Breakfast Report - 31 October 2022
| The Central Bank of Nigeria (CBN) Governor announced last week that it will issue new Naira banknotes. The new bank notes (₦200, ₦500, and ₦1000 denominations) will be introduced in December 2022, and the old notes will be phased out by January 2023. According to the Governor, the decision was taken to tackle significant hoarding by members of the public, worsening shortage of clean banknotes, and increased ease of counterfeiting. Bank charges for cash deposits are statutorily suspended during the exchange window. | |||||
| Equity: In the short-term, we still expect earnings results to dictate market direction, as investors continue to trade cautiously. | |||||
| Fixed Income: We anticipate a mixed start to market activity this week, as investors await the latest batch of economic data. Meanwhile, we expect system liquidity to dictate activity across the T-bills segment. |
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