For the past 18 months investors in 1-year risk-free Nigerian Treasury Bills (T-bills) have been denied a return anywhere near the rate of inflation. Yet this has begun to change
Tomorrow we publish our report on the Mutual Fund (Collective Investment Scheme) industry. The total assets under management (AUM) of Nigeria’s Mutual Funds grew by 50% last year to N1.6
Last week the Central Bank of Nigeria removed the directors of First Bank of Nigeria, but reinstated its managing director, in a move that grabbed headlines. It raises the issue
It was in April last year when oil prices hit multi-year lows, the price of Brent crude dipping down to US$19.33/bbl late in the month and West Texas Light hitting
Last week the fixed income markets received two important indicators as to the likely direction of market interest rates. One was the fact that a few members of the Central
The Monetary Policy Committee (MPC) of the CBN meets today and tomorrow to decide upon its Monetary Policy Rate (MPR). We estimate that it will keep the MPR on hold
Inflation continues to rise, with February inflation reported at 17.33% year-on-year after 16.47% y/y in January, and food inflation at 21.79% y/y. Policymakers believe that structural issues are the core
Nigerian markets are famous for not correlating with global markets, but recently it has been wise to pay attention to global bond markets. The rise of the US government 10-year
Q4 2020 GDP was reported last week and it showed Nigeria leaving recession – just. Q4 2020 growth was 0.11% year-on-year (y/y). The non-oil economy reached a respectable level of
How much higher are Nigerian Treasury Bill rates going to rise this year? We think that there are several months of rising rates ahead of us and that we should
