Nigeria’s Agricultural Export Surges to Highest on Record
Nigeria exported agro-food items worth N165.27 billion in the second quarter of 2021, representing a 112% increase compared to N78.03 billion recorded in the corresponding period of 2020. This is also the highest on record, according to data tracked from the National Bureau of Statistics (NBS). The recent value also represents a 30% increase when compared to N127.18 billion worth of export recorded in the previous quarter (Q1 2021).
FG, the States and LGs shares N696.9 billion in August
The Deputy Director (Information), Ministry of Finance, Budget and National Planning, Mr. Oshundun Olajide, on Thursday revealed that the Federation Accounts Allocation Committee (FAAC) has shared the sum of N696.965 billion as federal allocation for the month of August. The total amount shared are all inclusive of all generated revenue from Value Added Tax (VAT), Exchange Gain, Excess Bank Charges and Non-Oil enterprises.
Treasury Bills
The Nigerian Treasury Bills (“NT-Bills”) secondary market turned bearish last week as market participants focused on the Primary Market Auction (“PMA”) which took place on Wednesday (15-Sep-21). Consequently, the average yield in the market advanced 53bps W-o-W (Week-On-Week) to close at 5.44% (from 4.91% the preceding week).
FGN Bonds
At the Federal Government of Nigeria (“FGN”) Bonds secondary market last week, the bearish sentiment was sustained as average yield advanced 22bps to settle at 11.31% from 11.09% the previous week. Specifically, the average yields of mid-and-long-termed FGN bonds expanded 43bps and 25bps W-o-W (Week-On-Week) to close as 11.76% and 12.73% respectively while that of short-tenured bonds gained 13bps W-o-W.
FX Market
Naira depreciated against the US dollar on Thursday, to close at N413.68/$1, representing a 0.12% fall compared to N413.18/$1 recorded on Wednesday 22nd September 2021. The exchange rate has now maintained an average of N413.46/$1 between Monday and Thursday. Meanwhile, according to information obtained by Nairametrics from BDC operators in Lagos, the exchange rate at the parallel market appreciated marginally to close at N571/$1 on Thursday from N572/$1 recorded a day before.
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