WEEKLY MARKET DIGEST

13 September 2024
MONEY MARKET
• The Money Market opened the week with a negative liquidity balance
of ₦173.65billion and closed with a negative balance of ₦503.25billion. MONEY MARKET RATE

• The Market experienced little inflows as the week started on a negative Rate (%)
44.00
note, with a liquidity figure of ₦173.65billion. During the week the 41.00
Central Bank sold intervention funds of about $140million with an av- 38.00
35.00 OBB
erage rate of ₦1580 during the week, which further slumped the mar- 32.00 O/N
ket . 29.00
26.00
• Consequently, OBB and O/N rates closed at 31.20% and 31.73% re- 23.00
20.00
spectively .
9-Jan 13-Jan

FOREIGN EXCHANGE MARKET

• The Nigerian importers and Exporters Foreign Exchange FX Rates 06-SEPT-24 13-SEPT-24 ∆ (%)
window appreciated by 2.95% to close at ₦1546.41/$1.00 I&E Closing
from ₦1593.32/$1.00 that was recorded the previous week. 1593.32 1546.41 0.31
Rate
FIXED INCOME MARKET
• The treasury bills market was bearish this week, with sell- NIGERIAN TREASURY BILLS
ing interests dominating the curve, especially for the new- Maturity TTM Rate Maturity TTM Rate
est 1-year paper. Offers were observed in the range of (%) (%)
18.20% to 18.40%, although only a few trades were com- 24-Oct-24 27 18.45 10-Apr-25 209 18.91
pleted. In general, the average mid-rate increased by 131
7-Nov-24 55 18.25 8-May-25 237 18.75
bps to 19.22%. At the auction, DMO sold a total of
₦161.88bn at this week’s Auction across the usual tenors 5-Dec-24 83 17.30 5-Jun-25 265 18.58
despite the subscription of about ₦563.17bn. Stop rates 23-Jan-25 132 17.79 26-Jun-25 286 18.45
declined across all tenors with the 91 Day and 182 Day 6-Feb -25 146 19.00 10-Jul-25 300 18.44
tenor closing at 16.63%(37bps) & 17.00%(50bps) respec-
tively, while the 364 Day tenor declined 35bps to close at 6-Mar-25 174 19.56 4-Sep-25 356 18.40
18.59%.
FGN BONDS
• The local FGN bonds market experienced a shift from bull-
Maturity Yield Maturity Yield
ish to bearish sentiment, as selling interest was observed
across the curve, especially for the 2031s and May 2033 13.53 23-MAR- 21.52 12.50 27-APR-2032 18.02
papers, which were trading above the 20% level. As a re- 2025
sult, the average mid-yield rose by 50bps to settle at 12.50 22-JAN- 19.02 19.00 21-FEB- 19.70
18.48%. 2026 2034
• Bullish sentiments dominated the African Eurobonds mar-
16.288 17-MAR- 19.10 16.249 18-APR- 17.71
ket, with significant buying interest in Nigeria, Angola, and 2027 2037
Egypt bonds. This can be attributed to investors’ anticipa-
tion of a rate cut at the upcoming Fed meeting. As a result, 13.98 23-FEB- 2028 19.16 14.80 26-APR- 17.50
2049
the average mid-yield across the Nigerian curve dropped
by 13 bps to 9.91%.
 FGN EUROBOND CORPORATE EUROBOND
Security 6 Sep % 6 Sep pr 12 Sep % 12 Sep pr Security 6 Sep % 6 Sep pr 12 Sep % 12 Sep pr
FGN 7.625% 2025 100.125 7.94 7.39 100.25 ACCESS SEP 2026 8.73 95.25 8.75 95.25
FGN 6.50% 2027 93.125 9.29 8.87 87.75 ECO FEB 2026 10.09 96.125 10.02 96.25
FGN 7.875% 2032 88.5 10.11 10.27 87.75 FIDELITY OCT 2026 8.20 98.875 8.01 99.25
FGN 7.625% 2047 75 10.52 10.59 74.5 UBA NOV 2026 7.24 99 7.25 99

FGN 9.248% 2049 88.75 10.54 10.54 88.75 BOI FEB 2027 10.12 94.5 10.26 94.25

ECONOMIC INDICATORS SOFR COMMODITIES

Indicators Current Previous Tenor Rate (%) Tenor Rate (%) Commodity Price ($)
Inflation Rate (%) 34.19 33.95 O/N 5.33 3M 5.36929 Brent 71.76

Monetary Policy Rate (%) 26.75 26.25 1M 5.34173 6M 5.39687 WTI 68.66

Foreign Reserves (Gross $’bn) 36.86 36.30 Gold 2582.81

2M - 12M -
AUCTION RESULTS FOREIGN CURRENCY
Bond Auction –19 August 2024 T-Bills Auction - 11th September CCY Rate CCY Rate
2024
GBP/USD 1.31 AUD/USD 0.667
Tenor 5-Years 7-years 9-years 91-Day 182-Day 364-Day

EUR/USD 1.11 NZD/USD 0.62

Offer (₦’bn) 70.00 70.00 50.00 6.78 4.9 150.18

Subscription (₦’bn) 24.35 16.53 241.65 17.80 6.16 539.21 USD/JPY 140.95 USD/NOK 10.66

Total Allotment (₦’bn) 18.35 42.19 314..21 10.84 2.52 148.52

USD/CHF 0.85 USD/CNY 7.09
Non-Competitive Allotment 0.00 0.00 0.00 0.00 0.00 0.00
(₦’bn) USD/CAD 1.36 USD/ZAR 17.72
Stop Rates (%) 20.30 20.90 21.50 16.63 17.00 18.59

LOCAL NEWS

Brent crude oil futures fell below $70 per barrel for the first time since December 2021, marking a new downturn in prices driven by strong supply,
demand concerns, and widespread speculative selling. The global benchmark dropped by 2.8%.

However, U.S. supply disruptions from Tropical Storm Francine provided some support for prices. Brent crude futures fell by 48 cents, or 0.67%,
while U.S. West Texas Intermediate (WTI) crude dropped 42 cents, or 0.6%, to $68.29. Both benchmarks had gained around 1% on Monday

INTERNATIONAL NEWS

Wall Street traders revived prospects for a half-point Federal Reserve rate cut next week, spurring a rotation into stocks that would benefit the
most from policy easing.

Economically sensitive shares outperformed the group of tech megacaps that have led the bull market, with the Russell 2000 index of smaller firms
climbing 2.4%. An equal-weighted version of the S&P 500 — where the likes of Nvidia Corp. carry the same heft as Dollar Tree Inc. — beat the US
equity benchmark. That gauge is less sensitive to gains from the biggest companies — providing a glimpse of hope the rally will broaden out.

Sources: FMDQ, CBN, DMO, Globus Bank Treasury Team, Bloomberg, Reuters, Punch Enquiries: 234 1 2259000 or 234 1 22590001

Disclaimer: This newsletter is published by Globus Bank Limited for information purposes only. The report is obtained from sources believed to be reliable and no representation is made
that is accurate or complete. This publication is indicative and for guidance purposes, therefore should not be taken as sole basis for trading or relied upon for taking investment deci-
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