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FX MARKETS
The OBB and OVN rates remained relatively stable, closing today at 4.17% and 4.75% respectively,
We expect rates to remain moderated tomorrow due to expected inflows from OMO T-bill maturities (c.N218bn).
Barring a renewed OMO auction by the CBN, rates should remain relatively stable tomorrow.
We expect continued interventions by the CBN to pressure rates higher towards weekend.
T-bills market remained significantly bearish in today’s session
Yields Trend Higher following Hike in CBN OMO Stop Rate
Central Bank makes a U-turn, raises rate to 12.50% for the 182days OMO Bills
We expect the market to be order driven with some client demand expected to take advantage of yields available
At the parallel market, the cash rates appreciated by 10k to N359.20/$
Bond Market Closes the Month Bearish as EM Pressures Persist
Bond Yields Hit 9-Month High as CBN holds off on OMO Sale
The Bond Market remained relatively calm in today’s session