• The CBN is expected to raise Treasury Bills rates this week to further slowdown foreign portfolio outflows. The CBN will auction debt instruments worth ₦150.60 billion via the primary market tomorrow with ₦22.73 billion, ₦24.80 billion, and ₦10.07 billion worth bills of 91-day, 182-day, and 364-day respectively. T-bills worth ₦594.36 billion will mature via the primary and secondary markets on Thursday. However, analysts at Afrinvest expect money market rates to remain within the single digit band as liquidity levels remain robust while CBN is expected to sustain its weekly OMO mop ups in the week.
  • The Kano state government has donated ₦10 million to the organisers of the National Anti-Corruption Marathon. State governor, Abdullahi Umar Ganduje, said that the EFCC, ICPC, Athletic Federation of Nigeria, and other stakeholders organised the first National Anti-Corruption Marathon, in honour of President Muhammadu Buhari, for his fight against corruption. Announcing the donation when he received members of the main organising committee in Abuja, Governor Ganduje promised that the Kano state Public Complaints and Anti Corruption Commission would collaborate with the organisers, as an official partner, to ensure success of the event. He said his administration was not only engaged in sensitising the citizenry on the evils of corruption but also reorganised and strengthened its anti-corruption agency to offer optimal professional services. Ganduje said that as a result of the renewed professional and vigour of the state Anti-corruption agency, highly placed individuals in the state civil service and a commissioner were removed and prosecuted for involvement in fraudulent practices.
  • A Premium Times report says that at least ₦121 billion of the ₦242 billion approved for the 2019 general elections by federal lawmakers will be drawn from the ₦500 billion allocated to the Special Intervention Programme, a fund set aside for the social safety programmes of the Buhari government. An unnamed presidency officer told the newspaper lawmakers picked on the cash as the best source of funding for the elections. The Senate had, on November 7, approved a ₦242 billion virement for INEC and other agencies for the conduct of the 2019 general election.
  • MTN Nigeria’s readiness to launch mobile banking has sent shivers through the banking industry. Sources within the industry said that banks are worried following the telecommunication companies’ application for Payment Service Bank licence. The MTN announcement, which came in the wake of the CBN’s release of guidelines on PSBs, would make the business environment, which was already tough for lenders, even tougher. MTN, with its over 50 million subscriber base already has an edge over banks, a senior industry player said.