The consumer price index, (CPI) which measures inflation increased by 11.40 percent (year-on-year) in May 2019. This is 0.03 percent points higher than the rate recorded in April 2019 (11.37 percent).
The local bourse continued its bearish run as the All Share Index (ASI) shed 130bps to settle at 30,046.70 points following losses on 3 out of the 4 trading days. Consequently, market capitalisation fell to N13.2tn as investors lost N169.7bn while YTD loss worsened to -4.4%.
A burst of commentary on the CBN’s fx regime on the newswires last week warrants a re-examination of the underlying issues. While in reality little, if anything, has changed, it is worthwhile restating our house view.