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The week that was (July 3-7) – CBN tapers OMO clearing rates as the 6M paper cracks under pressure 182-day paper leads NTB yields lower while bonds continue to stand pat: The dichotomy across the NGN yield curve continued last week as short dated Nigerian Treasury Bill (NTB) yields closed lower while the yields on Federal […]


At the last MPC, the Central Bank of Nigeria left all policy parameters unchanged electing to ignore a wave of articles calling for a naira devaluation despite clear signals from President Muhammadu Buhari about maintaining the status quo on the currency. As usual my favourite MPC member had a lot to say. Please enjoy his […]

Bricklayer’s Explanation of N10 Reduction in Fuel Price

Oddly though, the Minister of Finance, Ngozi Okonjo-Iweala, had insisted in December that Nigeria would not reduce the pump price of fuel despite falling oil prices, until the revenue crisis caused by the dwindling oil rates is over. What led to this policy reversal?

Lessons from Japan

Hello I was looking at a chart showing the performance of the Japanese yen two days ago. Curiously the yen seemed to mimic the performance of main equity index in Japan – Nikkei 225. Here is the chart below Figure 1: JPYUSD vs. Nikkei 225 Source: Bloomberg The yen has shot up roughly 35% since […]

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