Today, the Central Bank of Nigeria (CBN) commences its two-day monetary policy meeting amidst worries on both the global and domestic front. On the global front, there has been apprehension over the recent trade spat between the US and China. In addition, the US has continued to hold on to its monetary tightening stance.
The Bond market opened the week on a relatively quiet note, with some interests on the higher yielding 2021 bond, offset by some selloff on the 2036s which pushed yields higher by c.7bps across the curve. We observed a slowdown in client demand unlike sentiments witnessed for the most part of the previous week. This could be largely attributed to expectations for renewed supply at the forthcoming bond auction (Wednesday), where the DMO intends to raise a total of N90bn from the 2023, 2025 and 2028 maturities.