FBNQuest FI-FX Daily Watch 12 April 2018
Opening market liquidity on Monday was N501bn (positive). Interbank rates closed within a range of 3%-11%. There was no OMO auction. On the secondary market for NTBs, there was a dip in yields for selected maturities.
The CBN’s daily fx intervention was again US$0.5m at N305.10. Turnover at the NAFEX declined from US$259m on Friday to US$217m. Indicative rates ranged from N358 to N361. The USD slipped against a basket of currencies (including the EUR) on Monday, due to continued concerns around a potential trade conflict between the US and China.