Date: August 02, 2012

FX Analysis:

• The Naira depreciated at the WDAS on Wednesday (01.08.12) closing at $/₦155.86
• At the Interbank , USD appreciated closing at $/₦161 offer while the parallel market closed at ₦164 offer

MM Analysis:

• The Interbank market is relative liquid.
• However, interest rates closed at 15% and 18% for OBB and overnight funds respectively.
• We expect interest rates to remain at the current levels for the rest of the week.