A Review of the Nigerian Energy Industry

Financial market update

International News

· EUR: The euro jumped on Monday after the European Central Bank announced steps to ease tensions in the euro zone debt market, while the Group of Seven major industrial nations reaffirmed their vow to support financial market stability and growth.

· CHF: The Swiss franc stampeded to a new peak against the dollar on Monday, with risk aversion on the rise after ratings agency Standard & Poor’s cut the credit rating of the United States.

· CNY: The yuan hit a record high versus the dollar on Monday after the People’s Bank of China set a historical high mid-point following a drop in the dollar index after Standard & Poor’s downgraded the U.S. credit rating.

Nigeria News
· CBN –
The CBN announced revocation of licences of three rescued banks (PHB, Afribank and Spring bank) while issuing banking licenses to Keystone, Mainstreet and Enterprise banks as well as extending guarantees to them to December 31, 2011.

· Bonds – Another relatively quiet session on Friday, market dynamics largely unchanged as the intraday swings continue. Expected continued volatility over the next few weeks with loads of swings intraday.

· Bills – Volatile trading day with the short end bought aggressively in early trading, the short end dipped almost 70bps but then the profit takers pushed rates back up an average 45bps meaning a dip of 25bps on average on the day.

· Money Market – Unsecured O/N rates are holding at 7.25% as the system continues to remain liquid.

· Interbank/WDAS – There is no communication yet on amount on offer at today’s WDAS auction.

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