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  • Business - Market Data
  • Updated: March 24, 2022

March 23, 2022 FX, Money Market, Fixed Income Summary Report

The naira lost ground against the greenback (US dollars) in the parallel market as it surprisingly traded between NGN585/USD and NGN588/USD if you wanted to buy, while it stayed flat to trade at NGN417.00/USD and NGN416.32/USD in the I & E exchange and the CBN interbank market, respectively.

Other currency denominations' conversion rates can be found on our website: https://allnews.ng/category/business/nigeria-stock-market.

The external reserve continues to decline as it lost another $90 million to close at $39.58 billion against $39.67 billion. Other major economic indicators, such as the MPR/lending rate and inflation rate, stayed the same at 11.50% and 15.70%, respectively.

The overnight lending rate, which is the interest rate banks charge themselves when they borrow from each other in the overnight market, expanded by another 100 basis points from 11.67% to 12.67% following a cash injection from the FGN bond auction settlement valued at NGN297 billion.

The secondary market for NTB notes was quiet as the average yield stayed the same at 3.2%. Elsewhere, the OMO market's average yield remained unchanged at 3.6%.

Trading activities in the secondary market for treasury bonds were mixed, with a slight selling emphasis, as the average yield expanded by five basis points to close at 10.50%. The benchmark curve's average yield expanded at the short and long ends as investors sold off the MAR-14, 2024 (+62bps) and MAR-18,2036 bonds, respectively, but stayed flat at the mid-segment.

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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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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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