Nigeria: CBN's elevated funding to the government increases risk to the naira
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Lending from the Central Bank of Nigeria to the federal government hit NGN20tn (US$45bn) in H1 22 – 11% of GDP
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Persistent backdoor funding to the government negates the central bank's efforts to tame inflation and salvage the naira
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Investors are likely to continue to book negative real returns on investments as yields remain suppressed
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.