A Review of the Nigerian Energy Industry

Financial market update

International News

USD: The dollar dipped in Asia on Monday as U.S. lawmakers had yet to reach a deal to raise the country’s debt ceiling with only a little over a week remaining before the deadline to avert a default..

NZD/AUD: The New Zealand dollar loitered near 30-year highs on Monday while the Aussie took only a modest dip as markets held their nerve in the face of uncertainty over the U.S. debt ceiling.

CHF: The Swiss franc rose sharply against both the dollar and the euro on Monday as ongoing wrangling in U.S. debt ceiling talks sapped appetite for risky assets.

Nigeria News
Bonds – A bearish session in Friday’s trading for the third consecutive day as market prepares itself for an expected rate hike at this week’s MPC meeting. Despite improved market liquidity, demand is still flat causing an upward push on yields across the curve. Monetary Policy Committee meeting holds today and tomorrow, a 50bps hike expected on the MPR currently at 8.00%.

Bills – Trading volumes increased today seeing activities sustained on the sell side. There is an OMO auction today as the CBN attempts to take out some of the liquidity in the system and expected bond maturity of about NGN135bn. Bearish trend expected early this week in anticipation of a rate hike at the MPC meeting.

Money Market – Unsecured O/N rates maintained at 7.50% as the FAAC funds filtered into the system.

Interbank/WDAS – $400m is on offer at today’s WDAS auction.
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USD/NGN 152.33/43 152.00/10 152.23/33 152.12/22

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  • nigerians have a way of making bueitufal promises, but the major problem is implementation policy. to fulfill their promises is like why at my time, no one is allowed to be a hero because of syconphancy syndrome. the role of the Americas is constant dialogue and counselling.