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 […]

The week that was (Sept 25-29) – Dovish MPC signals induce strong duration buying Mixed patterns across the yield curve: The two segments of the NGN yield curve moved in different directions as short dated yields closed the week higher than the prior week with benchmark tenors up on average 50bps: 91-day (discount: 18.16, effective […]

As is customary ahead of the start of its two day monetary policy retreat for September 2017, the Central Bank of Nigeria (CBN) released the personal statements of members of the monetary policy committee (MPC) from the July meeting. In one of the statements, Dr. Doyin Salami, stated that the apex bank has been running […]

The week that was (Sept 18-22) – Lukewarm CBN stance on liquidity triggers strong buying across the curve Bulging liquidity drives downward shift in the yield curve: In line with the declining pattern since the end of August, the Naira yield curve continued to drop as a passive CBN approach to system liquidity continued to […]

The week that was (Sept 11-15) – Build-up in system liquidity induces strong buying across the yield curve Yield curve succumbs to mounting liquidity: Last week, the Naira yield curve declined across board as the CBN stood askance for the second consecutive week, allowing a build-up in system liquidity to trigger strong buying activity. For […]

The week that was (Sept 5-8) – Yield declines on improved liquidity Switch in OMO tenors and higher system liquidity drives yields lower: Benchmark Nigerian Treasury Bill (NTB) yields declined 63bps on average to 18.55% (91-day), 19.09% (182-day) and 21.02% (1yr) owing to a combination of improved system liquidity and market response to CBN signals […]