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Treasury Newsletter – October 22, 2021

Headline Inflation Increases by 16.63% YoY in September 2021 The recently released Consumer Price Index, (CPI) report by the National Bureau of Statistics, indicates that...

Headline Inflation Increases by 16.63% YoY in September 2021

The recently released Consumer Price Index, (CPI) report by the National Bureau of Statistics, indicates that inflation increased by 16.63% year-on-year in September 2021 representing 0.38% points decrease compared to the rate (17.01%) recorded in August 2021. On month-on-month basis, the Headline Index increased by 1.15 percent in September 2021 which is 0.13 percent rate higher than the rate recorded in August 2021 (1.02) percent.

Nigeria’s External Reserve Gains $377m to close at $40.76b on Wednesday 20th October

Nigeria’s foreign reserve gained $377.04 million on Wednesday, 20th October 2021 to close at $40.76 billion compared to $40.39 billion recorded as of the previous day. The latest increase represents a 0.93% increase in the country’s foreign reserve position. The nation’s foreign reserve has gained $3.98 billion so far in October, on the back of the $4 billion raised by the federal government from the issuance of Eurobond in the international debt market.

Treasury Bills

Last week, the Nigerian Treasury Bills (“NT-Bills”) secondary market furthered its bullish performance for a third consecutive week. This was on the back of sustained demand, which was triggered by unmet Primary Market Auction (“PMA”) bids. Consequent on this, average secondary NT-Bills market yields contracted 7bps W-o-W (Week-On-Week) to settle at 5.20% from 5.27% the previous week.

FGN Bonds

The FGN Bonds secondary market performance was mixed last week, as average yield on secondary market bonds fell marginally by 1bp W-o-W to settle at 11.33% (from 11.34% the previous week). In more detail, the 17-Mar-27 maturity witnessed the most demand, contracting 31bps W-o-W but was offset by sell-offs on the 22-Jan-26 and 23-Mar-25 maturities which expanded 20bps and 10bps W-o-W respectively.

FX Market

A=Data from FMDQ Security Exchange states that exchange rate between the naira and the US dollar opened at ₦414.10/$1 on Friday October 22, after it closed at ₦415.07 to a $1 on Thursday, 21 October 2021. Available data show that the exchange rate between the naira and the US dollar opened at ₦413.94/$1 on 21st October 2021 and closed at ₦415.07/$1 with forex turnover at $103.16 million.

 

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