FBNQuest FI-FX Daily Watch 17 April 2018

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 FGN bond market was active, and yields narrowed across the curve. As for the Eurobond market, yields picked up marginally for the sovereigns.

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%.

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