Monthly Archives: May 2018

Nigeria Fixed Income Weekly

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 […]

Nigeria Fixed Income Weekly

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 […]

Nigeria Fixed Income Weekly

The week that was (April 30-May 4) CBN tightens slightly: In a continuation of the slightly hawkish pattern from last week, the CBN continued to trying signal a floor for interest rates with another 5bps hike in OMO discount rates to 11% (effective: 11.4%) and 12.1% (effective: 13.2%) for the 3M and 9M bills respectively. […]

Nigeria Fixed Income Weekly

The week that was (April 23-27) CBN signals interest rate floor: Consistent with the pattern in recent weeks, debt markets continued to grapple with the gravitational pull of robust NGN liquidity levels which continued to leave Overnight/OBB rates at depressed levels of ~3%. However, markets reacted to a surprise increment of OMO discount rates by […]