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One moment, the USD is losing value and investors are considering gold. Befofe you know it, the greenback is roaring again.
Recently, I expressed my dissatisfaction about the loan the FGN took from the Abu Dhabi bank. The update below is one of the major concerns.
Three things about that facility:
▪︎ Nigeria borrowed through a Total Return Swap (TRS) rather than a conventional loan.
▪︎ The pricing is approximately SOFR + 395 bps on the first tranche (and SOFR + 400 bps thereafter).
▪︎ Nigeria posts naira-denominated government
securities worth about 133% of the loan amount as collateral.
Higher US interest rates means higher SOFR rate which raises the borrowing costs.
Higher US interest rates usually attract capital into dollar assets. That tends to strengthen the dollar globally. The domestic FX market will feel it, and that will force the hands of the CBN. This leads us to the next headache.
Nigeria pledged naira government securities as collateral. If domestic rates rise, the price of the Nigerian bonds fall and this means that the value of the collateral falls. That is effectively a margin call. Nigeria would then need to provide additional collateral or cash.
The Abu Dhabi bank will be well protected, The Nigerian citizens will not be.
Day 2. What exactly is the purpose of government if it doesn’t understand that every extra day weakens its negotiating position? Or is there an attempt for us to forget this entirely?
You have already failed the people by not protecting them. At least, make haste to find a solution and reflect against repeated occurrences.
#RescueOriire
The terror these children and their teachers must feel, being in the middle of a forest, afraid for their lives, exposed to the elements, hoping to be rescued 💔
posting feels inadequate but it's better than forgetting them or looking away. God abeg
They are unsheltered, malnourished, mentally, physically and psychologically abused in ways we cannot even imagine! Their only crime is going to school to learn. 35 DAYS!!!💔💔
34 days ago, children and teachers were abducted from Oriire communities. While the news cycle moves on, families are still living with fear, pain, and uncertainty.
We must not go silent. Keep the pressure on. Demand action. Bring them home. #RescueOriire#BringThemHome
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Q: Why is it so easy to criticise and have a plan till you get into government? 🤔
A: Because outside govt, you see the problem in straight lines. Inside government, you meet the maze.
From outside, failure often looks like a lack of will, competence, courage, or integrity. Sometimes it is. But inside government, plans meet weak institutions, inherited liabilities, vested interests, procurement rules, courts, legislators, budget limits, security realities, civil service inertia, and the politics of timing.
Culture happens, stories begin and self-preservation agendas find life.
The easiest sentence in public life is: “They should just fix it.” The harder truth is that the state is not one person with one button. It is a network of laws, interests, fears, incentives, sabotage, capacity gaps, and consequences.
Still, complexity is not an excuse for failure. Government exists to organise complexity into results. The real test of leadership is whether a plan survives contact with reality, adapts without losing its moral centre, and delivers relief citizens can feel.
So, I have learnt to appreciate progress, momentum and incremental gains..... not the eldorado version.
Yet, criticism keeps power honest, but getting results for desired governance requires more than criticism. It requires getting involved, sequencing, coalition-building, courage, competence, communication, and the humility to accept that the problem was deeper than the slogan.
The code is to win by knowing when to lose, win or compromise.
On a scale we can all relate wirh, we should for example know that the wedding, of which we priotise expenses with, is just an event, while the marriage remains the institution of priority. Even within this family arrangement, optimising value reflects similar challenges.😔 You can read this in a way you get the message.
Be ye circumspect.....
Grim mood around Ogbomoso with points of caution everywhere. The first 24 hours in such situation is so important to at least put helicopters around the perimeter and then try a swarm of low-noise thermal drones at the first night which can detect human movement at night. A very local police station in the US has this basic tool to scan forested areas. I have seen it in action.
There's just mediocrity that permeates government; the kind of mediocrity that doesn't have foresight. A few months ago, some park rangers were attacked and there's a clear modus operandi of terrorists using vast forest area as cover.
So why can't we have a thinking government to understand that the Old Oyo National Park periphery needs extra attention? It's just unfortunate that poor souls will suffer the consequences of poor governance. The South West has now been infiltrated with evil people, with path dependency theories, it would take a lot of deliberate leadership to stem terrorism. Look at how many years, yet Borno has not found relief. This requires emergency measures. This is too sad and unfortunate.
#RescueOriire
Today is children’s day, but 46 innocent children learning in their classrooms in Ogbomosho, Oyo state were kidnapped by gunmen.
It’s been two painful weeks already and these children are still not home with their families, suffering out there in the cold and enduring fear and uncertainty that no child should ever know.
This is a National crisis and the government must use every resource necessary to bring these children home. Nothing else matters in this moment.
We owe our children a safer country.
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Nigerian Treasury Bills Primary Market Auction Summary – 06 May 2026
The Central Bank of Nigeria conducted the Treasury Bills Primary Market Auction on 06 May 2026, with demand again strongest on the 364-day bill, while stop rates edged lower across all three tenors.
Auction Summary
The 91-day bill recorded subscriptions of about ₦71.23 billion against an offer of ₦100 billion, with ₦63.58 billion allotted, reflecting weak demand at the short end.
The 182-day bill attracted ₦105.34 billion in subscriptions compared to the ₦50 billion offered, while ₦67.68 billion was allotted, showing healthy interest in the mid-tenor segment.
Demand remained strongest for the 364-day bill, which recorded subscriptions of about ₦2.23 trillion against an offer of ₦550 billion, with ₦600.49 billion allotted, underscoring sustained investor appetite for longer-dated government securities.
Key Highlights
91-day: Stop rate 15.949% (↓ 0.001%) | True yield ~16.62%
182-day: Stop rate 16.14% (↓ 0.05%) | True yield ~17.57%
364-day: Stop rate 16.15% (↓ 0.049%) | True yield ~19.26%
Market Insight
Investor demand remained heavily concentrated on the 364-day bill, as participants continued to favour longer-tenor instruments to lock in attractive risk-free yields.
Stop rates declined slightly across all tenors, suggesting continued liquidity in the market and sustained demand for government securities. The relatively weak subscription on the 91-day bill also shows that investor interest remains more selective at the short end of the curve.
@finplankaluaja1@BBoason@togunjobiTVC@Rotankwot@proshare
#getfinanceandinvestmenttips #investing #investment #drayodejiebo #ayodejiebo #PMA #Treasurybills #auction
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