Economic Report

Date: June 22, 2017

FX Analysis:

The currency pair ($/N) lost N0.05k at the interbank market yesterday to close at $/N305.85
Confidence level in FX sales heightens as results of the SMIS FX intervention fund was released coupled with $1.5m  daily intervention fund to the 2WQ market
The interbank market which opened at the high of $/N305.85 traded to a support low of $/N305.30 as funds were sold to the industry.
The parallel market was maintained at same levels of $/N368.00

MM Analysis:

  • System liquidity closed on negative terrains as OMO and NTB auctions impacted the market adversely
    Market participants traded cautiously as OMO auction result pushed rates to higher levels hence funding was tight
    Interbank rate opened at 20% but eventually closed at 18.00% and 19.00% levels on OBB and Overnight respectively.
    Markets expects a decline in rates as NTB/OMO maturity of N257.29bn impacts the system today

Local currency rates (Interbank)

Tenor Rates (%)
Over Night 19.00
Open Buy Back 18.00
Call 16.50
30 days 19.4827
90 days 21.0013
365 days 23.5317

Treasury Bills and Bonds (Auction stop rates)

TBILLS & BONDS -  AUCTION

PERIODS RATE(%)

91DAYS 13.4000
182DAYS 17.1390
364DAYS 18.6500
5YRS 16.1900
10YRS 16.1900
20YRS 16.1989

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