FBNQuest FI-FX Daily Watch 20 September 2017

FBNQuest FI-FX Daily Watch 20 September 2017
Opening market liquidity on Tuesday was –N59bn (negative). Interbank rates traded between 9% to 12% levels. At an OMO auction of NTBs yesterday, the CBN raised N17bn from the sale of the 79-day and 184-day maturities at stop rates of 16.00% and 17.95% respectively. On the secondary market for NTBs, yields narrowed at the short-end of the curve.

On the FGN bond market there was a pick-up in yields at the short and long-end of the curve. As for the Eurobond market, yields showed no clear direction.

The CBN’s daily fx intervention was again US$0.5m, at N305.40. Turnover on NAFEX declined from US$125m on Monday to US$103m. Indicative rates ranged from N350 to N362. The USD weakened against a basket of currencies on Tuesday in advance of the conclusion of a Federal Reserve meeting where policymakers are expected to decide on the reduction of its US$4.2trn worth of bond holdings and gives views on inflation (with the attendant influence on rates).

Published by


Ezeadichie Onyeka Michael is the Co-Founder of Haelsoft, a Professional Services Company in Nigeria that provides Information and Technology Services for small and big size companies in Nigeria(Africa). He is an Entrepreneur and Venture Capitalist with Expertise in Web Technology and Digital Marketing. He has developed & Implemented Digital Marketing Strategies(Campaigns) for top brands across sectors in Finance, Telecommunication, Ecommerce who operate in the African market. His professional experience includes key roles at Google Business Group(Nigeria), Google Women on the Web (Nigeria), Edubridge Consultant and Wild Fusion where he has trained over 500 Entrepreneurs on how to use various Web Technology products to succeed online. Customer centricity, User Experience, Conversion optimization are 3 pronged framework he applies around the often-frenetic world of web analytics to ensure that clients stay competitive in the market. He believes that investing in talent is the key to long term success for brands across Nigeria (Africa).

Leave a Reply