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 […]
Starting today, I will start posting my personal views on developments in the Nigerian fixed income market at the start of every week. Hopefully this should get me blogging more frequently. Hope you enjoy this. Do leave comments on anything from writing style to your views on developments. The idea is to create a discussion […]
Last week, the International Monetary Fund (IMF) released its Article IV report on Nigeria, which essentially is the international agency’s review of key macroeconomic developments in Nigeria over 2016 and its recommendations for policy makers on how to manage the economy in the near and medium term. The report, which can be assessed here, is […]
No single exchange rate regime is appropriate for all countries in all circumstances. Countries will have to weigh the costs and benefits of floating in light of both their economic and their institutional readiness.
Last week the monetary policy committee (MPC) of the Central Bank of Nigeria voted to leave its key policy rate unchanged at the record 14% level despite fresh data on Monday indicating that the economy shrank for the third consecutive quarter. Not that this was unexpected as a Bloomberg poll of economists all expected no […]
Over the last few months I’ve been reading the book Stress Test by Former US Treasury Secretary Tim Geithner – written about the 2008-2009 global financial crises from his perspective as the head of the New York Fed and later as Obama’s finance minister. The central idea is that financial crises world over share a […]
The decision by the Central Bank of Nigeria (CBN) to adopt a flexible exchange rate regime in May sparked a mixed bag of responses largely positive and domestic equity markets rallied. As with a lot of things, the apex bank Governor nearly managed to snatch defeat from the jaws of victory by hinting at a […]