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  • Business
  • Updated: March 25, 2022

March 24, 2022 FX, Money Market, Fixed Income Summary Report

The different paths taken by all exchange markets to determine the exchange value of the naira continue to generate a lot of discussion amongst most Nigerians.

The naira seems to be losing ground against the greenback (US dollars) as it hit an all-time high of NGN590/USD in the parallel market if you are buying, while it appreciated by 0.24% and 0.02% to trade at NGN416.00/USD and NGN416.25/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 $60 million to close at $39.52 billion against $39.58 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, contracted by 17 basis points from 12.67% to 12.50% following the absence of any significant funding pressure.

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 dominated by bearish sentiment, as the average yield expanded by seven basis points to close at 10.32%.

The benchmark curve's average yield expanded at the short and mid ends as investors sold off the MAR-25, 2025 (+32bps) following an expansion of its coupon rate from 8.78% to 9.10%, while the FEB-23, 2028 bonds expanded from 10.19% to 10.44%, respectively.

However, the average yield stayed unchanged in the long 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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