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Probable Market Impact Points
Money and Fixed Income Market:
We hold the view that yields might take an upturn to engender an environment that attracts foreign portfolio investments. Yields on the 3-month & 9-month treasury bills fell to 4.29% and 7.63% on July 30th from 4.96% and 8.22%, respectively in the prior period.
Monetary Policy Responses:
The CBN unanimously left the monetary policy rate (MPR) unchanged at 11.5% at its last meeting held in July 2021. This decision was spurred by the continuous management of the inflationary pressures and encouragement of the extension of credit to consumers and firms to enhance consumption & production activities
necessary to strengthen the recovery as well as the participation of private sector initiatives to develop and expand modular re neries. Nonetheless, we note that the CBN is likely to sustain policies that will cushion the negative e ects of the coronavirus whilst enhancing overall economic growth.
The Economic Intelligence Unit Access Bank Plc
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Email: economicintelligence@accessbankplc.com
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