22 June 2018( Lagos )
NTB’s and Money Market
Opening market liquidity on Thursday was N74bn (positive). Interbank rates eased to close within a range of 3% to 8% due to an OMO maturity of N378bn and fx bid refund of c.N120bn. There was no OMO auction. On the NTB secondary market, yields picked up at the longer end.
FGN and Euro Bonds
The FGN bond market was fairly active. There was an uptick in yields across traded maturities. At the Eurobond market, yields declined selectively across the curve.
The CBN’s daily fx intervention was again US$0.5m, at N305.30. Turnover at the NAFEX declined from US$342m on Wednesday to US$312m. Indicative rates ranged from N348 to N363. The Bank of England (BoE) monetary policy committee voted 6-3 to maintain policy rates at its meeting yesterday. However, markets are anticipating a rate hike at the next policy meeting in August after the BoE chief economist, Andy Haldane, joined committee members who voted for rates to be increased.
Source : Gregory Kronsten, Olubunmi Asaolu, Chinwe Egwim from FBNQuest Capital Limited.
Reporting for EasyKobo on Friday, 22 June 2018 in Lagos, Nigeria
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