MPC Meeting: CBN Maintains A Dovish Stance Towards Market Keeping MPR Stable at The First MPC Meeting of The Year 

Must Read

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...
- Advertisement -

The FGN bond market traded on a very calm note, although with a bearish tilt as market participants anticipated the outcome of the MPC meeting that was concluded today.

We saw local investors maintain their demand bias for short duration bonds, with emphasis on the 2024s and 2026s papers, which traded around 6.10% – 6.30% and 7.30% – 7.40%, respectively. We also saw little action on the 2045 bonds, with trades executed around 9.80% – 9.90%.

Consequently, yields expanded by an additional c.12bps D/D on the average across the benchmark curve.

We expect some buying interest to resume tomorrow in reaction to the CBN’s dovish stance at today’s MPC meeting. 

Treasury Bills

The Treasury Bills market continued on a bearish run despite the inflows from OMO maturities credited into the system today. Traders remained firmly offered on short and mid-dated bills at low yields, which was shunned by real buyers who preferred the longest-dated bills offered at attractive levels.

- Advertisement -

The January 2021 OMO bills remained the most sought-after T-bills, with the bulk of market trades executed around 3.40%- 3.70% levels during the trading session.

We expect market attention to turn towards the PMA NTB auction scheduled for tomorrow while market participants continue to cherry-pick on selected bills offered at attractive levels. 

Money Markets

System liquidity opened today with an estimated figure of +N250bn, as money market rates recoiled by an additional c. N113bps on average due to a reduced funding pressure at the market today. Consequently, OBB and OVN rates closed the day lower at 4.50% and 5.25%, respectively.

We expect funding rates to oscillate in tandem with the available system liquidity in the short term. 

Read Also:  Economic Brief: MPC expected to hold status quo in last meeting of the year

FX Market

- Advertisement -

Volumes traded in the I&E FX window went up by over 172% with over $108.34mio changing hands D/D, while the Naira appreciated by N0.50k to close at N394.00/$, with intraday rates ranging within a low of N390.00/$ and a high of N396.00/$. Likened to the I&EFX segments, the Naira also appreciated at the parallel market by N1.50K boosted by the FX supply from weekly collections by the BDCs from the Apex bank. 

Eurobonds

It was a typical bearish session in the NIGERIA Sovereigns, with some profit-taking action seen, especially on the mid-and long-tenor papers causing yields to expand slightly by c.3bps on the average across the sovereign curve.

At the SSA space, the Angola 2025s remained weak for the second consecutive day as sellers continue to improve offers in another profit-taking driven session for the paper.

In contrast to the Sovereign papers, the NIGERIA Corps papers were bullish although still maintaining a tranquil trading session with significant movement seen on the Zenith 2022s paper, which declined by -c.40bps D/D.

- Advertisement -

Whilst proper and reasonable care has been taken in the preparation and accuracy of the facts and figures presented in this report, no responsibility or liability is accepted by Zedcrest Capital or its employees for any error, omission, or opinion expressed herein.

This report is not a piece of investment advice or a research recommendation and should not be regarded as such. The information provided herein is by no means intended to provide a sufficient basis on which to make an investment decision.

- Advertisement -
MPC Meeting: CBN Maintains A Dovish Stance Towards Market Keeping MPR Stable at The First MPC Meeting of The Year  - Brand SpurMPC Meeting: CBN Maintains A Dovish Stance Towards Market Keeping MPR Stable at The First MPC Meeting of The Year  - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

MPC Meeting: CBN Maintains A Dovish Stance Towards Market Keeping MPR Stable at The First MPC Meeting of The Year  - Brand SpurMPC Meeting: CBN Maintains A Dovish Stance Towards Market Keeping MPR Stable at The First MPC Meeting of The Year  - Brand Spur

Latest News

Make This International Women’s Week Unforgettable with iShopChangi’s Exclusive Discounts and Promotions

Celebrate International Women’s Week with iShopChangi’s exclusive discounts and promotions. Whether you’re looking for a gift for yourself or a special woman in your life, we have up to 60% off thousands of tax and duty-absorbed fragrances, cosmetics, wine, chocolate and more. Running until March 14, 2021, browse iShopChangi to find luxury products at great prices.

 

SINGAPORE - Media OutReach - 4 March 2021 - For the latest International Women's Week, iShopChangi is celebrating in style with a fresh campaign offering a wealth of sitewide discount codes and promotions. Featuring your favourite local and international brands at unbeatable prices, our online store is the ideal place to shop for a treasured loved one. Running until March 14, 2021, load up your shopping cart with some much-loved gifts today.

Read Also:  DAILY MARKET REPORT: FIXED INCOME, MONEY MARKET AND FX – JULY 25 2017


MPC Meeting: CBN Maintains A Dovish Stance Towards Market Keeping MPR Stable at The First MPC Meeting of The Year  - Brand Spur

Incredible Sitewide 8% Off Discount Codes

It doesn't matter what kind of gift you want to purchase this International Women's Week, iShopChangi has a special deal that makes it the perfect time to buy. Using the code IWD8, customers can save 8% off all categories except Wines & Spirits. With no minimum spend and capped at S$30, there are literally thousands of bargains to be had.

You can save even more on top-tier beauty products such as ELIZABETH ARDEN, OLAY and INNISFREE by applying this discount to our already reduced prices. There are plenty more delights too, including alluring lingerie by VICTORIA'S SECRET and premium fragrances by JUICY COUTURE and RANCÉ 1795. Alongside deals on handbags and jewellery, we have everything you need in one spot.

Take 5% Off Your Favourite Wine and Spirits

There's no better place to stock up on your favourite wine and spirits than iShopChangi if you're planning on getting the girls around this International Women's Week. To make sure you don't miss out on anything, we're taking 5% off our entire range for this shopping extravaganza. Simply use the DRINKS5 discount code when you're ready to checkout.

If you prefer to drink high-quality vino, iShopChangi is offering huge savings on some of the world's biggest names in wine. Across the likes of BOTTEGA, JACOB'S CREEK and DBR LAFITE, you'll find that a vast range of sought-after vintages are available for heavily reduced prices. In addition to discounts on beloved spirit makers such as MACALLAN, GLENFIDDICH and HIBIKI, this discount code has no minimum spend and is capped at S$30.

Score 10% Off with Upsized Ladies' Night vouchers

Don't think the savings stop there. Across two special Wednesday evening events throughout this International Women's Week, we're also offering Upsized Ladies' Night vouchers. Held March 3 and March 10 from 6pm-12am, we're bumping up the discount to 10% off. With no minimum spend, capped at S$50, use codes IWD10X (3 Mar) and IWD10Z (10 Mar).

Honour This International Women's Week in Style

Mark this special occasion in the best possible way by shopping online at iShopChangi. With outstanding discount codes and sitewide promotions on thousands of gifts and luxury products, you can ensure this International Women's Week is the biggest one yet.

About Changi Airport Group

Changi Airport Group (Singapore) Pte Ltd (CAG) (www.changiairportgroup.com) was formed on 16 June 2009 and the corporatisation of Singapore Changi Airport (IATA: SIN, ICAO: WSSS) followed on 1 July 2009. As the company managing Changi Airport, CAG undertakes key functions focusing on airport operations and management, air hub development, commercial activities and airport emergency services. CAG also manages Seletar Airport (IATA: XSP, ICAO: WSSL) and through its subsidiary Changi Airports International, invests in and manages foreign airports.


About iShopChangi

iShopChangi was launched in 2013 as an extension of Changi Airport's promise to deliver greater comfort and convenience to travellers in its suite of airport retail offerings. Passengers can browse and purchase tax- and duty-free products across all terminals between 30 days to 12 hours pre-flight on the e-store -- and choose to collect their items at Collection Centres within departure, upon arrival or have them delivered free in Singapore. Providing easy access to over 30,000 products across 900 brands and exclusives such as Changi First product launches, the site has since received global recognition with its award for Best Website -- Retail Customer Facing at The Moodies: the Airport and Travel Retail Digital Media Awards 2018. In early 2020, the e-commerce store started to retail a selection tax- and duty-absorbed products to Singapore-based residents without the need to fly.

MPC Meeting: CBN Maintains A Dovish Stance Towards Market Keeping MPR Stable at The First MPC Meeting of The Year  - Brand Spur
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -MPC Meeting: CBN Maintains A Dovish Stance Towards Market Keeping MPR Stable at The First MPC Meeting of The Year  - Brand SpurMPC Meeting: CBN Maintains A Dovish Stance Towards Market Keeping MPR Stable at The First MPC Meeting of The Year  - Brand Spur