The week that was (November 27-30) – Divergent movements across the NGN yield curve: CBN wears the reluctant cap again: The CBN emitted more dovish tunes last week as it continued to lower the clearing rate of Open Market Operation (OMO) auctions (down 10bps) across the 3m and 6M tenors on offer and more importantly it […]

The Week That Was (November 20-24) Yields succumb to fresh bullish sentiment as CBN lowers OMO clearing rates: Rates declined across the NGN yield curve last week despite CBN gross issuance of N318billion in Open Market Operation (OMO) bills which was in excess of the N200billion in OMO bill maturities. Beyond market concerns over the […]

I begin this review with an apology to my readers for the ‘radio silence’ over the last two weeks, I was away on a road trip and a period of intense activity followed but I can assure you that regular service is back. In my absence, the Naira yield curve continued to inch southwards driven […]

The week that was (October 23-27) – Tight liquidity conditions drives yields modestly higher CBN’s renewed onslaught on liquidity amid thin maturities nudges rates higher: In a continuing pattern from the prior week, the CBN maintained its assault on NGN liquidity with issuance of N181billion worth of OMO bills as against N93billion in maturities which […]

The week that was (October 15-20) – Divergent trends across the curve CBN’s liquidity curbing antics drives short dated rates higher: In a continuation from last week, the CBN continued to slowly clamp down on system liquidity with issuance of N184billion worth of OMO bills as against N166billion in maturities which nudged benchmark Nigerian Treasury […]

The week that was (October 09-13) – A tale of two curves Thin liquidity levels and CBN aggression drives short dated rates higher: Coming into the week, a relatively thin maturity profile over the week (N62billion) hinted at likely scope for rates to trend higher. Furthermore, with no planned government borrowings, there was sufficient scope […]

The week that was (October 03-06) – Foreign participation and diminishing supply lengthens debt market rally Elevated liquidity continues to drive bullish sentiment: Despite an uptick in CBN OMO bill issuance with N422billion issued last week (as against N283billion in maturities), rates along the NGN yield curve continued to head south. Yields on benchmark Nigerian […]