28 June 2018 

NTB’s and Money Market

Opening market liquidity on Wednesday was N70bn (positive). Interbank rates closed within a range of 14% to 53% levels. There was no OMO auction. On the NTB secondary market, yields picked up at the longer end.

FGN Bonds and EuroBonds

The FGN bond market was not very active, and there was a general uptick in yields across most maturities. At the Eurobond market, yields rose for most sovereigns.

FX

The CBN’s daily fx intervention was again US$0.5m, at N305.25. Turnover at the NAFEX declined from US$253m on Tuesday to US$212m. Indicative rates ranged from N359 to N362. 

Crude Oil

Oil prices extended their rally on Wednesday after the official Energy Information Administration reported the largest year-to-date weekly drawdown in US crude stocks. US crude inventories fell by 9.9 million barrels last week against the consensus forecast of a decline of 2.6 million barrels.

Source : Gregory Kronsten, Olubunmi Asaolu, Chinwe Egwim from FBNQuest Capital Limited.

Reporting for EasyKobo on Thursday, 28 June 2018 in Lagos, Nigeria