Naira depreciates by 0.1% to close at N1,520/$
The Central Bank of Nigeria (CBN) has revealed that Naira at the official foreign exchange rate depreciated by 0.1per cent to N1,520.00 against the dollar on Thursday from N1,505 against the dollar it closed on Wednesday.
Accordingi to CBN, the Naira reached a highest and lowest value of N1,520 and N1,505 against dollar, respectively.
However, the overnight lending rate expanded by 158basis points to 28.5per cent following debits for the net NTB issuance (N180.44 billion).
The Treasury bills secondary market closed on a bullish note as the average yield contracted by 85basis points to 18.9per cent.
Across the curve, the average yield declined at the short (-12basis points), mid (-122basis points) and long (-103bps) segments due to demand for the 91DTM (-184bps), 126DTM (-164basis points) and 273DTM (-180bps) bills, respectively. Similarly, the average yield declined by 1bp to 22.4oper cent in the OMO segment.
The Treasury bond secondary market traded with bearish sentiment, as the average yield expanded by 5bps to 18.2per cent.
Across the benchmark curve, the average yield expanded at the short (+13basis points) and mid (+6basis points) segments due to profit-taking activities on the MAR-2025 (+58basis points) and FEB-2031 (+23bps) bond but closed flat at the long end.
