The CBN’s daily fx intervention remained US$0.5m, at N305.30.

Opening market liquidity on Thursday was N201bn (positive), boosted by an inflow of N113bn from an OMO maturity. Interbank rates generally traded within a range of 10% to 12%. At an OMO auction yesterday, the CBN raised N150bn from the sale of 259-day paper at a stop rate of 14.40%.

On the secondary market for NTBs, yields picked up for selected maturities.

The FGN bond market was fairly active, and yields narrowed at the short end of the curve. As for the Eurobond market, yields picked up for all sovereigns.

The CBN’s daily fx intervention remained US$0.5m, at N305.30. Turnover at the NAFEX window declined from US$120m on Wednesday to US$86m, its lowest since 08 January. Indicative rates ranged from N357 to N361.

Oil prices recorded a second consecutive decline on Thursday due to US crude production gains. The Energy Information Administration reported that total US crude production increased by 86,000 barrels during the week.

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