2 July 2018 ( Lagos )

NTB’s and Money Market

Opening market liquidity on Friday was N80bn (positive). Interbank rates closed within a range of 13% to 17%. On the NTB secondary market, yields picked up for selected maturities.

FGN Bonds and Euro Bonds

The FGN bond market was largely quiet, and yields were generally flat. At the Eurobond market, yields dipped for selected maturities under analyst’s coverage.

FX

The CBN’s daily fx intervention was again US$0.5m, at N305.25. Turnover at the NAFEX declined from US$102m on Thursday to US$68m, the lowest of the year to date. Indicative rates ranged from N355 to N363. The USD strengthened against a basket of currencies on Friday. Data released on the same day by the US Commerce Department showed that core PCE price inflation, the Fed’s preferred measure, accelerated to the target 2.0% y/y in May from 1.8% the previous month.

Reporting for EasyKobo on Monday , 2 July 2018 2018 in Lagos, Nigeria

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