16 July 2018 ( Lagos )
NTB’s and Money Market
Opening market liquidity on Friday was unavailable. Interbank rates closed within a range of 8% to 15%. On the NTB secondary market, yields picked up for selected maturities.
FGN Bonds and Euro Bonds
The FGN bond market was fairly active, yields dipped at the short end of the curve. As for the Eurobond market, we noticed a spike in yields for selected maturities as well significant dip in yields for some maturities. There was no clear direction.
The CBN’s daily fx intervention was again US$0.5m, at N305.30. Turnover at the NAFEX plunged from US$365m on Thursday to US$77m. Indicative rates ranged from N358 to N363. The USD strengthened against a basket of currencies on Friday following the release of Chinese trade data. China’s trade surplus with the US widened to US$29.0bn in June from US$24.6bn the previous month. Markets are concerned that this could intensify the US-China trade tensions, and so bought the safe haven USD in response.
Source : Gregory Kronsten, Olubunmi Asaolu, Chinwe Egwim from FBNQuest Capital Limited.
Reporting for EasyKobo on Monday, 16 July 2018 in Lagos, Nigeria
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