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Delay in release of Q1 FGN Bond calendar fuels jitters


Friday, January 13, 2018 08:26PM /@ZedcrestCapital

*** Total pension assets rise to N7.4tn ***

Proshare Nigeria Pvt. Ltd.


The bond market traded on a bullish note today, as jitters from non-release of the FGN bond calendar fueled some buys across the curve, with yields declining by about 12bps to 13.28%. We expect the market to open the coming week on a calmer note, even as we expect the bond calendar to be released by the DMO.

Proshare Nigeria Pvt. Ltd.


Treasury Bills

The T-bills market traded on a relatively flat note, as the CBN continued with its OMO auction, consequently dousing fears of a reduction in OMO issuance. N351m 76-day and N132bn 209-day bills were sold, with rates maintained at 12.60% and 14.40% respectively. We expect the market to be relatively client driven in the coming week, as market players position themselves for the second NTB auction of the year which we expect to be very bullish.

Proshare Nigeria Pvt. Ltd.


Money Market

The OBB and OVN rates inched slightly higher to 9.00% and 9.58%, due to debits for today’s OMO auction by the CBN. System liquidity is consequently estimated to close the week at c.N95bn long, down from a positive opening figure of c.N228bn. We expect rates to be slightly lower on Monday, as the CBN is expected to refund banks for lost FX bids from the last retail auction.

Proshare Nigeria Pvt. Ltd.

FX Market

The CBN Official spot rate remained stable at its previous day rate of N305.80/$. Rates at the Investors and exporters FX window appreciated marginally by 0.01% to N360.41/$. Rates at the parallel market however depreciated further by 0.06% to N362.00/$.

Proshare Nigeria Pvt. Ltd.

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