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%.
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.