The week that was (April 30-May 4) CBN tightens slightly: In a continuation of the slightly hawkish pattern from last week, the CBN continued to trying signal a floor for interest rates with another 5bps hike in OMO discount rates to 11% (effective: 11.4%) and 12.1% (effective: 13.2%) for the 3M and 9M bills respectively. […]

The week that was (April 23-27) CBN signals interest rate floor: Consistent with the pattern in recent weeks, debt markets continued to grapple with the gravitational pull of robust NGN liquidity levels which continued to leave Overnight/OBB rates at depressed levels of ~3%. However, markets reacted to a surprise increment of OMO discount rates by […]

The week that was (April 16-20) CBN lowers OMO clearing rates again: As I noted last week, markets rising liquidity levels, which continue to keep overnight borrowing rates at 3%, would continue to underpin downward pressure on the NGN yield curve. Furthermore, the recent rise in oil prices which now seem to be clearing a […]

The week that was (April 9-13) CBN lowers OMO clearing rates: In response the continued downtrend in the inflation rate, the CBN lowered discount rates at the Open Market Operations (OMO) bill auction to 12.2% (previously 12.6%) and 13.99% (previously 14.4%). At the auction, the CBN sterilized NGN500billion, relative to OMO maturities of NGN476billion, which […]

Yields succumb to bulging liquidity as CBN blinks..: A heady week for Nigerian debt markets which opened up burdened by a liquidity surfeit following the temporary pause in Open Market Operations (OMO) bill issuance by the CBN. At some point, system liquidity neared NGN1trillion following FAAC inflows which held OBB/Overnight rates down at 3-4% and […]

The week that was (March 26-29) CBN halts OMO issuances again setting off bullish NTB activity: As I noted in the prior week that the absence of any natural paper supply meant that markets were likely to grapple with a rise in system liquidity with FAAC and OMO maturities of NGN189billion. Little did I know […]

Before I press ahead I would like to apologise for skipping the Ghana FI weekly last week, so this week’s version will recap events over the last two weeks. The fortnight that was (March 19-30) PMA rates closed March lower on robust demand: Relative to planned offer of GHS2.2billion, the Government of Ghana (GoG) sold […]