Investor Presentaiton
Benign improvement in operating environment
Welcomed growth, though slow
18.17
17.75
15.75
13.71
12.0
12.26
12.56
11.2
2.28
2.55
1.87
0.11
0.51
Increase in oil price helps to stabilise reserves
Appendix
-3.62
-6.1
Q3 19
Q4 19
Q1 20
Q2 20
Q3 20
Q4 20
Q1 21
Q2 21
Q3 19
GDP rate
Inflation rate
Q4 19 Q1 20
External reserve (USD billion)
Q2 20 Q3 20
Brent oil price (USD/pb)
Q4 20
Q1 21 Q2 21
Crude oil production (mbpd)
Upward reversal in fixed income yields
Convergence of the CBN rate and NAFEX
15.3
14.4
13.1
10.8
12.2
10.6
10.6
503
486
475
460
465.
11.2
410
409
412
9.5
415
387
386
9.1
7.5
362
365
386
5.6
5.6
3.2
4.9
5.8
3.7
4.0
3.5
4.9
360
360
3.1
2.5
1.0
1.7
3.5
361
361
380
380
380
3.2
2.1
1.7
0.4
307
307
1.3
0.5
1.0
Q3 19
Q4 19
Q1 20
Q2 20
Q3 20
Q4 20
Q1 21
Q2 21
Average 91 days T/bills yield
Average 182 days T/bills yield
Q3 19
Q4 19
Q1 20
Q2 20
Q3 20
Q4 20
Q1 21
Q2 21
CBN Rate
- Parallel Market
NAFEX
Average 1 year T/bills yield
3 year bond yield
Data source: CBN, NBS, OPEC, Abokifx and FBNHoldings Investor Relations
* Crude oil production and GDP growth is obtained from NBS, but Q2 2021 data is yet to be
published
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