LATEST NEWS

We keep our Underperform rating on Stanbic, while lowering our price target by -11% to NGN32.0. Although the bank's Q3 EPS beat our forecast by c.62%, the outperformance was mostly due to a positive result of NGN9.9bn in other comprehensive income (OCI) vs. our zero forecast for the line.

Today's chart shows a decline of USD614m (-1.5% m/m) in Nigeria's gross official reserves to USD41.2bn in November. This decline follows four months of consecutive increases, and it reflects a slowdown in reserve inflows following accretion from the IMF's USD3.3bnn SDR allocation and the FGN's USD4bn Eurobond issuance, as well as a rise in the utilisation of allowances for educational, health, and travel purposes.

The Central Bank of Nigeria on the authority of The Debt Management Office on behalf of the Federal Government Of Nigeria Offers for Subscription by Auction and is authorized to receive applications