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Nigeria Fixed Income Weekly

The week that was (Sept 11-15) – Build-up in system liquidity induces strong buying across the yield curve

  • Yield curve succumbs to mounting liquidity: Last week, the Naira yield curve declined across board as the CBN stood askance for the second consecutive week, allowing a build-up in system liquidity to trigger strong buying activity.
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CBN

Nigeria Fixed Income Weekly

The week that was (Sept 5-8) – Yield declines on improved liquidity

  • Switch in OMO tenors and higher system liquidity drives yields lower: Benchmark Nigerian Treasury Bill (NTB) yields declined 63bps on average to 18.55% (91-day), 19.09% (182-day) and 21.02% (1yr) owing to a combination of improved system liquidity and market response to CBN signals about a desire for some downward adjustment in yields in response to the lower inflation.
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NGN Yield Curve

Nigeria - Fixed Income Weekly

The week that was (August 28-31) – Surprise ‘lull’ in CBN liquidity tightening weighs on short-dated yields

  • CBN stands pat on system liquidity: After maintaining a tight stance on system liquidity, CBN for the first time in a while, eased off and allowed a net repayment of N82billion in OMO bills.
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CBN

Nigeria - Fixed Income Weekly

The week that was (August 21-25) – Jaw dropping results at the FGN Bond Auction

  • Low demand at the bond auction drives spike in marginal rates: …
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NGN Yield Curve

Nigeria Fixed Income Weekly

The week that was (August 14-18) – Liquidity reprieve drives downward retracement in yields

  • Improved system liquidity post FX sales auction sends NTB yields lower: …
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CBN

Nigeria - Fixed Income Weekly

The week that was (August 7-11) – Finance Minister announces NTB refinancing plan

  • Tight liquidity conditions push benchmark NTB yields higher: Liquidity conditions were tight last week with OBB/ON rates closing at 55.8-59% from 22-22.5% in the prior week.
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CBN

Nigeria - Fixed Income Weekly

The week that was (July 31-August 4) – CBN continues offensive on system liquidity

  • CBN STABs again:  After a one-month hiatus, the CBN resumed issuance of stabilization securities with a NGN250bn sector wide debit last week Tuesday at a slightly higher discount rate of 17.1% (vs 16% previously) on the 6M tenor. 
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CBN