03 July 2018 ( Lagos)
NTB’s and Money Market
Opening market liquidity on Monday was N177bn (positive). Interbank rates closed within a range of 21% to 33%. On the NTB secondary market, there was an uptick in yields at the middle of the curve.
FGN and Euro Bonds
The FGN bond market was largely quiet, and yields were generally flat. At the Eurobond market, yields picked up selectively for maturities under our coverage.
The CBN’s daily fx intervention was again US$0.5m, at N305.25. Additionally, there was a wholesale fx SMIS with US$100m on offer. Turnover at the NAFEX more than doubled from US$68m on Friday to US$198m. Indicative rates ranged from N355 to N363. Oil prices slipped on Monday as supplies from Saudi Arabia and Russia rose. The USD gold price continued to sink, helped by the firmness of the greenback.
Source : Gregory Kronsten, Olubunmi Asaolu, Chinwe Egwim from FBNQuest Capital Limited.
Reporting for EasyKobo on Tuesday, 3 July 2018 in Lagos, Nigeria
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