FBNQuest FI-FX Daily Watch 10th April 2018

FBNQuest FI-FX Daily Watch 10th April 2018

Opening market liquidity on Friday was N438bn (positive). Interbank rates closed within a range of 3%-9%. There was no OMO auction on Friday. On the secondary market for NTBs, there was an uptick in yields for selected maturities.

The FGN bond market was quiet, and yields were generally flat across the curve. The Eurobond market experienced healthy demand, yields narrowed for maturities under our coverage.

The CBN’s daily fx intervention was again US$0.5m at N305.10. Turnover at the NAFEX declined significantly from US$572m on Thursday to US$259m. Indicative rates ranged from N359 to N362. The US non-farm payroll report was released on Friday. Nonfarm payrolls rose 103,000 in March while the unemployment rate was unchanged at 4.1%. The general expectation was a payrolls gain of 193,000. Furthermore, the monthly reading was a huge slip from the 326,000 reported in February.

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