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

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 FGN bond market was fairly active; yields trended north for most maturities. As for the Eurobond market, yields were generally narrowed, except for one of the corporates under our coverage.

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%.

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