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FMDQ turnover hits N496.61 trillion in eight months, FX, OMO leads

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  Cumulative turnover of Nigeria’s fixed-income and foreign-exchange transactions on FMDQ Exchange rose 16.43% to N496.61 trillion in the first eight months of 2026, up from N426.51 trillion recorded in the first seven months, with FX trading and government securities dominating activity. This indicates that FMDQ Exchange’s aggregate turnover rose by N70.10 trillion between the end of July and the end of August 2026, according to FMDQ Exchange’s monthly newsletter. Nairametrics analysis of transaction data captured in the latest edition of FMDQ monthly newsletter shows top 10 dealing member banks controlling 75.94% of overall turnover while recording an average daily turnover of N3.066 trillion ($2.234 billion per business day) across 162 trading days in January-July. Although the origin of the heavy inflows was not explicitly stated, t he Central Bank of Nigeria’s (CBN) First Quarter (Q1) 2026 Economic Report , the latest of the 2026 series, suggests that part of the N496.61 tril...
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NTB stop rates crash across tenors after CBN’s 350bps rate cut; see new rates

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  The Debt Management Office (DMO), in conjunction with the CBN, sharply cut stop rates across all three Treasury Bills (NTB) tenors at its Wednesday, September 23, 2026, primary market auction, a day after the Central Bank of Nigeria (CBN) cut its Monetary Policy Rate by 350 basis points to 23.00%. The DMO, with the CBN, allotted N497.59 billion against an offer size of N600 billion, despite massive N4.23 trillion in subscriptions across the three tenors. The 364-day bill accounted for N4.09 trillion, or roughly 97% of total demand, even as its stop rate fell 73 basis points to 15.89%. The results show a rapid repricing of government securities following the CBN’s move toward monetary easing, reversing the elevated yield environment seen through July and August. NTB stop rates plunge after CBN cut The three Treasury Bills recorded substantial declines in stop rates at the auction, with the 91-day bill recording the largest cut of 80 basis points. The 182-day and 364-day bills foll...
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Naira may depreciate following CBN’s 350bps rate cut – Rewane

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  The naira may face depreciation pressure following the Central Bank of Nigeria’s (CBN) decision to cut the Monetary Policy Rate (MPR) by 350 basis points to 23%, according to Bismarck Rewane, Managing Director of Financial Derivatives Company. Speaking on Channels Television, Rewane described the reduction from 26.5% as a “jumbo cut” and said it could affect the attractiveness of naira-denominated assets, savings and investment flows. He also highlighted potential benefits for government debt servicing and corporate performance, while calling for stronger fiscal consolidation. Naira may face depreciation pressure Rewane said the 350-basis-point reduction was significant and could affect the attractiveness of naira-denominated assets to investors. “So it’s a jumbo cut from 26.5% to 23%, 350 basis points is huge by any stretch of imagination. So that’s a big risk,” he said. He noted that the immediate reaction in the foreign exchange market had been relatively muted, with the nair...
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IMF warns financial shocks alone do not justify FX intervention

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  The International Monetary Fund (IMF) has cautioned that evidence of financial shocks in foreign exchange markets does not, on its own, justify central bank intervention, stressing the need for a broader assessment of market conditions and potential policy costs. In a Staff Discussion Note titled Drivers of Exchange Rates in EMDEs: Implications for Foreign Exchange Intervention, the IMF outlines a framework to help policymakers distinguish exchange rate movements driven by macroeconomic fundamentals from those caused by financial shocks and market amplification. The note argues that while exchange rate flexibility generally supports economic adjustment, market frictions can sometimes trigger destabilising currency movements, even when domestic fundamentals remain sound. What the IMF is saying The IMF’s framework uses monthly macrofinancial data, theoretical models and evidence from real-world episodes to assess the drivers of exchange rate movements in emerging market and develop...
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Naira holds strong against the pound post-CBN rate slash

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  The naira maintained its bullish momentum against the British pound despite the recent interest-rate cut by Nigeria’s Central Bank. The CBN’s latest data highlighted British pound-to-Nigerian-naira (GBP/NGN) exchange rate settled at approximately N1,762/£ at the mid-week trading session in the official market. The British currency has weakened over the past several weeks, declining from early-September levels near N1,800/£ to the mid-N1,750/£ range. The pair was trading near N1,948/£, at the beginning of the year, indicating that the naira has experienced periods of consolidation or relative strength against the pound compared with the pair’s historically extreme volatility, although it remains influenced by macroeconomic fundamentals in both economies. The Nigerian currency’s strength and recovery against major currencies, including the Sterling, can be attributed to a combination of market interventions by specific participants and domestic buffers, despite monetary easing and ...
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Renting Is $1,066 Cheaper Per Month Than Buying and Investing It Pays Off (August Rent Report)

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  According to the Zillow Observed Rent Index, the typical U.S. rent is $1,948 a month. The typical new home buyer's monthly payment is $3,014, a difference of $1,066 a month or $12,792 a year. By investing the monthly difference between renting and owning, renters can earn an additional $322 in the first year, compounding to $8,041 over five years. The savings are most dramatic in high-cost coastal markets. San Jose renters typically pay $94,596 less than buyers in a year and can earn an additional $2,381 by investing those savings.  In August, the typical renter paid $1,066 less per month than the typical home buyer. Rent was $1,948 while the typical mortgage payment plus taxes and insurance totaled $3,014 1 — a gap that has grown as mortgage costs have risen faster than rents. For renters who can set that difference aside, it could translate into meaningful long-term savings.  Consider what that monthly difference can become. At $1,066 a month, renters save $12,792 a ...
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