29 October 2012, Sweetcrude, Lagos – Local and international financial market update.
Nigerian Foreign Exchange – Wednesday’s open: 157.25/35; High: 157.30/40; Low: 157.15/25; Close: 157.15/25. NGN was still range bound with mild market activity. Demand remained subdued at the WDAS window on Wednesday with $142.97mio being sold against $150mio offered. The marginal rate was maintained again at 157.3176 [inc. the 1% commission].
Nigerian Bonds – Quiet session at Wednesday’s auction to close the short week, there was some demand feeding into the markets and we saw yields down on the day representing a change in the trend seen on Monday and Tuesday.
Nigerian Treasury Bills – Primary auction on Wednesday. Market activity was generally quiet as most players got filled through the OMO auctions and were waiting on their bid results.
Nigerian Money Markets – OBB and unsecured O/N rates were stable at 12.00% & 12.50% as at Wednesday’s close.
ZAR: South Africa’s rand is expected to take its direction from a slew of month-end data due this week but the currency is expected to remain on the defensive due to a wider budget deficit and recent credit rating downgrade. The rand was at 8.6619 to the dollar, 0.3 percent weaker than Friday’s New york close.
CNH: Chinese Yuan’s hit a record high, creeping towards the strong-side limit of its daily trading band. The yuan strengthened to 6.2385 per dollar around midday, up 0.7 percent from Friday’s close of 6.2489
JPY: The yen steadied and began the week well above last week’s lows, as investors looked past the Bank of Japan’s expected easing steps and focused on U.S. economic factors.
Indicative Currency Exchange Rates
EURUSD 1.2890 1.2940
GBPUSD 1.6040 1.6090
USDJPY 79.40 79.90
USDCHF 0.9325 0.9375
GBPEUR 1.2420 1.2470
USDZAR 8.6500 8.6550
USDNGN 157.00 157.50
JPYNGN 1.9650 1.9840
CHFNGN 167.20 169.10
EURNGN 202.00 204.00
GBPNGN 251.20 254.00
ZARNGN 17.00 19.00
Oil slipped on Monday, with Brent near $109 a barrel, as refineries along the US East Coast wind down operations ahead of approaching hurricane Sandy, reducing crude use in the world’s largest oil consumer.
NIBOR (%) LIBOR (%)
O/N 12.2083 USD 1 month 0.21200
7 Day 12.8750 USD 2 month 0.26100
30 Day 13.9167 USD 3 month 0.31325
60 Day 14.5833 USD 4 month 0.38010
90 Day 15.2083 USD 6 month 0.54490
USD 12 month 0.88050
Y/Y Consumer Inflation September 2012 : 11.3%
FX Reserves: 19 October 2012 (USD bn) 42.10
Source: Reuters Guardian, Bloomberg, Central Bank of Nigeria, Financial Market Dealers Association Standard Chartered Bank Nigeria.
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USD/NGN 157.30/40 157.15/25 157.15/25 157.23/33