FBNQuest FI-FX Daily Watch 17 April 2018
Opening market liquidity on Friday was N476bn (positive). Interbank rates closed within a range of 2%-8%. There was no OMO auction on Monday. 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. There was a wholesale fx SMIS. Turnover at the NAFEX soared from US$78m on Friday to US$335m. Indicative rates ranged from N327 to N361. Dallas Fed president Robert Kaplan said yesterday that he saw Fed funds at 2.50-2.75% as neutral, adding that he was eager to avoid a regularly inverted yield curve. The 10-year USTs are currently yielding 2.85%.