Opening market liquidity on Tuesday rose to N 421 billion (positive) due to a retail fx funding refund. Inter-bank rates closed within a range of 4% to 12%.
- At an OMO auction yesterday, the CBN raised N191bn from the sale of 254-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 at the short end of the curve.
There will be a Primary Market Auction today Jan 31 2018.
BONDS - The FGN bond market was relatively quiet, and yields showed no clear direction. Meanwhile, on the Eurobond market, the sovereigns maintained an upward trend in yields, echoing USTs.
FOREX - The CBN’s daily fx intervention remained US$0.5m, at N305.20. Turnover at the NAFEX window declined further from US$334m on Monday to US$125m. Indicative rates ranged from N330 to N362.
The USD slipped on Tuesday, reversing its gains from the day before as traders await the FOMC decision announcement. The first US rate rise of the year is widely seen as coming in March.
US stocks sold off yesterday as the rising bond yields spooked investors.
Crypto-currencies like Bitcoin continued to sell-off .
reporting for easykobo.com on Wednesday, Jan 31 2018 from Lagos, Nigeria