08 June 2018 ( Lagos)
NTBs & money market
Opening market liquidity on Thursday was N441bn (positive). Interbank rates closed within 3% to 10% levels. At an OMO auction, the CBN raised N191bn from the sale of 112-day and 238-day paper at stop rates of 11.05% and 12.15%. On the secondary market, yields at the short end picked up.
FGN bonds & Eurobonds
The FGN bond market was fairly active, and yields showed no clear direction. As for the Eurobond market, there was an uptick in yields for all maturities.
FX
The CBN’s daily fx intervention was again US$0.5m, at N305.45.
from US$139m on Wednesday to US$239m. Indicative rates ranged from N359 to N363.
Crude Oil
Shipping data indicating delays in Venezuela’s oil exports resulted in an uptick in oil prices. The state owned oil firm, PDVSA, is behind on delivering supply contracts of more than 24 million barrels of crude oil. The EUR rallied to a three-week high on Thursday after comments from an ECB official indicating the likelihood of an earlier-than-expected end to the regulator’s stimulus programme.
Source: Source: Gregory Kronsten, Olubunmi Asaolu, and Chinwe Egwim from FBNQuest Capital Limited
Reporting for EasyKobo on Friday, 08 June 2018 from Lagos, Nigeria