Overnight interest rates have spiked to 50%p.a. because of Naira illiquidity and dollar availability. The disbursement of N350bn for capex by the FGN is coming at the most opportune time. The risk of a reversal in the forex market remains a potent threat.
With oil trading well below $50pb, we expect higher domestic commodity price volatility.
The attached bulletin addresses price movements in the domestic and global commodities market.
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