26 June 2018 ( Lagos )
NTB’S and Money Market
Opening market liquidity on Monday was N456bn (positive). Interbank rates picked up to close within a range of 11% to 15%. This was due to an OMO auction, at which the CBN raised N207bn from the sale of 87-day and 213-day paper at stop rates of 11.05% and 12.15%. On the NTB secondary market, yields declined at the longer end.
FGN Bonds and Euro Bonds
The FGN bond market was fairly active. There was an uptick in yields, particularly at the short end of the curve. At the Eurobond market, yields generally rose for the sovereigns.
The CBN’s daily fx intervention was again US$0.5m, at N305.30. Additionally, there was a wholesale fx SMIS. Turnover at the NAFEX plunged from US$386m on Friday to US$162m. Indicative rates ranged from N330 to N363. An ECB board member said yesterday that the bank will reinvest about EUR15bn per month next year from the principal of maturing securities in its portfolio. This clarification (or extension of QE) will bring relief to the weaker member states.
Source: Gregory Kronsten, Olubunmi Asaolu, Chinwe Egwim from FBNQuest Capital Limited.
Reporting for EasyKobo on Tuesday, 26 June 2018 in Lagos, Nigeria
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