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What expert expects from fixed income market this week

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The Nigerian fixed income market is expected to witness a moderate activity as well as moderate liquidity during the new week. This is according to Nkem Azinge, a Currency Trader at UBA who spoke to CNBC Africa.

According to her, the market is expected to witness an OMO maturity during the week which, by the way, is going to be a short trading week due to public holidays on Monday and Tuesday. The OMO maturity will help maintain balance, even as liquidity in the system will just be moderate.

“Going into next week, there is an OMO maturity coming in. So, that will help to ensure balance. It is a short trading week. So, liquidity will just be moderate,” she said.

Earlier on during the interview, Azinge explained why there was also relative activity in the fixed income last week. According to her, the OMO market witnessed “buying activity as offshore players looked to deploy idle cash. We also saw banks buy as the market opened liquid.”

However, the trend reversed by Thursday because investors took advantage of lower yield in the market to “take profit in anticipation of the PRR debit that was expected” and CBN’s FX auction.

On the other hand, the bond market witnessed mixed sentiments last week. This is because while a number of people took profit on their auction, others sold off in anticipation of a possible increase in supply.

In the FX market, the CBN re-opened its whole bill auction by pumping as much as $72 million into the market. This helped to ensure liquidity in the market.

Azinge noted that it had been more than two months since such an auction occurred, a situation that led to very limited supply in the FX market. Therefore, the auction was a welcome development even as it indicated that the apex bank is now ready to meet growing dollar demands by Nigerians.

Note that the CBN’s Monetary Policy Committee (MPC) meeting is slated to take place on Thursday. This is also expected to influence activities in the fixed income market during the new week.

Watch Azinge’s entire interview with CNBC Africa by clicking here.

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Business

President Buhari suspends Twitter operations in Nigeria

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Federal Government has reportedly suspended, indefinitely, the operations of Twitter, the microblogging and social networking service, in Nigeria.

This was disclosed by the Minister of Information and Culture, Alhaji Lai Mohammed, via a statement issued by the Ministry’s spokesperson, Segun Adeyemi on Friday.

The Minister cited the persistent use of the platform for activities that are capable of undermining Nigeria’s corporate existence.

“The Federal Government has also directed the National Broadcasting Commission (NBC) to immediately commence the process of licensing all OTT and social media operations in Nigeria,” the statement read.

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#EndSARS

How to assess FG’s Survival Fund

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The Federal Government has moved the website of its Survival Fund with effect from November 1, 2020.

This was disclosed by the Personal Assistant to President Muhammadu Buhari, Bashir Ahmad on behalf of the Ministry of Industry Trade and Investment via his Twitter handle on Saturday.

He tweeted, “The Ministry of Industry Trade and Investment wishes to inform the general public that due to operational challenges the Survival Fund website will be migrating with effect from tomorrow, Nov. 1st, 2020.”

What you should know
Last month, the Federal Government had commenced the disbursement of N30,000 one-time grant to 330,000 artisans across the country. The grant was launched across Lagos, Kano, Abuja and nine other states, as the first batch.

The grant, which is under the MSME Survival Fund, is part of the Nigerian Economic Sustainability Plan Initiated by the Federal Government on the 1st of July, 2020 to assist citizens and businesses operating in Nigeria.

To assess the website, click here

 

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#EndSARS

N30,000 Survival Fund: Beneficiaries are receiving 1st batch- FG

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Beneficiaries in the first batch of the Federal Government’s N30,000 artisans’ grant have started receiving their grants.

This was disclosed by the Presidency via the FG’s Twitter handle on Saturday.

It tweeted, “The first batch of beneficiaries of the N30,000 artisans grant, a component of @NigeriaGov’s @SurvivalFund_ng, have started receiving their grants.

“Eligible beneficiaries are artisans and self-employed individuals. Each State will have 9,000 beneficiaries.”

 

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