A Review of the Nigerian Energy Industry

Financial market update

International News
EUR: The euro rallied to a two-week high against the dollar in Asia on Friday after euro zone officials gave their financial rescue fund sweeping new powers to solve Greece’s debt troubles, easing fears that the country’s debt crisis would spread.
NZD/AUD: The New Zealand dollar held near a fresh 30-yesr high while the Aussie hovered close to a two-month peak, as investors piled into risk after European leaders finally made progress in dealing with Greece’s debt problems.
CHF: The Swiss franc fell against the euro on Friday, with riskier assets broadly helped by news European leaders agreed on a package to rescue debt-stricken Greece.
Nigeria News
Bonds – Few trades recorded in an unexpectedly quiet session yesterday, secondary market levels traded higher than cut-off rates at Wednesday’s auction from a last minute sell-off across the yield curve before the auction. Demand stayed relatively low and flat across board and expected to remain so until after the MPC meeting which comes up on the 25th -26th July 2011.
Bills – Trading activities slowed down in yesterday’s session after a sell-off on Wednesday. Still no buying interest in the market despite improved liquidity conditions in the cash markets, activities are expected to slow down into the coming week until after the MPC meeting.
Money Market – Unsecured O/N rates came off 150bps yesterday to close at 7.50% as the FAAC funds filtered into the system.
Interbank –
Hi Low Close Prev.Close
USD/NGN 152.15/25 151.94/04 152.12/22 152.05/15

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