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 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.