Harmattan

₦1.908tn Bid, ₦71.16bn Sold

Treasury bills drew ₦1.908tn in bids and sold ₦71.16bn, while equities traded ₦241bn in five sessions.

Nov 4 • Harmattan

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1

October 2026

₦63 Trillion at the Offer Price, in a ₦165 Trillion Market

The index gained 3.29% in five sessions. At the offer price, Dangote Refinery's existing shares would equal 38% of today's exchange.

Oct 28 • Harmattan

2

1

Treble in Ten Years, Smaller in Real Terms

The new master plan needs 11.6% a year to hit ₦750tn by 2036. Inflation ran at 14.63% in September. Do the arithmetic.

Oct 22 • Harmattan

1

1

Nine Months of Numbers, Two More Weeks

Dangote reported $4.73bn of nine-month profit on the day its offer was due to close. Kenya's receipts draw on the same 4.1bn shares.

Oct 14 • Harmattan

1

1

Three Per Cent of a Giant

The prospectus values the refinery at ₦65.22tn. The public gets about 3.3%, and one Mauritius vehicle may take a quarter of that.

Oct 7 • Harmattan

1

September 2026

We Did Not Ease

A week after cutting rates, the CBN sold ₦4.7tn of its own bills and drained ₦2.25tn from the banks. Lending rates have not moved.

Sep 30 • Harmattan

1

350 on Paper, 200 in Practice

The CBN cut its policy rate 350 basis points, but the floor banks actually price from moved 200. Savers feel the rest.

Sep 24 • Harmattan

1

Two Central Banks, Two Directions

The Fed raised for the first time since 2023. Nigeria cut for the third auction running. Both were reacting to the same barrel.

Sep 17 • Harmattan

2

1

The Company That Will Be Worth Half the Market

Dangote's prospectus lands, the index goes nowhere, and the sovereign's own paper still starts at fifty million.

Sep 10 • Harmattan

1

Moody's Turned Positive. The Bond Market Turned the Other Way.

Nigeria won a better outlook, a stronger currency and its best growth print in a year. Then global yields hit a fifteen year high.

Sep 3 • Harmattan

1

August 2026