The Week that was (July 2-6):  – Offshore bears continue to drive yields higher, CBN remains passive Offshore selling fuels bearish sentiment in bonds market: Continuing from last week, foreign sellers continued their retreat from Nigeria’s debt markets ahead of the 2019 elections and spurred by the recent turmoil across emerging and frontier markets. That […]

The Week that was (June 25-29):  – Offshore bears and thinner system liquidity combines to drive rates higher Offshore selling fuels bearish sentiment in debt market: Continuing from last week, foreign investors continued to exit Nigeria’s bond markets with the sales driving a further uptrend in yields (up 20-30ps on average) especially at the long […]

The Week that was (June 19-22):  – CBN remains on the sidelines, foreign sell-off drives bond yields higher CBN remained passive towards system liquidity: Though the CBN opened the week with an OMO auction to lap up the excess liquidity after last week’s no show, the amount NGN136billion of OMO sales paled in comparison to […]

The Week that was (June 11-14):  – CBN’s no-show stuns debt markets driving yields lower CBN wrong foots markets sending interest rates south: Last week was eventful – in between the World Cup kicking off in Russia and the long awaited US-North Korea talks which ended in a whimper, the US Federal Reserve hiked rates […]

The Week that was (June 4-8):  – CBN tightens but market liquidity remains robust CBN continues to sap system liquidity but to limited effect : The CBN continued to move against excess system liquidity as it issued NGN232billion worth of OMO bills which is in excess of OMO maturities of NGN215billion. This net issue had […]

The Week that was (May 21-25) – The voice of tightening, the body of loosening CBN changes tack on monetary easing: No surprises last week as the CBN held rates at 14% and other policy parameters constant by 8-1 vote with the dissenting member (obviously one of the new independents) asking for a 50bps rate […]

Apologies to regular readers of the site. Starting from this week, in conjunction with Nairametrics, we began publishing the Fixed Income Weekly to their distribution mailing list. The Week that was (May 7- 11) – CBN picks up the tightening gauntlet Rates rise as CBN hardens its resolve on tightening: Continuing a pattern observed in […]