While you were away!
TELECOMS CONTRIBUTION TO GDP UP 6.7% IN Q2
The contributions of the telecoms sector to Nigeria’s Gross Domestic Product (GDP) according to the National Bureau of Statistics now stands at N1.549trn; up by 6.68% in Q2 2017 from its contribution to N1.452trn in Q1 2017.
The report by the NBS has confirmed that the telecoms sector, during Q2 2017, contributed 9.5% to the total GDP of the country, up from 9.1% in Q1 2017. Experts say the figure which results to about 6.68% growth in the real term is an indication of the potentials the industry has to boost the country’s economy.
NIGERIA TO SELL N917.14BN OF BILLS FROM SEPT 14 – NOV 30.
The Central Bank of Nigeria (CBN) has disclosed through its fourth quarterly Treasure Bills Issuance programme that it plans to sell N917.1 billion worth of treasury bills in the next three months ending November 30.
The Apex bank issues treasury bills twice a month to help the government fund its budget deficit, curb inflation and provide support to commercial lenders in managing liquidity.
The three months bills to be issued which represent the amount of bills that will mature during the period consist of N209.9 billion worth of 91 days bills; N197.8 billion worth of 182 days bills; and N509.4 billion 364 days bills, while bills to be offered next week comprises N28.12 billion worth of 91 days bills, N23.68 billion worth of 182 days bills and N89.1 billion worth of 364 days bills.
Further analysis revealed that the apex bank will issue N305.2 billion in the last two weeks of September comprising N57.2 billion worth 91 days bills, N72.2 billion worth 182 days bills, and N175.8 billion worth 364 days bills. In October, CBN will issue N254.2 billion worth of bills comprising of N61.1 billion worth of 91 days bills, N68.5 billion worth of 182 days bills, and N 124.6 billion worth 364 days bills. Bills of the same tenure and amount will mature during this period.
In November, the apex bank plans to issue bills worth N 337.9 billion which include N81.6 billion worth of 91 days bills, N57.2 billion worth of 182 days bills, and N 199.1 billion worth of 364 days bills.
$25BN OF AFRICA’S SOVEREIGN DEBT MATURES NEXT YEAR
Next year, as much as $25bn of sub-saharan Africa sovereign debt will mature with total maturities in 2023 expected to reach $62bn according to the Financial Times and Thompson Reuters.
After 2018, $1bn of Africa’s sovereign debt will be due for settlement the following year and $7.5bn in 2020 and 2021 and $11bn will mature in 2022.
The value of sovereign debt maturing will slow to about $4bn in 2023 and rise to $15bn in 2024.
UNCERTAINTY AS N241BN OUTFLOW VIA SUKUK BOND, TREASURY BILL AUCTIONS HIT INTERBANK MARKET
The interbank money market will this week experience an outflow of N241bn through T-Bills and FGN Sukuk Bond auctions prompting uncertainty over the direction of movement in cost of funds.
Last week cost of funds trended downwards with average short term interest rate falling by 183 basis points (bpts), prompted by an inflow of N333bn from payment of matured treasury bills.
Data from Financial Market Dealers Quote (FMDQ) showed that interest rate in collateralised lending (Open By Back OBB) fell by 1780bpts to 11.33% last week from 29.17% to the previous week.
Interest rates on overnight lending have dropped by 1780bpts to 12.17% last week from 30.92% the previous week. Also reflecting the impact of the inflows on market liquidity, treasury bills recorded 16% over subscription last week.
DOLLAR EXCHANGE RATE REPORT 10th SEPTEMBER TO 22nd SEPTEMBER, 2017
This report is a compilation of the dollar exchange rate at the official and parallel market from the 10th of September t to the 22nd of September, 2017. The quoted parallel market prices are to serve as a guide to readers, as they represent the average price obtained daily from different black market dealers in the Country.
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