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Friday, October 22, 2021

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The 2nd week of May promises to be a profitable week, spurred on by the activities last week. Here are the key events that affected the economy and markets last week.

What are the regulators doing?

CBN made the news in two major ways. Firstly, the apex bank indefinitely extended the Naira4dollar scheme for diaspora remittances. The initiative rewards recipients N5 for every $1 they receive through IMTOs and commercial banks. It was initially supposed to end on May 8th. Many analysts we have spoken to seem to believe this is another form of naira devaluation.

Another interesting news from the CBN was its plans to reject the continuous importation of maize in Nigeria.

READ: Why Ethereum is becoming more attractive than Bitcoin

What fixed income opportunities are available?

Last week the DMO (Debt Management Office) announced an offer for subscription of the May 2021 Federal Government Savings Bond to investors.

The Debt Management Office (DMO), on behalf of the Federal Government has announced the offer for subscription of the May 2021 Federal Government Savings Bond to investors.

This disclosure is contained in a circular issued by the DMO on May 3, 2021, and can be seen on its website noting that there are 2-year and 3-year savings bonds. The breakdown of the bonds shows that the 2-year FGN savings bond will be due on May 12, 2023, at 7.753% per annum and the 3-year FGN Savings Bond which will be due on May 12, 2024, at 8.753% per annum.

The offer has an opening date of May 3, with a closing date of May 7. Although this window is closed. Portfolio diversification is critical for any investor and bonds are one of the safest asset classes.

READ: Nigerian stocks that outperformed Bitcoin, Ethereum and Cardano in April

Should volatility in Crypto shock anybody?

Over the weekend, another incredible market volatility transpired with the Dogecoin going down about 21.34% for the day on Sunday. Elon Musk´s appearance on SNL seems to have had a negative effect on the crypto asset’s price.

Ethereum at the time of writing this report is currently trading at an all-time high of $4,053, up by 2.72% in 24 hours. There are many investment opportunities in cryptocurrencies but because of the tremendous market volatility, it is important for investors to invest with caution. The rule of thumb is not to invest more than you are willing to lose.

READ: Why Ethereum transaction fees are often expensive

Stock market bounce?

The Nigerian Stock Exchange made a bullish recovery on Friday. Its year-to-date stands at -2.66%. There is still a lot of upside for Nigerian stocks which remain relatively cheap compared to other emerging markets. In a Twitter Spaces conversation with Ugodre Obi-Chukwu, analysts stated that the true value of the Nigerian economy is not reflected in the NGX. ¨Out of the 166 listed companies, only about 30 are tradeable,¨ according to one analyst.

In a period where there should be a lot of capital allocation to emerging markets like Nigeria, a major deterrence to this is our FX situation. Investors have issues getting their money out of the Nigerian economy.

Another Corruption case

It was reported that the FG will probe the suspended MD of Nigerian Ports Authority, Hadiza Bala-Usman for the alleged non-remittance of over N165 billion operating surplus to the Consolidated Revenue Fund by the NPA management.

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