FBNQuest FI-FX Daily Watch 21 September 2017

FBNQuest FI-FX Daily Watch 21 September 2017

Opening market liquidity yesterday was estimated at -N45bn (negative) and interbank rates traded between 9% to 11% levels. At an NTB primary market auction on Wednesday, the CBN raised N216bn from the sale of the 91-day, 182-day and 364-day maturities. Stop rates declined to 13.15%, 16.80% and 17.00% respectively. The latter bill was five times oversubscribed. On the secondary market for NTBs, yields narrowed at the long-end of the curve.

On the FGN bond market, yields dipped in (correct) anticipation of the stop rate for the 364-day NTB declining at auction. As for the Eurobond market, yields picked up across the curve.

The CBN’s daily fx intervention was again US$0.5m, at N305.35. Turnover on NAFEX increased from US$103m on Tuesday to US$186m. Indicative rates ranged from N317.5 to N362.5. The FOMC yesterday left its benchmark rate unchanged but signaled a rate hike in December (and three more in 2018). It is to start its balance sheet reduction next month.

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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).

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