The naira appreciated by 0.1% and 0.22% at the I & E market and parallel market to close at NGN414.80/USD and NGN569/USD respectively, while it depreciated by 0.02% to close at NGN411.91/USD at the CBN official interbank market.
As the Christmas holiday fast approaches, our business correspondent took the time to carry out a survey of the prices of some selected food items in the popular Ikorodu garage market.
A 50kg of Rice (A Bag of Rice) costs between ₦17,500-₦24,000, a 25kg of Rice costs between ₦7000-₦8500, a 5kg of Rice costs between ₦2500-₦3000, a 5kg of Rice costs between ₦1200-₦1800, a 50Kg of Oloyin Beans cost between ₦30,000 –₦40,000, a 25Kg of Oloyin Beans cost between ₦15,000 – ₦19,500, a 50Kg of Olotun Beans cost between ₦29,000 – ₦37,000, a 25Kg of Olotun Beans cost between ₦14,000 – ₦18,500.
Accordingly, the overnight lending rate expanded by 25bps from its Friday close of 11.75% to close at 12.5% due to the absence of any significant funding pressures on the system.
Due to a lack of significant activity, the average yield of the NTB secondary market stayed at 4.5%.
Similarly, the average yield stayed at 5.5% in the OMO segment.
Trading in the treasury bond secondary market ended slightly bearish as the average yield still maintained its previous day's position of 11.4%.
Across the benchmark curve, the average yield stayed flat at the mid-segment but contracted slightly at the short (-1bp) and long (-1bp) ends due to demand the APR-2023 (-3bps) and APR-2049 (-5bps) bonds, respectively.
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