11 July 2018 ( Lagos )
NTB’s and Money Market
Opening market liquidity on Tuesday was N213bn (positive). Interbank rates eased to close within a range of 13% to 15% on the back of a Fx bid refund. On the NTB secondary market, yields dipped particularly at the longer end.
FGN Bonds and Euro Bonds
The FGN bond market was fairly active as yields narrowed for several traded maturities. As for the Eurobond market, yields also moderated for most securities.
The CBN’s daily fx intervention was again US$0.5m, at N305.25. Turnover at the NAFEX picked up from US$106m on Monday to US$139m. Indicative rates ranged from N359 to N363. The USD strengthened against a basket of currencies on Tuesday. It gained ground against the JPY, which is considered a safe haven currency, as risk appetite returned following the release of some strong second-quarter earnings report in the US.
Source : Gregory Kronsten, Olubunmi Asaolu, Chinwe Egwim from FBNQuest Capital Limited.
Reporting for EasyKobo on Wednesday, 11 July 2018 in Lagos, Nigeria
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