’s exercise, the 2-year saving bond due on April 13, 2024, will be sold at a coupon rate of 7.338 per cent, while the 3-year saving bond maturing

Image
17-September-2017

FG Grants 10-Year Tax Incentive to Dangote

By Dipo Olowookere A 10-year tax incentive has been granted to Dangote Group by the Federal Government after the company agreed to rehabilitate the Apapa to Oworonshoki Expressway. Minister of Power, Works and Housing, Mr Babatunde Fashola, speaking on Friday at an event in Lagos, stated that, “We inherited a tax incentive policy for individuals to benefit from tax remission, to recover investment made in public infrastructure like roads, which other members of the public can utilise.” Mr Fashola, who was a guest at the BusinessDay Road Construction Summit, Federal Government approved a review of the five-year limit on tax

Ad
Ad
Recent Stories
Image
01-March-2024

Nigeria Wants Share in $350bn Global Outsourcing Market

By Aduragbemi Omiyale The global outsourcing market is estimated to be worth about $350 billion and Nigeria is looking to take a slice of it to address the rising unemployment rate in the country. Before 2023, the National Bureau of Statistics (NBS) put the unemployment rate at about 33 per cent, but in its revised edition, the agency said the rate grew to 5.0 per cent in the third quarter of last year. The outsourcing market is becoming the new oil market and Nigeria, which prides itself as the largest economy in Africa because of its population size of over

Image
01-March-2024

Lokpobiri Charges New NCDMB Council on Growth of Nigeria’s Energy Sector

By Adedapo Adesanya  The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has charged the newly inaugurated fourth Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) to continue advancing the country’s oil and gas industry. The NCDMB Governing Council is set up under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and draws membership from representatives of select institutions connected with the energy sector. The fourth NCDMB Governing Council would be chaired by Mr Lokpobiri, while the Executive Secretary of NCDMB, Mr Felix Omatsola Ogbe, would serve as the Secretary. Others are the

Image
01-March-2024

How to Protect Your Crypto From Scams, Hacks

In 2023, it is estimated around $2 billion was lost by investors to scams, rug pulls and hacks. Although the technology is becoming more secure and stable and many users are more aware of the tricks used to steal assets, there are still ways for thieves to extract your crypto if you aren’t careful.   Experts at Smart Betting Guide have provided a guide on the best ways to keep your crypto safe in 2024.  1. Do not store your password and seed phrase on the Cloud   For many people, the best and most convenient way to access crypto is through

Image
01-March-2024

FX Crisis: Nigeria May Slam $10bn Fine on Binance

By Adedapo Adesanya The Nigerian government may be considering a $10 billion fine on Binance, a crypto exchange platform, amid a crackdown on crypto platforms in desperate moves to restore the nation’s battered foreign exchange (FX) market. This information was disclosed by Mr Bayo Onanuga, who is the Special Adviser on Information and Strategy to President Bola Tinubu, in an interview with the British Broadcasting Corporation (BBC) on Friday morning. According to the President’s aide, this was necessary as the Nigerian government believes Binance profited substantially from its “illegal transactions” in the country while the nation suffered huge losses. Mr

Image
01-March-2024

Business Confidence in Nigeria Falls in February Amid Rise in Input Costs

By Modupe Gbadeyanka Business conditions in Nigeria slowed to 51.0 in February 2024 from 54.5 in January 2024, as price pressures intensified in the private sector at an unprecedented pace in over a decade of data collection, the Stanbic IBTC Bank Purchasing Managers’ Index (PMI) has revealed. A statement from the lender disclosed that the improvement in business conditions was the weakest since the recovery in the private sector began last December. It stated that input costs surged higher in the period under consideration as a result of higher fuel prices and exchange rate weakness, which drove up material costs.

Image
01-March-2024

Harvard Business School Introduces Tony Elumelu Foundation Case Study

By Modupe Gbadeyanka A case study to spotlight the role of celebrated African businessman, Mr Tony Elumelu, in transforming the development agenda on the continent through his Tony Elumelu Foundation (TEF) has been introduced by the Harvard Business School. The case study, launched on Thursday, February 29, 2024, will critically look into how the former banker is catalysing entrepreneurship in Africa through his Africapitalism approach. At its unveiling before a class of graduate students at Harvard Business School, Mr Elumelu said, “TEF is creating economic hope and opportunity for African entrepreneurs. We know that entrepreneurship is the solution to youth

Image
01-March-2024

Unlisted Securities Remain in Negative Territory by 1.36%

By Adedapo Adesanya Correction at the NASD Over-the-Counter (OTC) Securities Exchange continued as it recorded a 1.36 per cent loss on Thursday, February 29. The bourse lost N21.34 million of its value during the trading session to close at N1.542 trillion compared with the preceding day’s N1.564 trillion and the NASD Unlisted Security Index (NSI) went down by 15.74 points to end the day at 1,138.05 points versus Wednesday’s 1,153.79 points. Yesterday’s decline was influenced by Aradel Holdings Plc, which further suffered further profit-taking, causing its price to drop N98.25 to close at N2,401.75 per share versus the preceding session’s

Image
01-March-2024

Naira Firms to N1,595/$1 at NAFEX, Weakens to N1,500/$1 at Black Market

By Adedapo Adesanya The Naira ended a tumultuous February as it recorded a price appreciation f 0.09 per cent or N14.40 against the US Dollar on Thursday, February 29, in the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data obtained from the FMDQ Securities Exchange showed that the value of the local currency closed at N1,595.11/$1 during the session compared with the preceding day’s N1,609.51/$1. Also, the Nigerian currency improved its value against the Pound Sterling in the official market yesterday by N20.34 to close at N2,046.19/£1 compared with the preceding session’s N2,066.53/£1 and strengthened against the Euro by N16.5 to

Image
01-March-2024

Oil Down as US Inflation Signals Weak Crude Demand

By Adedapo Adesanya  Oil was down on Thursday as inflation data in the United States implied a softening of the world’s biggest economy that could weaken crude demand. Brent futures went down by 6 cents to $83.62 a barrel and the US West Texas Intermediate (WTI) futures depreciated by 28 cents to $78.26 a barrel. The US Federal Reserve’s preferred inflation gauge, the US Personal Consumption Expenditures (PCE) index, showed January inflation in line with economists’ expectations. The index rose 0.3 per cent last month, the Commerce Department’s Bureau of Economic Analysis said. Data for December was revised lower to

Image
01-March-2024

Local Stock Market Rebounds, Closes Last Day of February 0.68% Higher

By Dipo Olowookere The last trading session of February 2024 at the Nigerian Exchange (NGX) Limited ended on a positive note as it rebounded by 0.68 per cent after the interest rate hike scare. The growth posted on Thursday was triggered by bargain-hunting in financial stocks, especially those selling at cheaper prices after the sell-offs in the past few sessions. However, profit-taking persisted in the other sectors of the bourse, with the energy, and consumer goods indices closing lower by 0.33 per cent, and 0.18 per cent, respectively. Business Post reports that the banking space rose by 6.14 per cent,