The growing interest in Islamic Finance as an alternative source of financing for Nigeria's economic development through products like Sukuk have shown immense opportunities and prospects for driving Nigeria's economic transformation, that can address issues like poverty, unemployment, and underdevelopment.
Nine days into the Ramadan fast and both the wholesale commodity index and retail prices have surged especially for commodities such as rice, peppers, oranges etc. Also inducing the rise in prices is the planting season scarcity and the cross elasticity of demand for substitutes of imported products.
Yields in the FGN Bond market increased by c.9bps, as market players reacted to the weak demand and relative oversupply of bonds at the previous day's primary auction. The most impact was felt on the short-end, with tight system liquidity pressures squeezing yields higher on the 2023s and 2024s while yields on the mid-dated papers (2026s - 2029s) weakened following the supply of the 2027s at the auction.