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    Home » Financial market products & services update

    Financial market products & services update

    March 27, 2018
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    *Financial markets.

    27 March 2018, Sweetcrude, Lagos — The local and international financial market products and services update.
    NIGERIA: Federal Inland Revenue Service, FIRS, Mr. Babatunde Fowler, yesterday, allayed fears over the report by the International Monetary Fund, IMF and World Bank that Nigeria was at risk of economic crisis, saying the country will soon meet the target of the international bodies. He also restated that the nation is experiencing upward growth through various initiatives of President Muhammadu Buhari’s administration. Recall that the IMF and World Bank had reported that any nation with a Gross Domestic Product, GDP, below 15 percent was at risk of economic crises.

    FIXED INCOME: Quiet day of trading to start the week in the bond market. Not much to report either in bills as it was a mixed tone for most of the day. Money market opened higher circa N150bn but whispers of unspecified naira debits kept O/N rates at 40%.

    FX: Quiet opening in the I&E window, we saw little activity between banks on the day. Last week’s turnover was $1,098.60m within the reported range of $/N 320.00 -361.00, down 27.5% from the previous week. We expect the level for most trades to remain in the tight range of $/N 359.00 – 361.00 this week.

    E.U.: Economic sentiment in the 19-countries sharing the euro slipped for the third month in a row in March, data from the European Commission showed on Tuesday, suggesting economic growth in the bloc was not as steady as previously thought. The Commission’s Economic Sentiment Indicator fell to 112.6 in March from a revised 114.2 in February, below the average forecast of 113.4 in a Reuters poll of 34 economists. The downbeat reading of economic sentiment paired with falling inflation expectations for consumers and manufacturers alike, as well as earlier data suggesting loan growth and money supply in the Eurozone had also slowed, kicked the euro off a five-week high.

    U.K.: The Bank of England said it considered this month increased the amount of money banks must set aside to counter their lending risks as Britain’s economy grows but held off on taking a decision until June. The BoE said on Tuesday its Financial Policy Committee, which oversees risks to the economy from the banking system, had seen arguments for setting the so-called countercyclical capital buffer (CCyB) a little above its current 1 percent level. “Risks had increased since the Committee first judged that a 1 percent UK CCyB rate was appropriate, in Q1 2016,” the BoE said in a series of minutes from the FPC’s meeting on March 12.

    COMMODITIES: Oil traded above $65 a barrel as global trade tensions showed signs of easing, countering concerns that U.S. crude stockpiles may have resumed their expansion last week. Brent for May settlement rose 27 cents to $70.39 a barrel on the London-based ICE Futures Europe exchange, after dropping 33 cents on Monday.

    Macro Economic Indicators
    Inflation rate (Y-o-Y) for February 2017              14.33%
    Monetary Policy Rate current                               14.00%
    FX Reserves (Moving Avg Bn $) as at March 21, 2018,    45.360

    Money Market Highlights
    NIBOR (%)

    O/N                         46.2083
    30 Day                    15.3054
    90 Day                    16.3859
    180 Day                  18.3057
    LIBOR (%)
    USD 1 Month         1.87500
    USD 2 Months       1.99338
    USD 3 Months       2.29155
    USD 6 Months       2.44971
    USD 12 Months     1.72400

    Benchmark Yields
    Tenor       Maturity       Yield (%)

    91d          14-Jun-18        14.65
    182d        13-Sep-18       15.42
    364d        14-Feb-19       15.35
    2y            13-Feb-20       13.70
    3y            15-Jul-21        13.62
    5y            27-Jan-22       13.59

    Indicative Currency Exchange Rates
    Bid         Offer

    USDNGN (I&E)    358.95     360.60
    EURUSD               1.2309     1.2511
    GBPUSD               1.4014     1.4216
    USDJPY                105.62      105.65
    GBPEUR               1.1272      1.1476
    USDZAR               11.5662    11.7696
    EURNGN              445.75      447.11
    GBPNGN              507.09      508.48

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