Outlook 2021: Eyeballing Major Economic Indicators in 2020 - Exchange Rate


Thursday, February 11, 2021   /05:00 AM / By Proshare Research/ Header Image Credit: EcoGraphics

 Proshare Nigeria Pvt. Ltd.  


There has been increased clamour for the CBN to unify its multiple exchange rate as local analyst have become increasingly wary of the government's foreign exchange management policy as a looming global trade meltdown may exacerbate problems with foreign exchange inflows and bring about hard economic landing if the Central Bank of Nigeria (CBN) does not make up its mind of taking the tough choice of unifying the country's exchange rate windows now.

Local analysts note that the current multiple exchange rate regime is like using an elastic band to measure the length of a skirt; the skirt length will depend on how well or how firmly the person measuring the fabric decides to pull the band, in other words, each person pulling the band will have different skirt measurements; the consequence is confusion. This is precisely the reservation economists have with multiple exchange rates.

The Problem with Multiple Exchange Rate

Some of the challenges associated with multiple exchange rates include currency roundtripping, distorted price discovery, distortion in production cost, and moral hazard (see Illustration 27).

  • Distorted price discovery: For example, which exchange rate in Nigeria best reflects the relative scarcity of the United States dollar, the Official rate (N380/$), NAFEX rate (N392/$), IEFX (N394/$), or the bureau de change (BDC) rate?
  • Distortion in production cost: The cost of production, will be reflective of the relative ease of access to either the official exchange rate or the IEFX rate. Manufacturers with access to the official rate would experience lower direct operating costs while those restricted to either the IEFX or BDC windows will experience incrementally higher costs. Large scale manufacturers have been preferred with access to the official window thereby snuffing out smaller competitors. The entry barrier caused by preferential access to FX has resulted in 'unnatural' monopolies (markets with a single dominant producer/supplier) or near-monopolies.
  • Moral Hazard becomes a craw that needs to be continuously scratched. Erstwhile Central Bank of Nigeria (CBN) Governor once expressed anger over the 'cheap' money privileged Nigerians were making because of access to the official foreign exchange market.  The fact that government and privileged economic agents take advantage of the spread between the official exchange rate and the NAFEX and IEFX rates is incontrovertible and perhaps dangerous as it consigns the naira to a one-way shorting bet, a situation where fund managers buy up dollars in a wager that the naira will continue to fall, or a classic case of a dog chasing its tail. 

Illustration 27: The Problem with Multiple Exchange Rate

Proshare Nigeria Pvt. Ltd. 


The Graphics of Market Distortion 

The Central Bank of Nigeria's (CBN's) sustained effort at supporting the value of the naira through the weekly or bi-weekly supply of foreign exchange creates a unique challenge for foreign exchange management. The CBN stands in the position of a money supplier of a commodity with several buyers, the standard economic outcome is that the price of the commodity would be higher than if more suppliers existed in the market, in other words, the monopolist can dictate either the price or the quantity of FX available but not both.


Standard economic reasoning of an 'imperfect' market condition for FX is as appears in the chart below:


Illustration 28: The Nigerian Economics of Multiple Exchange Rates

Proshare Nigeria Pvt. Ltd.


A flexible adjustment of the FX rate would (in the short run) see the Naira to dollar rate rise above recent exchange values. As foreign reserves decline based on slow crude oil demand and CBN's efforts at stabilizing the exchange rate around N380/$ wane, the FX rate will rise as the quantity of dollars on offer decline (from Q1 in the chart to Q0). The current official rate ofN380/$ creates arbitrage opportunities (the shaded area in the chart to the right of triangle 'abc') and some 'deadweight loss' because of the absence of a 'market-clearing' price (the left portion of triangle 'abc'). 


Table 13: CBN, NAFEX and BDC FX Rates (January-December 2020)

Proshare Nigeria Pvt. Ltd.


Another School of Thought

 Economists and other thought-led analysts have argued that the problem with the exchange market and by extension - the country's primary concern, should be liquidity and not unification or convergence. This school of thought believes that with more foreign exchange in supply, arbitrage opportunities gradually disappear, and the tiered exchange rate structure will naturally disappear.


The school points to the average daily market volume (ADMV) as a metrics of importance. By way of elaboration, those canvassing the supply-side solution to tiered exchange rates, not that ADMV was $754m in 2018 (representing 2.5% of Africa and 0.0155 of global activity). This they argue is materially insignificant and attributing it to the multiplicity of rates is a weak argument.


Supply-side analysts further note that developments in the uncollateralized loan market and international remittances through social rather than financial networks (involving remittances to Nigeria of about $24bn annually) remains instructive. The CBN in an attempt to address the supply side challenges of FX in its most recent circular noted that "Beneficiaries of diaspora remittances through International Money Transfer Operators (IMTOs) shall henceforth receive such inflows in foreign currency (US Dollars) through the designated bank of their choice. Such recipients of remittances may have the choice of receiving these funds in foreign currency cash (US Dollars) or into their ordinary domiciliary account.


The large spread in rates reflects supply-side rigidities. Therefore, increasing FX supply should bring about lower rates in both markets and end the need for multi-tiered rates as presently exist. The argument of a supply-side approach to FX management is persuasive but inconclusive as another school of thought holds firmly to the belief that the supply-side argument is necessary, but not sufficient.


Looking at the Other Policy Arm

 As much as increased liquidity in the FX market is a major factor in ensuring that market rates converge, other analysts believe that the multi-layered architecture of the CBN needs to be removed to prevent arbitrage and to allow the market value of the naira reflect the underlying realities of demand and supply of FX. This school of thought argues that, although FX liquidity is a necessary condition for market-rate convergence, it is not adequate to ensure stability as preferential rates allowed by the CBN would create room for market distortions.


As an example, the school of thought argues that - if supply were adequate from private sources, this would see the naira appreciate and force the price of the dollar closer to N380/$; but if the CBN allows discriminatory pricing and dollar subsidies (as occurs presently), economic agents will have an incentive to obtain dollars at cheaper rates and sell them to third parties at higher rates. The subsidy would discourage private sellers of the dollar who feel hard done by because of the artificially created spread, hence leading to a cut-back in the supply of private dollars and a gradual rise in the N/$ rates in private markets.


As Yogi Berra once famously said, "it's deja vu "


The school for a dismantling of the scaffolds of the CBN's multiple exchange rate structures believes that improved liquidity must be accompanied by a policy adverse to arbitrage and high-velocity speculation.


Bravery in The Face of Expediency 

The monetary policy strategy of multiple exchange rates is usually used as a short term technical measure to smoothen the path towards exchange rate unification and lead to greater transparency in the allocation of scarce resources, but so far the CBN has been seduced into using the tiered exchange rate approach to maintain policy balance, but the 'Cobra effect' of the solution leading to unpleasant consequences is both real and compelling. 


Several consequences arising from the current FX management architecture reveals a weak economic underbelly, viz: 

  • The maintenance of multiple exchange rates has seen 'hot' money go in and out of the FX market as portfolio managers try to second guess the extent of depreciation of the Naira as oil prices gradually decline. This plays up in the higher percentage change in the price of FX in the Bureau de change market relative to NAFEX and IEFX windows (see Illustration 29).

Illustration 29: FX Rates YTD Percentage Change

Proshare Nigeria Pvt. Ltd.


Being Brutal, Lovingly 

If Nigeria is to head off the harder problems of a global recession, the CBN must be prepared to bite down on the bullet of rate unification, and the best time to do it is now


The more the economy suffers lower reserves, higher inflation, and wider budget deficits the more difficult it will become to take the tough love needed to eliminate exchange rate subsidies.


The use of demand management strategies such as limiting certain categories of importers from accessing the banking system for FX purchases can only be temporary, the reality of economics makes it impossible for regulators to control both demand and supply at the same time just as they cannot control quantity and price simultaneously.



Proshare Nigeria Pvt. Ltd.


The Pleasures and Pains of Nigeria's Exchange Rates

There are numerous factors that will shape Nigeria's exchange rate in 2021. A recovery in oil price will help shore up foreign revenue and hence reduce the pressure on dollar demand. Furthermore, an increase in capital importation, improvement in interest rate and port clearance will help strengthen Nigeria's naira. On the other hand, if the export continues to decline, oil price slumps further, and Nigeria's port challenges worsens, then, the naira against the dollar will weaken in 2021 (see Illustration 30).

Illustration 30: The Pleasures and Pains of Nigeria's Exchange Rates

Proshare Nigeria Pvt. Ltd.


Illustration 31: CBN Exchange Rate Policies and Actions for 2020

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.



Proshare Nigeria Pvt. Ltd.

Watch Video

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Downloadable Version of Goodbye 2020, Hello 2021, Understanding the Mega Trends of a Crucial Year for an Economy Report (PDF)

1.     Complete Report: Outlook 2021: Understanding the Mega Trends of a Crucial Year for an Economy- Jan 28, 2021

2.     Executive Summary: Outlook 2021: Understanding the Mega Trends of a Crucial Year for an Economy- Jan 28, 2021

Proshare Nigeria Pvt. Ltd.

Related Links

1.      Outlook 2021: Understanding 2021's Mega Trends

2.       Outlook 2021: Emerging Technologies Have Potential to Spur Growth

3.       Outlook 2021: A Gaze into Market Performance - Nigeria and the Commodities Market

4.       Outlook 2021: A Gaze into Market Performance - Equities Market

5.       Outlook 2021: A Gaze into Market Performance - Fixed Income and Currency Markets

6.       Outlook 2021: How Sectors of the Economy Fared in 2020 - Transportation Sector

7.       Outlook 2021: How Sectors of the Economy Fared in 2020 - Finance and Insurance Sector

8.       Outlook 2021: How Sectors of the Economy Fared in 2020 - Telecommunication Sector

9.       Outlook 2021: How Sectors of the Economy Fared in 2020 - Oil and Gas Sector

10.  Outlook 2021: How Sectors of the Economy Fared in 2020 - Agriculture Sector

11.  Outlook 2021: How Sectors of the Economy Fared in 2020 - Manufacturing Sector

12.  Outlook 2021: A Review of Monetary and Fiscal Policies Introduced in Nigeria in 2020

13.  Outlook 2021: Inside a Perfect Storm: Monetary and Fiscal Sword Fencing -Monetary Policy

14.  Outlook 2021: Inside a Perfect Storm: Monetary and Fiscal Sword Fencing - Nigeria's Fiscal Policy

15.  Outlook 2021: The Year 2020 in Retrospect - A Bleak Year for Households

16.  Outlook 2021: Eyeballing Major Economic Indicators in 2020 - Exchange Rate

17.  Outlook 2021: Eyeballing Major Economic Indicators in 2020 - Nigeria's Public Debt

18.  Outlook 2021: Eyeballing Major Economic Indicators in 2020 - Trade Balance

19.  Outlook 2021: Eyeballing Major Economic Indicators in 2020 - Capital Inflow

20.  Outlook 2021: Eyeballing Major Economic Indicators in 2020 - Unemployment

21.  Outlook 2021: Eyeballing Major Economic Indicators in 2020 - GDP

22.  Outlook 2021: Eyeballing Major Economic Indicators in 2020 - Inflation

23.  Outlook 2021: Examining Global Economic Indicators - Trade

24.  Outlook 2021: Examining Global Economic Indicators - Unemployment Rate

25.  Outlook 2021: Examining Global Economic Indicators - Inflation Rate

26.  Outlook 2021: Examining Global Economic Indicators - GDP

27.  Outlook 2021: Examining Global Economic Indicators - PMI

28.  Outlook 2021: Fiscal and Monetary Measures Were Applied to Cope With the Effect of COVID-19

29.  Outlook 2021: Understanding the Mega Trends of a Crucial Year for an Economy

Proshare Nigeria Pvt. Ltd.

Related News on Growth and Recovery

1.       African Statistical Yearbook 2020: Africa Experienced Strong GDP Growth from 2000 to 2019

2.       How Countries Are Performing on the Road to Recovery

3.       World Bank Appears Less Optimistic About Growth Prospects Across the Globe

4.       Corruption and COVID-19: The Pandemic Has Heightened The Importance of Stronger Governance

5.       Global Output Expected to Expand by 4% in 2021, Still Below Pre-Pandemic Trend

6.       AfDB Takes Steps to Accelerate the Circular Economy in Africa

7.       World Bank Group to Boost Nigeria's Efforts to Reduce Poverty

8.       IMF Staff Completes 2020 Article IV Mission to Nigeria

9.       Open Trade and Economic Inclusion Key to Post-COVID Recovery

10.  AfDB's AgriPitch Competition Awards $120,000 in Prizes to African Youth Agripreneurs

11.  Bridging the Digital Divide to Scale Up the COVID-19 Recovery

12.  AfDB, AIF Founding Partners Announce Postponement of the Africa Investment Forum to 2021

13.  Remittance Flows to Shrink 14% by 2021 Due to COVID-19

14.  How COVID-19 Will Increase Inequality in Emerging Markets and Developing Economies

15.  SSA October 2020 Regional Economic Outlook: A Difficult Road to Recovery

16.  Communique of the 42nd Meeting of the IMFC Chaired by Mr. Lesetja Kganyago

17.  WEO: A Long and Difficult Ascent - Global Growth Projected at -4.4% in 2020

18.  IMF Executive Board Approves the Extension of Increased Access Limits Under the RCF and RFI

19.  IMF Extends Immediate Debt Service Relief for 28 Eligible Low-Income Countries for 6-months

20.  Reform of the International Debt Architecture is Urgently Needed

21.  African Development Bank Named to the Board of World Business Angels Investment Forum

22.  COVID-19's Negative Impact on Health and Education May Last Decades

23.  Opening Remarks at the 2020 International Conference on Sustainable Development

24.  World Bank Sets Ambitious Targets for Green and Resilient Economic Growth in Africa

25.  Supporting Migrants and Remittances as COVID-19 Rages On

26.  IMF Managing Director Georgieva's Remarks at the Global Steering Group Global Impact Summit

27.  Supporting Public Private Partnerships in Africa: AfDB Ready to Scale Up

28.  Event of the Finance Ministers on Financing for Development in the Era of COVID-19 and Beyond

29.  Nigeria in the Time of COVID-19 - Rising to the Challenge

30.  Final Communique of the 55th AGM of the Board of Governors of AfDB

31.  COVID-19: Without Help, Low-Income Developing Countries Risk a Lost Decade

32.  2020 Annual Meetings of the AfDB: A Renewed Commitment to Economic Resilience in Africa

33.  Tourism Trauma and COVID-19

34.  COVID-19: Youth Resilience is the Boost We Need Right Now

35.  External Sector Report: Global Imbalances and the COVID-19 Crisis


Proshare Nigeria Pvt. Ltd.

CMO Reports

1.       Nigeria: 2021 Full Year Outlook - Awaiting Dawn

2.       Bracing for a Different Future - Meristem Annual Outlook 2021

3.       2021 Economic Outlook - Light at The End of The Tunnel

4.       The Nigerian-British Chamber of Commerce 2021 Economic Outlook

5.       Q1 2021 FX Outlook: Risk-on Stages a Comeback

6.       Nigeria Economic Outlook 2021: A Shot at Recovery

7.       2021 Outlook - Is The Tunnel Getting Darker or Brighter

8.       Nigeria in 2021: Positioning in the New Normal

9.       Nigeria 2021 Outlook - Navigating Unsteady Terrain

10.  Nigeria FY 2021 Macroeconomic Outlook - A Break in the Clouds

11.  Nigeria 2021 Outlook: COVID-19 Recession and the Long Road to Economic Recovery

12.  Q4 2020 Economic Outlook: Out of Reverse and into Second Gear

13.  Nigerian Equity Market Outlook: COVID Out, Riots In?


 Proshare Nigeria Pvt. Ltd.

Related News on Reviews and Outlooks

1.       Candid Dialogue on Africa's Investment Landscape

2.      Negative Outlook for Sub-Saharan African Sovereigns as Debt Costs Will Intensify Post Pandemic

3.      The Nigerian-British Chamber of Commerce 2021 Economic Outlook

4.      Fitch Revises Coronation Merchant Bank's Outlook to Stable; Affirms IDR at 'B-'

5.      Moody's - Nigeria's Deficit and Debt to Stay High After Coronavirus and Oil Shocks

6.      Moody's Takes Ratings Actions on 32 Banks in Africa Following Update to Country Ceilings Methodology

7.      Risks to Nigerian Banks' Asset Quality Loom in 2021 and Beyond

8.      Moody's Announces Changes in Country Ceilings Following Methodology Update

9.      Fitch Ratings Sees Gradual Recovery for African Banks in 2021

10.   DCSL to hold its 13th Webinar Series Focused on the Year 2020 Business Review

11.    Uncertain Recovery: 10 Macro Trends That Will Shape 2021

12.   Fitch Affirms Seplat at 'B-'; Outlook Positive

13.   Agusto and Co Unveils its 2020 Consumer Digital Banking Satisfaction Index

 Proshare Nigeria Pvt. Ltd.


Related News on Monetary Policy

1.       Monetary and Interest Rate Policy in 2021: Going for Growth

2.      CBN to Sustain Expansionary Monetary Policy Till Q1, 2021 - Cordros Securities

3.      Ten MPC Members, One Shared Outlook

4.      Further Slowdown in PSCE Growth in November 2020

5.      Personal Statements By The MPC Members At The 133 MPC Meeting of Nov 23-24, 2020

6.      CBN Rolls the Dice to Tackle Market Liquidity and Dollar Dearth

7.      Implications of CBN's Introduction of Its Special Bills to the Market

8.      CBN Introduces Special Bills to Deepen the Financial Markets, An Additional Liquidity Mgmt Tool

9.      Faltering Increases in Private Sector Credit Expansion

10.   Post-November 2020 MPC View: Back to the Committee's Favoured Stance

11.    CBN Communique No. 133 of the MPC Meeting - Nov 23-24, 2020

12.   As Expected, MPC Retains All Key Parameters At The End of November 2020 Meeting

13.   Monetary Policy Committee Decision Preview: MPC Expected to Retain Policy Parameters - Access Bank

14.   A Pause to Reflect from the MPC

15.   LDR Policy: Over One Year After, Where Are We?

16.   Monetary Policy Response in Emerging Market Economies: Why Was it Different this Time?

17.    Endorsement of the CBN's Development Finance

18.   Slowdown in the Expansion of PSCE

19.   Personal Statements By The MPC Members At The 132 MPC Meeting of Sep 21-22, 2020

20.  MPC Surprise Rate Cut: Limited Impact on Credit Growth

21.   LDR Policy: Plausible But Insufficient to Stimulate Growth

22.  Banks Lend, the CBN Pushes Forbearance

23.  Low Liquidity Expected to Dampen Impact of Lower Rates

24.  Possible Implications of MPC's 100bps Policy Rate Cut

25.   CBN Communique No. 132 of the MPC Meeting - Sep 21-22, 2020

26.  CBN MPC Reduces MPR to 11.50%, Retains Other Parameters After Sept 2020 Meeting

27.   An Eye into Possible MPC Outcomes

28.  MPC Preview: Balancing FX Stability and Moderating Economic Contraction

29.  Several Pointers to Same Again From the MPC

30.  Implications of CBN's Downward Review of the Interest Rate on Savings Deposit

 Proshare Nigeria Pvt. Ltd.

Related News on Fiscal Policy

1.       Nigeria Fiscal Guide 2020

2.      SERAP Calls for Simplification of Government Processes for COVID-19 Management in Nigeria

3.      SERAP Calls for No Budget Allocation to MDAs That Fail to Remit to Federation Account

4.      FGN Revises Excise Regime and Removes Import Duty on Materials Used in The Production of Banknotes

5.      DMO Clarifies China's Loans to Nigeria; Economic Viability and Revenue Issues Left Out

6.      Taiwo Oyedele To Speak on Nigeria's Fiscal Sustainability Tomorrow on WebTV

7.      Suleyman Ndanusa To Speak on Nigeria's Revenue Diversification Tomorrow on WebTV

8.      Addendum to the 2020 - 2022 MTEF and Fiscal Strategy Paper

9.      LCCI Report Affirms Need for Fiscal Authorities to Act

10.   Framework for the Management of COVID-19 Funds in Nigeria under the Treasury Single Account

11.    COVID-19: Federal Government Exempts Medical Supplies from VAT and Import Duty

12.   Stimulant is Necessary but not Sufficient - FDC

13.   Fiscal Position: Still Critical but Temporary Panacea in Sight

14.   Pick and Mix in Nigeria's Response to the COVID-19 Virus - FBNQuest

15.   FG Adds to Armory for COVID-19 Showdown

16.   COVID-19: Federal Government of Nigeria Announces Fiscal Stimulus Measures

17.    Fiscal and Monetary Responses to COVID-19 Menace: Racing Against Time

18.   FG Launches Financial Transparency Policy Portal

19.   Treasury Single Account - The Puerto Rican Government Earned $49m in Interest Fiscal YTD

20.  Friedrich Hayek and The Price System: The Future Of Classical Liberalism and The Free Market

21.   Economic and Institutional Restructuring for the Next Nigeria - Soludo

22.  How Government Policy Affects Business , Society In National Development and Changing Environment

23.  Nigeria's Fiscal Quandary: A Revenue Problem Or A Debt Problem?

24.  Irrespective of Who Wins 2019 Elections, ERGP Should Be Sustained - Toyin Sanni

25.   2019-2021 MTEF and Fiscal Strategy - First Fiscal Projections Through to 2021

26.  Government Role In The Economy - Differentiating Policies And What Elections2019 Comes Down To

27.   Federal Government releases 2018 Fiscal Policy Measures

28.  Buhari Signs Bills Granting Financial Autonomy To State Assembly And Judiciary; Signs 3 Others

29.  NESG leads Discourse on Low Carbon Investments Opportunities in Nigeria

30.  NESG establishes Nigeria Fiscal Policy Roundtable to help boost government revenues

 Proshare Nigeria Pvt. Ltd.

Related News on Nigerian Economy

1.       Nigerian GDP Better Than Thought

2.      Inflation Spikes Despite Harvest and Land Border Re-opening

3.      Nigeria's Misery Index Rises as Inflation Reaches 15.75%

4.      FGN to Convert CBN Loans to Tradable Securities as Debt Soars

5.      Headline Inflation Increases by 15.75% YoY In December 2020, 0.86% Higher Than November 2020 Rate

6.      FGN's External Debt Service Obligations Reached a Total of US$507m in Q3 2020

7.      Nigeria's High Recurrent Costs, Low Revenue and Escalating Debt Numbers

8.      62.18% of Nigeria's Total Public Debt as of Q3 2020 Was Domestic - NBS

9.      Q4 2020 Macroeconomic and Markets Report - Growth Expectations Remain Gloomy for Nigerian Economy

10.   Rising Crude Oil Prices and the Nigerian Economy

11.    COVID-19 Containment and ESP Implementation Key for Nigeria's Economic Recovery - Prof. Akpan Ekpo

12.   Q3 2020 Debt Stock: World Bank Almost The Largest External Creditor

13.   Headline Inflation to Continue its Runaway Trend in December 2020

14.   FGN's Domestic Debt Service on a Plateau, Totalled N604bn in Q3 2020

15.   Naira Crawling Peg?

16.   PMI Reading No 93: A Seasonal High for the Year

17.    Nigeria's Public Debt Stock as of September 30, 2020 Stood at N32.22trn

18.   The Year 2020 in Retrospect: A Bleak Year for Households

19.   All Commodity Group Import Index Rose by 1.89% in Q3 2020 - NBS

20.  A Year in Two Charts

21.   PMI Readings Show Pessimism in the Month of December 2020

22.  FGN's Q3 2020 Deficit on Target, Spending Compressed

23.  CBN Poll: Respondent Firms Expect the Naira to Depreciate Next Month

24.  Economic Crisis to Sink 7million People into Poverty in Nigeria

25.   Revenue Collection Again Below Benchmark in Q3 2020

26.  CBN Poll: 60.8% of Respondents Believe Nigerian Economy would End Up Weaker if Prices Rise Faster

27.   Interest Rates on the Rise

28.  The Nigeria's FX Crisis: Overarching Consequences of Insecurity and Structural Deficiency

 Proshare Nigeria Pvt. Ltd.

Special Reports & Publications

1.      Oil and Gas: Working the New Normal in the Time of a Pandemic

2.     Banks in H1 2020: Imagining Beyond COVID-19

3.     Online Trading Ranking Report 2020 - Trading in a Period of a Virus; Building Good Habits

4.     Banks in H1 2020: Imagining Beyond COVID-19

5.     CEO Remuneration 2020 Report: Between 2019 and 2020; Understanding The New Realities

6.     Memo To AMCON: Nigerian Tax Payers are not Responsible for Repayment of Bad Debt

7.     Coronanomics (1) - Understanding the Realities of an Impending Recession

8.     Bank NPLs  - The Case for a New Industry Approach

9.     NCM2020 - Fin. MKT in Transition: Understanding Past Uncertainties; Preparing for New Possibilities

10.  Banks' H1 2019 Numbers: Top Line Growth, Bottom Line Uncertainty

11.   Budget 2019: The Hidden Monsters

12.  Surviving Uncertain Times in the Nigerian Financial Market

13.  The Rich, The Poor and Buharinomics

14.  Nigerian Banks- Performance - H1 2018

15.  AMCON and Financial Services Debt Burden in Nigeria

16.  Poverty Tracker and Nigeria: Raising The Red Flag

17.  POCKET Economics: Addressing Income Inequality

18.  The Silent Drug Epidemic: A Gathering Storm

19.  Judging IMF’s Position on Development Indices

20. Money Market: The Folk Road

21.  The Headache of Missing Targets

22. 2018 Outlook on the Nigerian Economy: The Need for an Even Keel

23. Nigeria External Economy and the White Noise of Import Dependency

24. States and the Rising Weight of Debt

25. Money Supply: Reeling from Policy Response


 Proshare Nigeria Pvt. Ltd.


 Proshare Nigeria Pvt. Ltd.


Related News