Fixed Income Market Update   

20 June 2018 ( Lagos )


NTB’s and Money Market


Opening market liquidity on Tuesday was N515bn (positive). Interbank rates increased to close within a range of 9% to 11%. At an OMO auction yesterday, the CBN raised N137bn from the sale of 93-day and 219-day paper at unchanged stop rates of 11.05% and 12.15%. On the NTB secondary market, yields picked up across traded maturities.


FGN Bonds and Euro Bonds


The FGN bond market was fairly active, there was a general upward trend in yields. At the Eurobond market, yields increased significantly across sovereigns and corporates under analyst’s coverage.

 

FX


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 increased from US$168m on Thursday to US$252m. Indicative rates ranged from N359 to N362. The USD strengthened against a basket of currencies on Tuesday and the EUR slumped after President Trump threatened more tariffs on China in an escalating trade dispute.


Source: Gregory Kronsten and Chinwe Egwim from FBNQuest Capital Limited

 

Reporting for EasyKobo on Wednesday, 20 June 2018 in Lagos, Nigeria
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