The naira traded between 359 and 361.00 in a short trading week the investor forex window had its best month since inception in September with a turnover of $4.22 billion. 
A big positive for the I&E is that the monthly turnover has been on the rise, confirming the growing investor confidence in the market.
The turnover in August and September was also buoyed by increased interest in Nigeria fixed income securities from foreign portfolio investors.
External reserves increased to a two and a half years high of $32.74 billion T-bill secondary market yields trended downwards week on week.
Improved liquidity and heightened foreign investor interest were the main drivers.
The 30, 90, 180 and 364-day treasury bills opened in the secondary market at 16.72 percent, 18.26 percent, 16.85 percent, and 16.52 percent respectively, and closed at 18.88 percent, 16.03 percent, 15.85 percent, and 16.52 percent.
During the week, the Q4 2017 bond issuance calendar was released, indicating that the 2037 bond will no longer be on offer this year.
This fact in combination with continued investor interest caused a rally in the secondary bond market. As a liquidity management tool, the CBN will be an OMO auction today (Friday) where the CBN intends to raise 30 billion naira from the 104-day tenor and 70 billion from the 188-day tenor.
(C) Citibank
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