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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Ezeadichie Onyeka Michael is the Co-Founder of Haelsoft, a Professional Services Company in Nigeria that provides Information and Technology Services for small and big size companies in Nigeria(Africa). He is an Entrepreneur and Venture Capitalist with Expertise in Web Technology and Digital Marketing. He has developed & Implemented Digital Marketing Strategies(Campaigns) for top brands across sectors in Finance, Telecommunication, Ecommerce who operate in the African market. His professional experience includes key roles at Google Business Group(Nigeria), Google Women on the Web (Nigeria), Edubridge Consultant and Wild Fusion where he has trained over 500 Entrepreneurs on how to use various Web Technology products to succeed online. Customer centricity, User Experience, Conversion optimization are 3 pronged framework he applies around the often-frenetic world of web analytics to ensure that clients stay competitive in the market. He believes that investing in talent is the key to long term success for brands across Nigeria (Africa).

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