MPC HIGHLIGHT – MAY 2023
The Monetary Policy Committee (MPC) concluded its 2-day meeting today and raised the benchmark interest rate by 50bps to 18.50%. Please see below, a summary of the committee’s decisions: – MPR…
FINANCIAL MARKETS TODAY –25 May 2023
FIXED INCOME MARKETS Money Markets Opening System liquidity decreased to c. ₦489.03 billion long, compared with the opening balance of ₦531.32 billion long, recorded yesterday. Consequently, the Open Repo Rate (OPR) increased to 11.25%, while the…
Q1 2023 GDP Highlights
NIGERIA’S GDP GREW BY 2.31% IN Q1’2023 Nigeria’s Q1 2023 Gross Domestic Product (GDP) grew by 2.31% Y-o-Y, lower than the 2.85% estimate. Although, the growth rate was lower than 3.52% in Q4’2022 and 3.11% in Q1’2022, the real GDP growth rate…
FINANCIAL MARKETS TODAY –24 May 2023
FIXED INCOME MARKETS Money Markets Opening System liquidity increased to c. ₦531.32 billion long, compared with the opening balance of ₦382.74 billion long, recorded yesterday. Nonetheless, the Open Repo Rate (OPR) increased to 11.13%, while the…
FINANCIAL MARKETS TODAY –23 May 2023
FIXED INCOME MARKETS Money Markets Opening System liquidity increased to c. ₦382.74 billion long, compared with the opening balance of ₦18.11 billion long, recorded yesterday. This was bolstered by FAAC inflows. Consequently, the Open Repo Rate (OPR) and…
FINANCIAL MARKETS TODAY –22 May 2023
FIXED INCOME MARKETS Money Markets Opening System liquidity increased to c. ₦18.11billion long, compared with the opening balance of ₦14.55 billion long, recorded last week Friday. Consequently, the Open Repo Rate (OPR) and Overnight Rate (O/N) declined…
FINANCIAL MARKETS WEEKLY –19 May 2023
FIXED INCOME MARKETS Money Markets At the start of the week, system liquidity opened at c.₦69.83billion long. Subsequently, the bond auction settlement significantly mopped off market liquidity. Thus, Liquidity fell by 0.98% to c.₦14.55billion long as of…
FINANCIAL MARKETS TODAY –18 May 2023
FIXED INCOME MARKETS Money Markets Opening System liquidity remained negative at c. ₦67.21billion short, compared with the opening balance of ₦201.37 billion short, recorded yesterday. Consequently, the Open Repo Rate (OPR) and Overnight Rate (O/N)…
INFLATION WATCH – April 2023
Inflation Watch – No Case for a Pullback Nigeria’s inflation for April 2023 increased to 22.22% Y-o-Y (Est. +22.10%), an increase of c.0.18% from 22.04% Y-o-Y recorded in March 2023. Again, headline inflation pushed higher at 1.91% M-o-M in April…
FINANCIAL MARKETS TODAY –17 May 2023
FIXED INCOME MARKETS Money Markets Due to the bond auction settlement today, the Opening System liquidity declined to c. ₦201.37billion short, compared with the opening balance of ₦34.77 billion long recorded yesterday. Consequently, the Open Repo Rate…
