The CBN put opening market liquidity at N173bn. The overnight rate therefore closed flattish on the previous session. At the OMO auction yesterday, the CBN raised N688m from the sale of the 196-day at 17.95% and N127bn from the 364-day bill at 18.55%.
Both the FGN and Eurobond markets were relatively quiet. However, for the Eurobonds, we noticed a dip in yields except for one instrument (a Nigerian bank issue).
The CBN’s daily intervention in the fx market was again US$0.5m. Turnover on NAFEX declined from US$109m on Wednesday to US$98m. Trades ranged from a high of N372 to a low of N340. Yesterday, following a statement on possible changes to the ECB’s bond-buying programme in the autumn by ECB Governor Mario Draghi, the euro surged to a two-year high against the U.S. dollar.