Overview

September saw the Central Bank of Nigeria (CBN) renew its efforts to contain inflation. Its Monetary Policy Committee (MPC) raised the Monetary Policy Rate (MPR) by 50 basis points to 27.25% on 24 September. And it held three auctions of Open Market Operation (OMO) bills in order to drain liquidity from the system. The last of these achieved a yield of 31.99% for a one year paper (which compares with an inflation rate of 32.15%, year-on-year, for August). Naira fixed income appears set for a period of high rates.

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