Date: MAY 16, 2012

FX Analysis:                                                                            

• The Naira remained stable at the WDAS on Wednesday (16.05.12) closing at $/₦155.70
• At the Interbank , USD appreciated closing at $/₦159.03 offer while the parallel market closed at ₦159.50 offer

MM Analysis:

• The Interbank market is relative liquid.
• However, interest rates closed at 14.75% and 15.00% for OBB and overnight funds respectively.
• We expect interest rates to remain at the current levels for the rest of the week.