Fixed Income Market Update   

25 July 2018 ( Lagos)

NTB’s and Money Market

Opening market liquidity on Tuesday was N573bn (positive) on the back of a FAAC inflow of N321bn. Interbank rates closed within a range of 7% to 12%. At an OMO auction yesterday, the CBN raised N236bn from the sale of 86-day and 205-day paper at stop rates of 11.05% and 12.15%. On the NTB secondary market, yields narrowed at the longer end.

FGN Bonds and Euro Bonds

The FGN bond market was relatively quiet but yields dipped for selected maturities across the curve. As for the Eurobond market, there was an uptick in yields for all sovereigns. The MPC maintained status quo on its policy parameters yesterday.



The CBN’s daily fx intervention was again US$0.5m, at N305.40. Turnover at the NAFEX picked up from US$156m on Friday to US$275m. Indicative rates ranged from N359 to N364. The USD slipped against a basket of currencies on Tuesday. In its annual External Sector Report released yesterday and based on data as of 22 June, the IMF stated that the USD was over-valued, while the CNY was reflective of market fundamentals. A number of US companies have reported or signaled weaker revenue or profits due to the strength of the greenback.


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

Reporting for EasyKobo on Wednesday, 25 July 2018 in Lagos, Nigeria

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