Money market opens week with N129bn

The opening balance of money market liquidity on Monday was N129 billion. In anticipation of the inflow from the FAAC monthly distribution, interbank rates closed within a lower range of 7 to 13 per cent. There was no OMO auction on Monday. On the secondary market for NTBs, yields dipped for selected maturities.

The CBN’s daily foreign exchange intervention remained $0.5m, at N305.95. Additionally, there was a wholesale SMIS. Turnover at the NAFEX window increased from $156 million on Friday to $204 million. Indicative rates ranged from N358 to N361. The US dollar stemmed early losses but still remained broadly lower against a basket of major currencies on Monday.

Fed chair Jerome Powell makes his maiden testimony in Congress today. Investors will be listening closely to his views on the state of the economy and any clues about interest rates being raised faster than expected.

NTBs & money market
Instrument                        Discount/close %                     Previous
NTB 03/05/18                       14.52                                    14.34
NTB 02/08/18                      14.23                                     14.37
NTB 01/11/18                      14.15                                     14.15
NTB 03/01/19                     13.71                                     13.71

REPO                                    Rate/close                        Previous
Overnight                                 8.83                                12.42
30 day                                    10.25                                12.92
90 day                                    11.33                                14.33
180 day                                 12.50                                15.33
OBB                                       7.92                                 11.50

FX and crude oil (spot), unless otherwise stated

Currency
EUR/USD               1.23                      Oil UK brent $/b     67.17
GPD                        1.39                    UK brent(AprilFut)   67.10
USD/JPY                106.91                 WTI                        63.40
USD/NGN (CBN Official)                    305.95
USD/NGN (1M)                                  364.16
USD/NGN (3M)                                  372.59
USD/NGN (NAFEX)                          360.19