The naira gained 0.10% to trade at NGN416.25/USD in the I & E exchange window while it stayed flat in the CBN interbank market, trading at NGN416.34/USD.
The differential on the parallel market, on the other hand, shrank even further as the margin of difference closed. It currently trades between NGN580/USD and NGN582/USD if you are buying. However, sales on the parallel market fluctuate between NGN565/USD and NGN572/USD. This depends squarely on the amount you want to sell, your location, and your negotiating prowess.
Other currency denominations' conversion rates can be found on our website: https://allnews.ng/category/business/nigeria-stock-market
The CBN during its MPC meeting decided to leave the MPR/lending rate unchanged at 11.50% while the inflation rate stayed at 15.70%, 11.50%,
However, the country’s external reserves increased following an increased inflow of revenue from crude oil as its price sold at a record high of $110 per barrel. As a consequence, the nation gained $780 million to close at $39.67 billion, as against the $38.89 billion recorded last week.
The overnight lending rate, which is the interest rate banks charge themselves when they borrow from each other in the overnight market, stayed unchanged at 9.67% following the absence of any significant funding pressure.
The secondary market for NTB notes was slightly optimistic, with the average yield closing slightly upward from 3.1% to 3.3%. Across the curve, the average yield stayed unchanged at the short, mid, and long ends. Elsewhere, the OMO market's average yield remained unchanged at 3.6%.
The secondary market for treasury bonds was mixed, with a slight buying emphasis, as the average yield fell by one basis point to close at 10.4%. The benchmark curve's average yield fell at the short end as investors sought the JAN-22, 2026 (-7bps) but remained unchanged at the mid and long ends due to investors' unfazed attitude.
The DMO offered instruments worth NGN150.00 billion to investors at this month's bond auction, including re-openings of the 12.50 percent FGN JAN 2026 (Bid-to-offer: 3.1x; Stop rate: 10.15 percent, previously 10.95 percent) and 13.00 percent FGN JAN 2042 (Bid-to-offer: 4.9x; Stop rate: 12.70 percent, previously 13.00 percent) bonds. Demand was strong and higher than expected (subscription level: NGN598.42 billion; bid-to-offer: 4.0x) than in February's auction (subscription level: NGN557.72 billion; bid-to-offer: 3.7x).
|Currencies||Buy Rate||Sell Rates|
|GBP - NGN||547.98||549.30|
|USD - NGN||415.23||416.23|
|EUR - NGN||457.42||458.52|