Jan 30 (Lagos) - The CBN’s daily fx intervention remained US$0.5m, at N305.20. Additionally, there was a wholesale fx SMIS.
Turnover at the NAFEX window declined significantly from US$656m on Friday to US$334m. Indicative rates ranged from N350 to N362.
Oil slipped marginally below US$70/b on Monday as rising US output undermined efforts led by OPEC and Russia to tighten supplies. Yields on USTs rose to three-year highs.
The FGN bond market was relatively quiet, and yields dipped at the short end of the curve. Meanwhile, on the Eurobond market, the sovereigns experienced an upward trend in yields.
Opening market liquidity on Monday was N235bn (positive). Interbank rates closed within a range of 5% to 12%. At an OMO auction yesterday, the CBN raised N84bn from the sale of 248-day paper at a stop rate of 14.40%.
There were no sales of the 87-day paper. On the secondary market for NTBs, yields picked up for selected maturities across the curve.
reporting for easykobo.com on Tuesday, Jan 30 2018 from Lagos, Nigeria
Source - analysts at FBN QUEST in IKOYI
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