Page 2 - Comercio Partners News Today

The Central Bank of Nigeria (CBN), has started clearing over $10 billion foreign exchange backlogs of commercial banks and foreign airline operators.

However, due to the sharp decline in cash mop up by the CBN, the banking industry enjoyed a 46 per cent increase in average daily cash balance which rose to N407.13 billion in 9M’23 from N214.87 billion in 9M’22.

According to data provided by the Nigerian Exchange Limited, Eight Nigerian banks generated about N3.9tn gross earnings in the first half of 2023.

THE local bourse reversed prior week’s gains as the All-Share index declined by 1.10 percent week-on-week (W-o-W) to close at 67,395.74 basis points.

Analysts at Commercio Partners said the CBN may be prompted to issue more high-yield bonds to attract investors, hence increasing borrowing costs for government

This was revealed in the firm’s review of the economy for the first half of the year and the outlook for the second half.

Also speaking on the benefits, Ayo Teriba, CEO of Economic Associates, said: “On the benefits, he said that the savings from unified exchange rates would improve the government’s fiscal situation, discourage people with frivolous demands in the I&E windows and end the regime of round tripping.

Comercio Partners in its market outlook for the second quarter of the year anticipates yields to remain attractive in the fixed Income space with more positive companies’ financial results coming in at the stock market.

A report by Comercio Partners says it expects Nigeria's inflation to continue to print higher on the back of pressures from both food supply and the current cash crunch which was sustained through March.

Nigeria's public debt rose over 14 per cent year-on-year, raising further debt sustainability concerns.