Market liquidity seeped out on the back of Friday’s OMO auction, and money market rates rose towards the 15% to 20% range. There was limited activity in the NTB market, with yields tending to fall at the short end. The CBN held an OMO auction on Friday and raised N86bn. The stop rates for 195-day and 356-day maturities were 17.95% and 18.55% respectively.
The FGN bond and Eurobond markets were again relatively quiet during trading activities on Friday. Yields for all Nigerian Eurobonds contracted.
The CBN’s daily fx intervention was again US$0.5m. Turnover on NAFEX declined from US$98m on Thursday to US$67m. The USD sank to its lowest in over 12 months against key global currencies on Friday as investors assessed comments from the ECB and obstacles to President Trump’s domestic agenda. The Russian energy minister has said that today’s meeting of OPEC and selected non-members will discuss the Libyan and Nigerian exemptions from quota cuts.