A Review of the Nigerian Energy Industry

Financial market update

International News
· EUR:
The euro fell on Friday, dragged down by persistent worries about core euro zone debt and a short selling ban by four European countries failed to lift investor confidence in the region’s banking sector.

· GBP: Sterling fell against the dollar on Friday, tracking falls in the Euro versus the U.S. currency while sentiment remained soured by a weak outlook for the UK economy and the possibility of further monetary easing by the Bank of England.

· AUD/NZD: The Australian and New Zealand dollars broadly held onto overnight gains on Friday, though they remained vulnerable to waves of market panic, particularly as worries about the euro zone financial sector persisted.

Nigeria News
· Bonds –
Quiet session yesterday with thin volumes and rates relatively flat across the curve. Rates inched up only ever so slightly due to some bearish sentiment ahead of the auction next week.

· Bills – With the secondary market already trading at levels reflective of the aggressive bidding at the primary auction where the cut offs stayed relatively flat, rates didn’t move much in trading yesterday, only inching up slightly on the 1 month bills and remaining relatively flat across the other maturities.

· Money Market – Unsecured O/N rates are holding at 10.50% as liquidity has thinned out somewhat with market up an average NGN260bn to open yesterday.

· Interbank

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