04 July 2018 ( Lagos )

NTB’s and Money Market

Opening market liquidity on Tuesday was an estimated N177bn (positive). Interbank rates closed within a range of 17% to 21%. On the NTB secondary market, yields dipped across traded maturities.

FGN Bonds and Euro Bonds

The FGN bond market was fairly active, and yields picked up selectively across the curve. At the Eurobond market, yields eased for sovereigns under analyst’s coverage.

FX

The CBN’s daily fx intervention was again US$0.5m, at N305.20. Turnover at the NAFEX declined from US$198m on Monday to US$160m. Indicative rates ranged from N325 to N363. The USD slipped against a basket of currencies on Tuesday as investors consolidated recent gains and focused less on trade tensions, raising the market's risk appetite and prompting some flows into other currencies such as the EUR and Aussie.

Reporting for EasyKobo on Wednesday, 4 July 2018 in Lagos, Nigeria

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