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  • Business - Market Data
  • Updated: March 11, 2022

March 10, 2022 FX, Money Market, Fixed Income Summary Report

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Okojie Kelvin Echiejile
Okojie Kelvin Echiejile

I am an astute, dedicated, devoted, and intelligent investigator of economic, and financial news and...

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In the I & E exchange window and the CBN Interbank market, the naira stayed flat to exchange at NGN416.50/USD and NGN416.34/USD, respectively.

However, the disparity in the parallel market remains as the margin of difference narrows to 5bps as it exchanges between NGN576/USD and NGN580/USD, depending on the state, location, amount, and negotiating prowess.

There are even fears that the price of the US dollar will rise as a result of external pressures such as the ongoing geopolitical tension between Russia and Ukraine, the rise in the US inflation rate to 7.9%, the continued disruption in the supply of PMS into the country, the rise in the international price of crude oil and other natural resources, and so on.

The exchange rates for other currency denominations can be found on our website: https://allnews.ng/category/business/nigeria-stock-market.

Other economic indices remained unchanged despite external constraints from the continuing Russia-Ukraine war and a nationwide gasoline crisis. As a result, the external reserves, the MPR/lending rate, and the inflation rate were at $38.89 billion, 11.50 percent, and 15.60 percent, respectively.

The overnight lending rate, which is the interest rate charged among banks when they borrow from each other in the overnight market, expanded by 8 basis points from 4.75 percent to 4.8 percent following the issuance of the Nigerian Treasury Bill totaling N142.53 billion.

The NTB secondary market was uneven, but with a positive bias, as the average yield fell by 2 basis points to 3.4 percent. The average yield on the benchmark curve didn't change at the short and long ends, but it did at the middle of the curve. The interest rate went from 3.56 percent to 3.14 percent because people wanted to buy the 168DTM bill.

The CBN offered NGN94.00 billion for sale in yesterday's NTB auction, with a total subscription of NGN482.90 billion. As a result, the CBN set aside NGN2.32 billion for 91-day bills, NGN21.29 billion for 182-day bills, and NGN212.92 billion for 364-day bills, with stop rates of 1.75 percent (previously 2.24 percent), 3.28 percent (previously 3.30 percent), and 4.10 percent (previously 4.35 percent).In the OMO category, the average yield remained unchanged at 3.9 percent.

The secondary market for Treasury bonds ended on a slightly gloomy note, with the average yield rising by 4 basis points to 10.5 percent. The average yield increased at the short end of the curve (+1bp), with the yield expanding to 8.78 percent from 8.27 percent following investors' decision to sell-off the MAR-23, 2025 (+51bps) bond, but remained steady at the mid and long ends.

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Okojie Kelvin Echiejile
Okojie Kelvin Echiejile

I am an astute, dedicated, devoted, and intelligent investigator of economic, and financial news and...

More From this Author

Central Bank of Nigeria EXCHANGE RATE

Currencies Buy Rate Sell Rates
GBP - NGN 547.98 549.30
USD - NGN 415.23 416.23
EUR - NGN 457.42 458.52
More Exchange Rate

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