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