A Review of the Nigerian Energy Industry

Financial market update

6 September, 2011, Sweetcrude, Lagos – International News
· EUR: The euro hit a seven week low on Tuesday as the euro zone debt crisis deepened overnight, hovering right above more key chart support levels that if breached could lead to a sharper sell-off in the single currency.

· CNY: China’s yuan slipped against the dollar for the fourth day in a row on Tuesday, after the People’s Bank of China set a weaker mid-point as the dollar hovered around a one-month high.

· AUD/NZD: The Aussie and New Zealand dollars were on the back foot on Tuesday as concerns about the health of the global economy weighed on risk appetite, while the Reserve Bank of Australia kept rates steady and gave no hint of easing.

Nigeria News
· Bonds –
Relatively quiet session to open this week, low volumes with patchy activity.

· Bills –
Quiet session to start but by midday some demand filtered into the market leading to a downward ripple effect across all the maturities. This is an indication that rates at Wednesday’s auction are set to remain quite flat and could possibly dip slightly.

· Money Market – Unsecured O/N rates still remained unchanged and closed at 8.50% yesterday.

· Interbank/WDAS – $400m was offered and sold at yesterday’s WDAS auction with demand at $541.23m. CBN intervened at $/NGN154.3381.

Hi             Low            Close         Prev.Close
        155.73/83   154.74/84    155.67/77     154.80/90

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