Naira depreciates by 0.3% to close at N1,552/$

Naira at the Nigerian Foreign Exchange Market (NFEM) on Monday depreciated by 0.3 per cent or N4.00 against the dollar to close at N1,552.00 against the dollar from N1,548.00 it closed last week. 

Meanwhile, the  overnight lending rate expanded by three basis points to 32.8per cent in the absence of any significant funding pressure on the system.

Proceedings in the NTB secondary market were bearish, as the average yield expanded by 11basis points to 19.1per cent. 

The Treasury bond secondary market traded on a bearish note, as the average yield expanded by one basis points  to 18.3per cent. 

Across the benchmark curve, the average yield expanded at the short (+basis points) and mid (+2basis points) segments due to sell pressures on the JUL-2030 (+5basis points) and FEB-2031 (+7basis points) bonds, respectively, but remained unchanged at the long end.