Naira appreciates to N1,607.15/$ at official market
The naira on Monday appreciated by 0.6per cent to close at N1,607.15 against the dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The report by FMDQ Exchange revealed that the local currency traded high and low at about N1,620.50 and N1,570.00 against the dollar to eventually close at N1,607.15 against the dollar.
A turnover worth $’77.09million was traded by investors and exporters, according to the FMDQ Exchange.
Meanwhile, the overnight lending rate contracted by 26 basis points to 25.8per cent in the absence of any significant inflows into the system.
The NTB secondary market closed on a bearish note, as the average yield expanded by seven basis points to 25.6per cent.
Across the curve, the average yield declined at the short (-4 basis points) and mid (-5 basis points) segments driven by buying interests in the 80DTM (-4bps) and 171DTM (-5bps) bills, respectively.
Conversely, the average yield expanded at the long (+19 basis points) end due to profit-taking activities in the 325DTM (+173 basis points) bill. Similarly, the average yield increased by 49basis points to 25.8per cent in the OMO segment.
The FGN bond secondary market traded with bearish sentiments, as the average yield advanced by 14bps to 19.6per cent.
Across the benchmark curve, the average yield increased at the short (+53 basis points) end as investors sold off the MAR-2025 (+256 basis points) bond but closed flat at the mid and long segments.
