Author Archives: wallesmit

The West African Fixed Income Weekly – Ghana Edition

After over six months of providing weekly updates on Nigerian fixed income, today I will begin expanding coverage to include developments across the wider West African sub-region and in particular Ghana and the West African Economic and Monetary Union (WAEMU) franc region which is made up of eight countries (Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, […]

Nigeria Fixed Income Weekly

(The week that was Feb 19-23) Yields slide on improved system liquidity: After climbing at the start of the week due to an aggressive CBN posture with OMO issuance of NGN120billion as against maturities of NGN56billion, yields pulled back after the DMO displayed some cost sensitivity at the monthly bond auction and FAAC inflows came […]

November 2017 MPC – Abdul Ganiyu Garba

My favourite MPC member had a lot to say at his last monetary policy meeting. Hope you enjoy it. GARBA, ABDUL-GANIYU Decision My vote is similar to the one I offered in my September 2017 personal statement except that instead of a 50 basis point rate cut, I vote to reduce the MPR by 100 […]

Nigeria Fixed Income Weekly

Playing catch-up (February 1- February 16) Yield curve starting to invert again? In contrast to a flattening pattern over December 2017, the Naira yield curve started to invert over January 2018 with short dated Nigerian Treasury Bills (NTB) yields rising on average 21bps to close the period at 13.6-15.6% — with the 3M bill up […]

Nigeria Fixed Income Weekly

The fortnight that was (Jan 2- 12) – Catching a falling knife Welcome to 2018 and signing back in from the holidays so I will do a wrap-up of the first two weeks. Debt markets open up to fresh bullish activity: Following the strong close to 2017 and recent up-move in oil prices to $70/b […]

Towards Petrol Price Deregulation in Nigeria

…Nations sometimes do manage to adopt efficient institutions and achieve prosperity, but alas, these are the rare cases…To understand this, you have to go beyond economics and expert advice, instead, study how decisions get made, who gets to make them, and why these people decide to do what they do. This is the study of […]

Nigeria Fixed Income Weekly

The week that was (December 18-22) CBN resumption of OMO issuance triggers profit-taking: In the penultimate week of trading in 2017, the CBN returned to calm fixed income markets with OMO bill issuance of N353billion across 3M and 6M tenors at respective marginal clearing rates of 13.2% (effective: 13.65%) and 14.9% (effective 16.69%).  Though system […]