Opening market liquidity on Thursday was N512bn (positive), due to an inflow from a retail fx refund. Interbank rates closed within a range of 6-12%. At an OMO auction yesterday, the CBN raised N446bn from two maturities at a stop rate of 12.60% for the shorter-tenured maturity and 14.40% for the longer tenor. The high volume sold was in anticipation of an inflow of N262bn from an OMO maturity and a N96bn NTB net repayment On the secondary market for NTBs, yields picked up on selected maturities.
The CBN’s daily fx intervention remained US$0.5m, at N305.25. Turnover at the NAFEX window surged from US$128m on Wednesday to US$283m. Indicative rates ranged from N357 to N362. The USD rose against a basket of currencies on Thursday, following the data release of US import prices for February. The US Labor Department reported that import prices rose by 0.4% last month, compared with a forecast of 0.3%.