24 July 2018 ( Lagos )
NTB’s and Money Market
Opening market liquidity on Monday was N140bn (positive). Interbank rates closed lower within a range of 9% to 13% in anticipation of an FAAC inflow.On the NTB secondary market, there was an uptick in yields.
FGN Bonds and EuroBonds
The FGN bond market was quiet, yields picked up selectively across the curve. As for the Eurobond market, yields showed no clear direction.
The CBN’s daily fx intervention was again US$0.5m, at N305.35. Additionally, there was a wholesale fx SMIS. Turnover at the NAFEX picked up from US$116m on Friday to US$156m. Indicative rates ranged from N359 to N363. Oil prices rose on Monday on the escalating tensions between the US and Iran. Supreme Leader Ayatollah Ali Khamenei on Saturday threw his weight behind a suggestion by President Hassan Rouhani to disrupt Gulf oil shipments. In addition, a strike action by offshore workers in the UK North Sea provided additional support for prices.
Source : Gregory Kronsten, Olubunmi Asaolu, Chinwe Egwim from FBNQuest Capital Limited.
Reporting for EasyKobo on Tuesday, 24 July 2018 in Lagos, Nigeria
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