22 December 2011, Sweetcrude, Lagos – Local and international financial market update
GBP: Sterling stayed close to an 11 month high against the euro as concerns about the euro zone’s debt crisis limited rallies in the single currency, while the pound edged higher against a softer U.S. dollar.
EUR – The Euro fell to a session low against the dollar in illiquid market conditions with the U.S, currency benefitting from safe haven flows at the euro’s expense with no clear resolution to European sovereign debt problems in sight.
CHF: The Swiss franc rose against the dollar on Thursday as it tracked the euro higher on renewed demand for riskier assets as European stocks rose in early trade
Bonds – Bearish across the curve as a whole as the market aims to position for the year end. Expectation is that market activity will continue to be muted over this festive season and in the run up to the New Year.
Bills – Very quiet trading day with only a handful of trades going through.
Money Market – OBB stable at 14.00% with unsecured rates down 50bps to 15.00%.
FX: The Nigerian Naira fell against the U.S dollar, to its weakest as the central bank closed its official foreign exchange window for the year, putting pressure on the interbank market.
Hi Low Close Prev.Close
USD/NGN 163.15/25 162.25/35 163.15/25 162.22/32
NIBOR(%) LIBOR (%)
O/N 14.3750 USD 1 month 0.29360
7 Day 15.1250 USD 2 month 0.42125
30 Day 16.1667 USD 3 month 0.57375
60 Day 16.3333 USD 6 month 0.80100
90 Day 16.8583 USD 12 month 1.12135
Y/Y Consumer Inflation Oct 2011: 10.50%
FX Reserves: 15 December 2011 (USD bn) 33.152
Source: FMD and CBN