This year US$18.79bn has flowed into the NAFEX market with Foreign Portfolio Investment accounting for 65.40% of inflows . The CBN’s supply of US dollars to the NAFEX market has been 3.02% of inflows . In effect, FPI is supplying sufficient US dollars to take the pressure off the CBN, hence our confidence that the exchange rate will hold this year. And the CBN has new-found confidence to target growth.
Last week saw the listing of Airtel Africa which closed the week at N323.50/share, down 18.98% from its listing price of N363.00/share. Such a reception continues to show weak investor sentiment in the market. While investors maintain a cautious stance on investing in equities, some stocks are trading close to multi-year lows and present a good entry point for investors, in our view.
In fact, on 4 July the cost of overnight loans between banks fell to its lowest this year suggesting that for a given level of liquidity mop-up by the CBN, banks are willing to lend to themselves at cheaper rates than before. During H2 2018, this relationship was upward trending .
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