News Update:
The Central Bank of Nigeria (CBN) yesterday said Nigeria’s manufacturing sector has rec- orded expansion in production activities for four consecutive times in its Purchasing Man- agers’ Index (PMI). The implication of this positive outcome which also confirms last quar- ter’s GDP growth recovery as well as last month’s inflation moderation are signs that the Nigerian economy may soon exit recession and return to the path of growth. – Guardian”


“There were no active trades in the fixed income market today ow- ing to the suspension of trading in the two-way quote market by the FMDQ. Activities in the market are expected to resume fully tomorrow, with bullish sentiments expected to prevail due to ex- pected cash inflows from OMO maturities and spill over demand from the T-bills PMA.

The OBB and O/N rates rose sharply from 5% levels yesterday to close today at 19.67% and 20.17% due to an estimated sale of N250billion special T-bills of 183 days tenor to banks at 17.20%, debited late yesterday from the system. Market liquidity is esti- mated at N75billion long at close of business today.

We expect rates to trend back lower as inflows from N85.42billion OMO ma- turities are expected to improve market liquidity, not discounting the possibility of another round of OMO auction by the CBN.”

ECONOMIC INDICATORS
Inflation (YoY) 16.10%
Exchange Rate ($) N305.60
MPR 14.00%
Foreign Reserves $30.77Bn
Brent Crude $51.50


Kindly find Market statistics below:

https://brandspurng.com/daily-market-report-fixed-income-money-market-and-fx-august-2-2017/