Money Market Dealers Wait over CRR hike

Await maturity of N170bn short term assets.

At the financial market yesterday, dealers resorted to a 'wait and see' approach, following the Central Bank of Nigeria's (CBN) decision which targets easy money at the disposal of Nigerian banks.
Amid huge expectations that this decision would spike rates, BusinessDay checks at the money market showed that while there were only about10 basis points reduction across various tenors in the Nigerian Interbank Offer Rates (NIBOR), rate for 7 days money remained unchanged.
The wait and see game by financial market dealers was linked to their expectation of N170billion worth of short term assets which mature into the system today. Though at the Treasury Bills (T-Bills), there was significant sell-off; same as in the bond market –indicating sales pressure on fixed income
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Facebook shares soar as users, mobile ads climb

Facebook Inc delivered strong evidence it can thrive on smartphones and tablets on Wednesday, reporting a much better-than-anticipated surge in mobile advertising revenue in the second quarter that ignited
a nearly 17 percent share rally.

The world's No. 1 social network also reported an uptick in daily visitors to its service, allaying worries that a new crop of fast-growing mobile upstarts like WhatsApp and Snapchat could cut into the time consumers spend on Facebook.

Facebook's growing appeal to consumers and advertisers combined to deliver the company's strongest ad revenue growth since the third quarter of 2011. Ad prices, which declined at Google and Yahoo, increased 13 percent at Facebook, Reuters reports.

"Facebook has nearly 700 million people that use the platform daily. There's no bigger audience on the
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