January 20. 2020/Coronation Research

If a surging stock market and falling risk-free rates are signs of optimism, then we can be optimistic about Nigerian markets this year.

Indeed, the Central Bank of Nigeria (CBN) might congratulate itself on its bold policy experiments last year.

We temper our enthusiasm by observing that T-bill rates are well below the rate of inflation and well below the rate (the CBN’s open market operation, OMO, rate) designed for foreign investors. Some anomalies may prove difficult to fix.

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