Monthly Archives: January 2019

Nigeria Fixed Income and FX Market Weekly

The Week that was (January 21-25): CBN net withdraws liquidity driving front end higher, long end rises in response to the prospect of higher fiscal supply MPC post-mortem – nothing to see here: The CBN held its first monetary policy committee meeting for 2019 and as expected it retained the status quo by a unanimous […]

Nigeria Fixed Income Weekly

The Week that was (January 14-January 18): Lower securities issuance and higher offshore demand drives yields lower Higher system liquidity drives rates lower: Due to higher OMO bill maturities as well inflows from bond coupon payments (NGN103billion), the financial system was liquid over the week which resulted in a drop in OBB/Overnight rates to 15.33/16.17 […]

Nigeria Fixed Income Weekly

The Week that was (January 7-11): CBN’s attack on system liquidity nudges short dated interest rates higher Liquidity conditions remain tight: Last week, CBN continued its offensive on the level of Naira liquidity with total OMO bill sale of NGN365billion (15% of which were STABS). The tight liquidity conditions meant that the thermometers of interbank […]