November 2023 Funds Factsheet
Asset Management
30 Nov 2023 · Factsheets
Overview
The month of November was marked by rising 1-year Naira T-bill rates that are having significant effects across fixed income markets. In general, fixed income yields headed higher as the Central Bank of Nigeria chose to allocate bills at high rates at its auctions in November. The intention appears to create market interest rates that have a positive effect on price stability, even if there is no explicit policy statement to say so. Inflation continues to rise, with October inflation at 27.33% year-on-year (September: 26.72% y/y; August 25.80% y/y), and it appears that the authorities are addressing the issue with rates.