Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Financial market update

    Financial market update

    July 24, 2013
    Share
    Facebook Twitter LinkedIn WhatsApp

    Financial-market24 July 2013, Sweetcrude, Lagos – Local and international financial market products and services update.
    NIGERIA: Nigeria’s central bank slapped a 50 percent cash reserve requirement on public sector deposits on Tuesday, to curb bank’s practice to taking the deposits and lending the money back to the government at a profit. The surprise move accompanied a central bank decision to keep its policy interest rate at 12 percent for the eleventh time in a row on Tuesday, citing success in containing inflation and a currency that has suffered from dollar demand as reasons to stay the course. Previously the reserve requirement on all deposits was 12 percent. Banks have been able to lend the rest of the public sector money back at a profit by buying high-yielding government debt.

    EUROPE: Europe’s biggest banks, which more than doubled their highest-quality capital to $1 trillion since 2007 to meet tougher rules, may have further to go as regulators scrutinize how lenders judge the riskiness of their assets. “Europe’s banks are far from done on efforts to raise capital,” Lutz Roehmeyer, who helps manage more than 11 billion euros ($14.5 billion) at Landesbank Berlin Investment, said in an interview. “We have to take out the arbitrary method by which banks assign the risk of their assets.”

    INDIA: JSW Steel Ltd., India’s third- largest producer, is considering buying the local assets of debt-laden Stemcor Holdings Ltd. to gain iron ore mines, said two people with direct knowledge of the matter.

    CHINA: China’s economy may be facing a period of instability and imbalance as it transitions from high- speed growth, a state researcher said. China’s growth slowed for a second straight quarter to 7.5 percent in the April-June period, increasing the risk that Premier Li Keqiang will miss a full-year target for the same pace

    BONDS: A volatile session yesterday as differing views on prospective decisions by the MPC created activity today. Yields came off about 10-15bps in the first half of the day, towards the close we saw a correction as markets closed slightly higher than the open. The MPC decision sets up the next few days for an equally volatile session as yields are likely to rise.

    BILLS: Bullish markets yesterday, demand feeding in across the all tenors with rates moving down an average 11bps. No OMO activity and expectation is that we see yields trend upward as a result of the MPC decision. This will also likely impact the primary auction being held tomorrow and we likely see the cut-off higher.

    MONEY MARKET: OBB and unsecured O/N rates stable at 10.10% and 10.15%, market opened up N325 billion yesterday.

    Indicative Currency Exchange Rates
    Bid       Offer

    EURUSD        1.3237     1.3247
    GBPUSD        1.5370     1.5380
    USDJPY          99.93      100.33
    USDCHF        0.9351     0.9371
    GBPEUR         1.1611      1.1621
    USDZAR         9.8400   9.9400
    USDNGN        160.75    161.25
    JPYNGN         1.6086    1.6586
    CHFNGN        171.91      175.91
    EURNGN       212.78     216.78
    GBPNGN        247.07    251.07
    ZARNGN        16.34       18.34

    COMMODITIES
    West Texas Intermediate swung between gains and losses after data showed crude and fuel stockpiles shrank in the U.S., the world’s largest oil consumer, and China’s manufacturing slowed in July. WTI for September delivery was at $107.04 a barrel, down 19 cents, in electronic trading on the New York Mercantile Exchange at 2:50 p.m. Singapore time.

    Interest rates
    NIBOR (%)                          LIBOR (%)
    O/N              10.3250             USD 1 month          0.1900
    7 Day            10.5833             USD 2 month         0.2305
    30 Day         10.9583             USD 3 month         0.2659
    60 Day         11.2500              USD 6 month         0.3965
    90 Day         11.5000              USD 12 month       0.6759
    Y/Y Consumer Inflation June 2013 :                  8.4%
    FX Reserves: 17 July 2013 (USD bn)                 46.923
    MPR                                                                          12.00%
    Source: FMD and CBN
    Source: Reuters, Bloomberg, Central Bank of Nigeria, Financial Market Dealers Association Standard Chartered Bank Nigeria.

    Fx
    Hi                Low        Close         Prev.Close
    USD/NGN     
    161.80/90    161.15/25    161.80/90   161.20/30

    Related News

    Nigeria unlocks intra-African trade with new PAPSS policy boost

    Ahead of China-US talks, Trump says 80% tariff ‘seems right’

    Nigeria’s Senate passes tax reform bills to boost government revenue

    E-book
    Resilience Exhibition

    Latest News

    Nigeria unlocks intra-African trade with new PAPSS policy boost

    May 10, 2025

    Ahead of China-US talks, Trump says 80% tariff ‘seems right’

    May 10, 2025

    US oil and gas rig count falls to lowest since January – Baker Hughes

    May 10, 2025

    Nigeria’s Senate passes tax reform bills to boost government revenue

    May 10, 2025

    E-Call up is desirable in Onne ports – Truckers

    May 10, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.