News Update:
The Federal Government has adopted the $11billion Dangote refinery, under its new National Petroleum Policy in order to add value to crude oil, reduce high dependence on imported petro- leum products and conserve foreign exchange for other developmental projects. Consequently, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, today, led a strong government delegation to inspect the progress of work at the 650,000 plant expected to come on stream in 2019. This Day”


“The Fixed income market remained quiet in today’s session due to the suspension of trading in the two-way quote mar- ket till Wednesday. The CBN however continued with its OMO issuance, selling a total of N8.84bn (185 day) and N51.96bn (332 day) OMO T-bills with rates pegged at 17.95% and 18.55%. We expect active participation by market players at the T-Bills PMA scheduled to hold on the 2nd of August.

The OBB and O/N rates remained stable at the previous day’s levels to close at 5.17% and 5.75% due to the buoyant liquidi- ty in the money market coming from the c.N313bn FAAC dis- bursements credited into the system by late Friday last week. Market Liquidity is estimated at N209billion long as at close of business today. We expect rates to remain stable at these levels barring any significant liquidity management actions by the CBN.”

ECONOMIC INDICATORS
Inflation (YoY) 16.10%
Exchange Rate ($) N305.65
MPR 14.00%
Foreign Reserves $30.77Bn
Brent Crude $51.91

For Market statistics breakdown, Kindly visit :

https://brandspurng.com/daily-market-report-fixed-income-money-market-and-fx-july-31-2017/

Nigeria Economic news no dey sweet to read