A Review of the Nigerian Energy Industry

Financial market update

29 August, 2011, Sweetcrude, Lagos – International News
· USD:
The dollar came under light pressure against a basket of major currencies in Asia on Monday, with traders speculating the Federal Reserve may offer more stimuli next month in the face of an uncertain growth outlook.

· CHF:
The Swiss franc extended its fall against the euro and dollar on Monday after a leading indicator on Friday showed the strong currency is starting to hurt the economy and UBS said it might levy a fee on certain accounts to discourage franc hoarding.

· ZAR: South Africa’s rand started the week on a firmer footing on Monday as the greenback came under pressure on speculation U.S. monetary policy could be loosened even further.

Nigeria News
· Bonds –
The trend continued bullish on Friday with yields dipping across the whole curve. Some demand filtered into the market on the Feb 2013 and Apr 2015s as yields went up earlier in the week and began looking more interesting.

· Bills – Quiet session with rates relatively flat and volumes low.

· Money Market – Unsecured O/N rates remained unchanged on Friday to close at an average 8.00%.

. Interbank/WDAS – $600m is on offer at today’s WDAS auction to cater for an expected increase in demand for the week due to the national holidays declared for Tuesday and Wednesday.

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