Markets at a Crossroads: Rising Yields, Naira Weakness and Global Risk Repricing
Nigerian financial markets faced a crossroads this week, balancing rising sovereign yields, Naira weakness, and global risk. FGN bond auctions cleared at higher rates, driving a bearish secondary market, while equities fell slightly despite increased reserves. OMO rates also rose, reflecting continued repricing pressure. Globally, diverging markets and high oil prices weighed against geopolitical concerns and US inflation data.