Nigeria Fixed Income Weekly The Week that was (January 25-29, 2021) The main highlights of last week were the first monetary policy meeting of 2021, the NTB auction and continued bearish trends across bond markets. An ultra-dovish MPC :  Despite the sell-off across debt markets, the dovish signals from Nigeria’s economic managers were re-echoed at […]

The Week that was (January 18-22, 2021) The main highlight of last week was the result of the monthly bond auction, where the DMO signaled an unwillingness to pay higher interest rates for borrowings. Nevertheless, debt markets have remained fervently bearish all through the week with implied term premiums now at elevated levels. Between Nigeria’s […]

The Week that was (January 11-15, 2021) The week was all about action on the long end of the Naira yield curve, where bears pushed interest rates higher in expectation of higher government borrowings. However, the DMO stunned everyone by revealing a strong hand at the PMA and with the Q1 2021 borrowing calendar. Inflation […]

The Week that was (January 4-8, 2021) A pretty uneventful week as investors slowly get out of the holiday blues into a new year. Low trading volumes characterized the first week of 2021 across debt and currency markets, though robust system liquidity in the former triggered another CRR debit by the CBN. On the currency […]

The Week that was (December 29-31 2020) A short week with limited trading, big news is the CBN move on the USDNGN at the end of the year, President Buhari’s assent to the 2021 budget and money supply data through the end of November. CBN weakens the Naira: Following the stealth 2-3 percent devaluation in […]