FBNQuest FI-FX Daily Watch

Opening market liquidity on Tuesday was N76bn (positive) due to a debit for a wholesale fx SMIS and an NDIC debit of N80bn. Interbank rates closed within a range of 20% -22%. There was no OMO auction yesterday. On the secondary market for NTBs, yields were flat for most maturities.

The FGN bond market was fairly active; yields picked up for most maturities across the curve. In the Eurobond market, there was a dip in yields for all maturities under our coverage.

The CBN’s daily fx intervention remained US$0.5m, at N305.15. Turnover at the NAFEX window increased from US$277m on Monday to US$286m. Indicative rates ranged from N330 to N361. Oil prices were little changed on Tuesday, with Brent futures retreating after hitting US$71/b, as the USD recovered from earlier losses. On a visit to the US, the Saudi crown prince indicated that Riyadh and Moscow are working on a long term alliance of more than 10 years to underpin the market and contain price swings.

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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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