A Review of the Nigerian Energy Industry

Financial market update

23 September, 2011, Sweetcrude, Lagos- International News
. EUR: The Euro rose on profit-taking after slipping to an eight-month low previously, but its gains could prove fleeting after market players were unimpressed by G20 pledge to preserve financial stability

. CHF: The Swiss franc tracked the euro higher against the dollar in early trading as investors took profits on dollar bets, lifting the franc off its lowest levels since April against the greenback as the euro bounced off an 8-month dollar low

. ZA: South Africa’s rand bounced from a 28-month low hit in what dealers said was a correction after being oversold. The Rand has repeatedly scaled new records this week and was on track to register its worst week since October 2008. It hit 8.4950 to the dollar late on Thursday, its weakest since May 2009

Nigeria News
· Bonds –
yesterday was a relatively quiet trading day with yields largely stable across the curve. Some slight pressure early hours but that was short-lived.

· Bills – Also a quiet day in the bill market with low volumes and some bearish sentiment pushing yields up on the 91-182 day maturities

· Money Market – OBB continues to hold stable at 11.25% while unsecured O/N rates went up to 11.75%. though FAAC has been approved, it still hasn’t hit the system yet..

· Interbank/WDAS –
Hi Low Close Prev.Close
157.85/95 157.20/30 157.25/35 157.80/90

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