Opening market liquidity on Friday was N721bn (positive). There was a retail fx SMIS refund. Interbank rates closed within a range of 2%-10%. There was no OMO auction on Friday. On the secondary market for NTBs, there was a dip in yields for selected maturities.
The FGN bond market was active, yields narrowed across the curve. As for the Eurobond market, yields contracted for all maturities under our coverage, except for one corporate.
The CBN’s daily fx intervention was again US$0.5m at N305.05. Turnover at the NAFEX plunged from US$296m on Thursday to US$78m. Indicative rates ranged from N350 to N361. The USD struggled for direction on Friday, unmoved by economic data as trade uncertainty and Middle East tensions stayed in the back of investors’ minds.