Company sues CBN for using the name ‘ENaira’
After the successful deployment of the Central Bank Enaira website and days away from the activation of the eNaira itself, a cease and desist notification has been sent to the Central Bank of Nigeria (CBN) concerning the use of the name “eNaira.” This is according to a document titled: “Infringement of Trademark & Violation of Corporate Name cease and desist Notification to the Central Bank of Nigeria.” signed by Olakunle Agbebi Esq for Olakunle Agbebi & Co…
External Reserve gains further by $152 million
Nigeria’s foreign reserve gained further by $152 million on Tuesday, 28th September 2021 to close at $36.413 billion compared to $36.261 billion recorded the previous day. The latest increase represents a 0.42% boost in the country’s foreign reserve and the highest level since February of this year. The reserve has now gained $2.324 billion in the month of September 2021, putting the year-to-date gain at $1.038.77 billion.
Global Economy Watch
Saudi Arabia’s citizen unemployment rate fell to 11.3% in the second quarter compared to 11.7% in the first quarter as the economy continued to recover from the pandemic while the government intensified efforts to create jobs for nationals. According to data released on Thursday by the General Authority for Statistics, Saudi male unemployment declined to 6.1% in the period from March to June, from 7.2% in the first quarter, while female unemployment rose to 22.3%, from 21.2%. Saudi labour force participation fell slightly, to 49.4%, suggesting that some citizens are dropping out of the job market.
Treasury Bills
Last week, the Nigerian Treasury Bills (“NT-Bills”) secondary market sustained its bearish trend amidst pressured liquidity levels, which fell to N211.01bn short on Friday. Sell-offs were witnessed on short- and medium-term bills at the early trading sessions of the week. However, buying interest was recorded on the long-dated maturities as average yield contracted 10bps W-o-W (Week-On-Week) to close at 6.59%. Consequently, the average yield across all NTB instruments inched 4bps W-o-W to close at 5.61%.
FGN Bonds
The FGN bonds secondary market performance turned bullish, as funds were channelled from unmet bids at the PMA. As a result, average yield across all maturities dipped 7bps W-o-W to settle at 11.23% (from 11.31% the previous week), with the most buying interests recorded on the 17-Mar-27 (-68bps W-o-W) and 22-Jan-26 (-41bps W-o-W) maturities.
FX Market
The naira fell at the official market despite a massive 266.2% increase in dollar supply. The local currency is still hitting record lows against the US dollar at the black market despite the news of Nigeria’s Eurobond sales, which is meant to boost the nation’s external reserves. Available data show that Naira depreciated against the US dollar at the official window on Wednesday, to close at N414.73/$1…
Read the full report below…
