Monthly Archives: November 2018
Nigeria Fixed Income Weekly
The Week that was (November 19-23): – Yields decline as CBN dials down on tightening rhetoric CBN holds, but largely subdued tone at the MPC: At the last monetary policy meeting in 2018, the CBN opted to hold all policy parameters by a unanimous decision contrary to my expectations for a small hike. Even more, […]
Nigeria Fixed Income Weekly
The Week that was (November 12-16): – CBN’s liquidity tightening continues to underpin higher rates CBN maintains hawkish stance on system liquidity: For the second week running CBN continued on the path of liquidity tightening with OMO bill sales of NGN451billion in excess of OMO bill maturities of NGN424billion. This resulted in a rise in […]
Nigeria Fixed Income Weekly
Nigeria Fixed Income Weekly The Week that was (November 5-9): – CBN liquidity tightening drives interest rates higher CBN doubles down on liquidity tightening with two OMO auctions: Though coming into the week, the maturity profile appeared tame with only OMO maturities of NGN376billion, the money market opened to a surge in system liquidity as […]
Nigeria Fixed Income Weekly
The Week that was (October 29-November 2): – Yield curve inversion deepens CBN holds OMO rates constant but switches to net liquidity withdrawal: In a reverse from the prior weekly pattern of net liquidity injections, the CBN switched to net liquidity sterilization last week with issuance of NGN518billion of OMO bills relative to only OMO […]
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