Tag Archives: MPC

Nigeria Fixed Income and FX Market Weekly

The week that was (March 25-29): CBN surprises with a volte-face on interest rates at MPC The incredible rate cut: The big news last week was the 50bps surprise cut in MPR at the end of March 2019 MPC meeting. In prior week, I noted that the CBN re-introduced the 1-year OMO bill at an […]

Nigeria Fixed Income and FX Market Weekly

The week that was (March 18-22): CBN leads interest rates higher CBN steps back in to nudge markets higher: Largely reflecting the liquidity hangover across the financial system, interest rates opened the week lower with knock-on at the primary market auction on Wednesday where the 1-yr NTB closed at a discount rate of 12.34% (effective: […]

Nigeria Fixed Income and FX Market Weekly

The Week that was (January 21-25): CBN net withdraws liquidity driving front end higher, long end rises in response to the prospect of higher fiscal supply MPC post-mortem – nothing to see here: The CBN held its first monetary policy committee meeting for 2019 and as expected it retained the status quo by a unanimous […]

Nigeria Fixed Income Weekly

The Week that was (January 14-January 18): Lower securities issuance and higher offshore demand drives yields lower Higher system liquidity drives rates lower: Due to higher OMO bill maturities as well inflows from bond coupon payments (NGN103billion), the financial system was liquid over the week which resulted in a drop in OBB/Overnight rates to 15.33/16.17 […]

Nigeria Fixed Income Weekly

The Week that was (November 19-23): – Yields decline as CBN dials down on tightening rhetoric CBN holds, but largely subdued tone at the MPC: At the last monetary policy meeting in 2018, the CBN opted to hold all policy parameters by a unanimous decision contrary to my expectations for a small hike. Even more, […]

Nigeria Fixed Income Weekly

Nigeria Fixed Income Weekly The Week that was (November 5-9): – CBN liquidity tightening drives interest rates higher CBN doubles down on liquidity tightening with two OMO auctions: Though coming into the week, the maturity profile appeared tame with only OMO maturities of NGN376billion, the money market opened to a surge in system liquidity as […]

Nigeria Fixed Income Weekly

The Week that was (July 23-27):  – Rates rise as CBN raises the notch on liquidity mop-ups Rise in OMO sales nudges NTB yields higher: Under mounting pressure from workers following unpaid salaries, state governors blinked and grudgingly agreed to approve the release of the June FAAC allocations of nearly NGN822billion, which alongside OMO maturities […]