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Treasury Newsletter – November 12, 2021

Cryptocurrency Watch The crypto market traded marginally bullish on Thursday as the market capitalization gained 1.67% to close at $2.812 trillion, representing a $46.26 billion...

Cryptocurrency Watch

The crypto market traded marginally bullish on Thursday as the market capitalization gained 1.67% to close at $2.812 trillion, representing a $46.26 billion gain, while Bitcoin gained 0.15% to close at $65,020.43. Bitcoin, on the bullish trend had hit a new peak on Wednesday after the Bureau of Labour Statistics revealed that U.S consumer prices grew at the quickest pace in over 30 years, in October 2021, fuelling inflationary fears, which increased buying sentiments in the market.

Crude oil price

Crude oil prices continued on a bearish note on Thursday, after Brent crude closed with a loss of 0.1% to $82.56 per barrel. This came on the back of recent reports by the Energy Information Administration indicating an inventory build of 1 million barrels for the week ended November 5, 2021. West Texas Intermediate also dipped 0.18% to close at $81.19 per barrel. On the other hand, Bonny Light gained 0.05% to close at $83.78, while Brass River and Qua Iboe both traded bearish with a loss of 3.21% to close at $82.43 per barrel.

Treasury Bills

Last week, the Nigerian Treasury Bills (“NT-Bills”) secondary market took a bullish turn as investors hunted for bargains across the curve. The week started on a quiet note, and maintained minimal trading activities, despite buoyant system liquidity (N68.4bn long as of Friday). Consequently, average yield shed 5bps W-o-W (Week-On-Week) to settle at 5.33% from 5.48% the previous week.

FGN Bonds

The domestic bonds secondary market had a mixed performance with a marginally bearish bias last week, as tepid sentiments were witnessed in the FGN bonds secondary market with minimal volume of trades executed across the curve. Consequently, average yield expanded marginally by 3bps to close at 11.30% from 11.28% the previous week.

FX Market

The exchange rate between the naira and the US dollar closed at N414.73/$1 at the Investors and Exporters window, where forex is traded officially. Naira closed flat against the US dollar at N414.73/$1 on Thursday, 11th November 2021, having gained 0.08% in the previous trading session from N415.07/$1. In the same vein, the naira remained flat at the parallel market at N535/$1 on Thursday, having recorded significant gains on Wednesday from N570/$1 which it had maintained for the past few days.

 

Read the full report below…

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