FBNQuest FI-FX Daily Watch 26 September 2017

FBNQuest FI-FX Daily Watch 26 September 2017

Opening market liquidity was estimated at N200bn (negative) on Monday due to the debit for a CBN retail SMIS and an OMO auction. Interbank rates traded between 20% to 30% levels. At an OMO auction yesterday, the CBN raised N55bn from the sale of 178-day maturities at a stop rate of 17.95%. There was no sales of the 94-day maturity on offer. On the secondary market for NTBs, yields picked up at the short-end of the curve as banks sold off on the back of tight liquidity.

The FGN bond market was relatively active with yields picking up at the mid 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 N305.30. Additionally, it offered US$100m for both spot and forwards (up to 60 days) in wholesale SMIS. Turnover on NAFEX declined from US$364m on Friday to US$239m. Indicative rates ranged from N350 to N362. Following the outcome of the German election, the EUR came under pressure. Ultimately the policy stance of the ECB is the main driver of the currency, and Governor Draghi yesterday expressed his confidence that Eurozone inflation will rise towards its target.

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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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