29 June 2018 ( Lagos )
NTB’s and Money Market
Opening market liquidity on Thursday was N7bn (positive). Interbank rates eased to close within a range of 14% to 16% due to an OMO maturity of N183bn. On the NTB secondary market, yields moderated at the longer end.
FGN bonds and Euro Bonds
The FGN bond market was fairly active, and yields dipped for selected maturities. At the Eurobond market, yields continued their upward trend for most sovereigns.
The CBN’s daily fx intervention was again US$0.5m, at N305.25. Turnover at the NAFEX more than halved from US$212m on Wednesday to US$102m. Indicative rates ranged from N340 to N363. The USD slipped against a basket of currencies on Thursday initially following the release of the latest inflation data from Germany. Additionally, the US Commerce Department released its third (and final) estimate for Q1 2018 GDP which pointed towards a slowdown at 2.0% y/y from 2.9% recorded in Q4 2017. The Q1 figure was revised downwards from the previously estimated 2.2% due to weaker consumer spending and inventory growth.
Source : Gregory Kronsten, Olubunmi Asaolu, Chinwe Egwim from FBNQuest Capital Limited.
Reporting for EasyKobo on Friday , 29 June 2018 in Lagos, Nigeria
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