08 May 2015, Sweetcrude, Houston – Local and international financial market products and services update.
NIGERIA: Nigeria raised 150.60 billion naira ($756.78 million) in Treasury bills, with yields mixed compared with the previous sale last month, the central bank said on Thursday. The yield on the 3-month bill was stable at 10.09 percent, the same as at the April 22, auction. The central bank sold N45.17 billion in the 3-month paper. A total of N23.43 billion was sold in the six months paper at 12.89 percent, higher than the 12.80 percent yield at the last auction, while 82 billion worth of the one-year paper was sold at 13.39 percent against 12.99 percent last month.
FIXED INCOME: The trading session had the bears all out to play, as both tbills and bonds were better offered across. Tbills yields inched up about 16bps while bond did about 10bps up. 2022s and 2024s continue to maintain the large chunk of liquidity in the bonds. CBN sold NGN114bn of 252day OMO bills at 14% (15.50%), this was the main reason for the selloff in tbills. O/N still about 9% as money market liquidity still over NGN500bn even after the OMO auction.
FX: Nothing is changed regarding CB’s daily special auction; intervention rate maintained at $/NGN 197.00.
EUROPE: Shares on the London stock market have risen sharply, led by banks and property firms. The FTSE 100 gained more than 1.6% in early trading, as investors digested UK election results suggesting David Cameron will remain as prime minister. The BBC forecasts that the Conservatives will be able to command a slender majority. Meanwhile, the pound jumped nearly 2% to $1.55 against the dollar, before pulling back.
CHINA: China’s imports and exports contracted again in April in a new sign of economic weakness, adding to pressure on Beijing to roll out more stimulus measures to avert a sharper economic slowdown. Imports fell by a bigger-than-expected 16.2 per cent over a year earlier to US$176.3 billion following March’s 12 per cent decline. Exports fell 6.4 per cent to US$142.1 billion, adding to the previous month’s 15 per cent decline.
COMMODITIES: The barrel of the American benchmark for the light crude oil is extending the drop from recent highs beyond $62.00/bbl on Thursday. The barrel of WTI is losing 1.35% at $59.58 with the immediate support at $59.09 (low May 7) ahead of $58.63 (low May 5) and finally $58.37 (low Apr.30).
Macro Economic Indicators
Inflation rate (YoY) for Nov., 2014 8.50%
Monetary Policy Rate current 13.00%
FX Reserve (Bn $) as at January 09 2015 29.670
Money Market Highlights
NIBOR (%)
O/N 9.5417
30 Days 13.0188
90 Days 14.2552
180 Days 15.7501
LIBOR (%)
USD 1 Month 0.1815
USD 2 Months 0.2280
USD 3 Months 0.2789
USD 6 Months 0.4148
USD 12 Months 0.7361
Benchmark Yields
Tenor Maturity Yield (%)
91d 06-Aug-15 10.32
182d 15-Oct-15 12.10
364d 21-Apr-15 15.06
2yr 27-Apr-17 13.81
3yr 29-May-19 13.74
5yr 13-Feb-20 13.74
Indicative Currency Exchange Rates
Bid Offer
USDNG 196.87 199.50
EURUSD 1.1131 1.1333
GBPUSD 1.5367 1.5569
USDJPY 120.06 120.09
USDCHF 0.91705 0.9272
GBPEUR 1.3669 1.3873
USDZAR 11.9201 12.1235
JPYNGN 165.7297 165.8303
CHFNGN 214.59 216.28
EURNGN N/A N/A
GBPNGN N/A N/A
ZARNGN N/A N/A