Operators of bureau de change on Tuesday met with the Committees on Finance of both chambers of the National Assembly to seek the intervention of the federal lawmakers on the N35m recently imposed on each of them as capital base by the Central Bank of Nigeria.
The Acting President of the Association of Bureau De Change of Nigeria, Mr. Aminu Gwadabe, who led his members to the National Assembly, told journalists that his group had earlier on Tuesday, met with the Governor of CBN, Mr. Godwin Emefiele, on the issue. (Source: Punch Newspaper)
Interbank rates climbed across all maturities with the exception of the Overnight rate which closed the day flat at 10.50%.
- Fixed Income Market...
Sentiments in the T-bills market reversed as attractive yields spurred demand across most maturities. Demand momentum also strengthened in the bond space, with yields compressing an average of 6bps across all maturities.
- The Nigerian Interbank FX Market...
At the end of Tuesday’s trading session, the Naira appreciated marginally by 1 kobo to close at NGN162.80/$.
- Nigerian Stock Market Report ...
Trading on the floor of the Nigerian Stock Exchange closed on a positive note on Tuesday as the NSE All Share index gained 0.30% to close at 42,611.30 points from 42,482.48 on Friday. The market capitalization also rose to NGN14.070 trillion from NGN14.027 trillion on Monday.
U.K. manufacturing expanded in June, beating expectations and providing further evidence that the Bank of England’s growth forecast for this year should be met. Data firm Markit and Chartered Institute of Purchasing and Supply’s monthly manufacturing purchasing managers’ index rose to 57.5 in June. That was above economists’ forecasts that the index would remain unchanged from May’s 57.0.
The Reserve Bank of Australia did it again, keeping its benchmark cash interest rate at an all-time low of 2.5% on Tuesday, a decision widely expected.
- Global Currency Update....
The Australian dollar reached its highest level against the dollar in eight months after the Reserve Bank of Australia said it would keep its benchmark interest rate at a record-low of 2.5%. The Aussie close at 0.9491 U.S. cents, up from 0.9429 on Monday. The British pound closed at $1.7147 compared with $1.7108 late Monday.
- Commodity Market...
Oil prices declined on Tuesday on easing concerns of supply disruptions due to the conflicts in Iraq and Ukraine, though markets gained some support from upbeat manufacturing data in China, the world's second-biggest oil consumer.
Gold futures settled higher on Tuesday, with prices marking their highest close in about 11 weeks as turmoil in Ukraine and the Middle East lifted safe-haven demand for the metal. A rally in U.S. equities, however, kept a cap on gains for gold.
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