FBNQuest FI-FX Daily Watch 12 April 2018

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 FGN bond market was quiet, and yields dipped at the short end of the curve. The Eurobond market was relatively active, yields picked up for the sovereigns.

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.