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How much higher are Nigerian Treasury Bill rates going to rise this year? We think that there are several months of rising rates ahead of us, and that we should not be surprised to see 1-year Treasury Bill rates of 10.0%, or more, by mid-year. If we are right, then it will mean good news for Naira-based savers and investors in money market funds in a few months from now.   FX Last week the exchange rate in the Investors and Exporters Window (I&E Window) weakened by 3.35% to N410.50/US$1. In the parallel, or street market, the Naira appreciated by 1.46% to close last week at N480.00/US$1. The IMF released its Article IV review on Nigeria, reiterating its position on the need for devaluation of the Naira: but the Central Bank of Nigeria (CBN) is reluctant, citing the danger posed to inflation. However, an unscheduled crawling-peg devaluation may be on the cards this year, in our view, as successive small-step devaluations – like the one we saw last week – could event

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