The CBN’s daily fx intervention remained US$0.5m, at N305.25.

FBNQuest FI-FX Daily Watch

Opening market liquidity on Monday was N183bn (positive). Interbank rates closed within a range of 13% to 16%. At an OMO auction yesterday, the CBN raised N89bn from the sale of 87-day and 227-day paper at stop rates of 12.60% and 14.40% respectively. On the secondary market for NTBs, yields were flat for selected maturities.

The FGN bond market was fairly active. Yields narrowed for selected maturities and were flat at the long end. As for the Eurobond market, yields showed no clear direction.

The CBN’s daily fx intervention remained US$0.5m, at N305.25. Additionally, there was a wholesale fx intervention. Turnover at the NAFEX window surged from US$201m on Friday to US$682m.

Indicative rates ranged from N347 to N362. Gold prices held steady on Monday, as the USD weakened against a basket of currencies after broadly strengthening on the back of the recently released US nonfarm payrolls report.

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