Naira depreciates by 0.1% at I & E FX window
Naira on Monday depreciated by 0.1per cent to close trading at N429.43 against the dollar from N429.07 it opened for trading at the Investors & Exporters Foreign Exchange (I&E) FX window.
The local currency, officially trading at the FMDQ Exchange market recorded N432 against the dollar high and N415.00 low on Monday.
However, the overnight lending rate was flat at 15per cent, as system liquidity closed in a net long position (N28.86 billion).
Activities in the Treasury bills secondary market were mixed, but with a bullish bias, as the average yield pared by 1bp to 7.9per cent.
Across the curve, the average yield contracted at the short (-1bp) and mid (-1bp) segments following mild interests in the 94DTM (-1bp) and 171DTM (-1bp) bills, respectively; but was flat at the long end. Elsewhere, the average yield contracted by 1bp to 11.2per cent in the OMO segment.
The FGN bond secondary market traded on a bearish note as the average yield contracted by 13bps to 12.6%.
Across the benchmark curve, the average yield contracted at the short (-45bps) end following demand for the APR-2023 (-221bps) bond, but expanded at the long (+1bp) end as investors sold off the JUL-2045 (+7bps) bond.
