In a dramatic turn of events, interest rates across all segments of Nigeria’s fixed income markets collapsed last week following the announcement by the Debt Management Office (DMO) that it would repay N198billion in maturing Nigerian Treasury Bill (NTB) obligations. In the aftermath of the DMO notice, short dated interest rates plummeted by 365basis points […]

The week that was (December 11-15) – Maturity build-up drives a collapse in yields DMO repayment drives yield curve compression: Against a backdrop of rising system liquidity following CBN’s cessation of OMO bill issuance, rates declined across the Naira yield curve in the aftermath of an announcement by the Debt Management Office (DMO), that it […]

The week that was (November 27-30) – Divergent movements across the NGN yield curve: CBN wears the reluctant cap again: The CBN emitted more dovish tunes last week as it continued to lower the clearing rate of Open Market Operation (OMO) auctions (down 10bps) across the 3m and 6M tenors on offer and more importantly it […]

The Week That Was (November 20-24) Yields succumb to fresh bullish sentiment as CBN lowers OMO clearing rates: Rates declined across the NGN yield curve last week despite CBN gross issuance of N318billion in Open Market Operation (OMO) bills which was in excess of the N200billion in OMO bill maturities. Beyond market concerns over the […]

I begin this review with an apology to my readers for the ‘radio silence’ over the last two weeks, I was away on a road trip and a period of intense activity followed but I can assure you that regular service is back. In my absence, the Naira yield curve continued to inch southwards driven […]

The week that was (October 23-27) – Tight liquidity conditions drives yields modestly higher CBN’s renewed onslaught on liquidity amid thin maturities nudges rates higher: In a continuing pattern from the prior week, the CBN maintained its assault on NGN liquidity with issuance of N181billion worth of OMO bills as against N93billion in maturities which […]

The week that was (October 15-20) – Divergent trends across the curve CBN’s liquidity curbing antics drives short dated rates higher: In a continuation from last week, the CBN continued to slowly clamp down on system liquidity with issuance of N184billion worth of OMO bills as against N166billion in maturities which nudged benchmark Nigerian Treasury […]