25 June 2018 (Lagos )
NTB’s and Money Market
Opening market liquidity on Friday was N842bn (positive). Interbank rates closed within a range of 2% to 10%. There was no OMO auction. On the NTB secondary market, yields picked up selectively.
FGN Bonds and Euro Bonds
The FGN bond market was fairly active. There was an uptick in yields for selected traded maturities. At the Eurobond market, yields dipped.
The CBN’s daily fx intervention was again US$0.5m, at N305.30. Additionally, there was a retail fx SMIS. Turnover at the NAFEX increased from US$312m on Thursday to US$386m. Indicative rates ranged from N348 to N363.
Oil prices rose after an OPEC meeting in Vienna on Friday. At the meeting, OPEC and a group of non-OPEC countries agreed that they would return to 100% compliance with previously agreed oil output cuts.
Source : Gregory Kronsten, Olubunmi Asaolu, Chinwe Egwim from FBNQuest Capital Limited.
Reporting for EasyKobo on Monday, 25 June 2018 in Lagos, Nigeria
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