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 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.