Do you want a 15.0% Naira return?

For the past 18 months investors in 1-year risk-free Nigerian Treasury Bills (T-bills) have been denied a return anywhere near the rate of inflation. Yet this has begun to change and, we believe, conditions are set to improve still further. After the radical interest rate policies of 2020, we see a return to something close to normality. We believe that we may see 1-year T-bill rates at close to 15.0% on a three-month time horizon, and even 17.0% later on in Q3 2021. See pages 2 and 3 for details.

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