Financial market update

International News
· AUD/NZD: The Australian and New Zealand dollars, among this week’s worst performers in major currencies, nursed deep bruises on Friday following an investor stampede to the safety of cash and bonds on mounting fears of a global recession.

· CHF: The Swiss franc hit a fresh record high against the euro on Friday as mounting fear of an economic quagmire in the United States and Europe prompted investors to dump risky assets and seek shelter in safe-haven currencies.

· CNY: The yuan fell slightly versus the dollar by midday on Friday after the People’s Bank of China set a weaker mid-point, in line with a rebound in the dollar after the U.S. narrowly escaped a disastrous debt default.

Nigeria News
Bonds – Relatively quiet session in yesterday’s bond market. An initial slight sell off in early trading but yields came off again by close of trading. We expect sustained volatility over the next few weeks with plenty of intraday swings.

· Bills – The long end ticked up 15-20bps in reaction to the increased supply coming from the OMO auctions on Monday and yesterday. A lot of volatility currently being experienced especially as the amount of supply on various issues pulls further away.

· Money Market – Unsecured O/N rates are holding at 7.00% as the system continues to remain liquid with market up an average NGN300bn.

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