The naira stayed flat at NGN416.67/USD, NGN416.50/USD in the I & E exchange window, and the CBN Interbank market respectively.
Unfortunately, the disparity in the parallel market still exists as the naira exchanges between NGN575/USD and NGN580/USD, depending on the state, location, amount, and negotiating prowess.
The external reserve picked up due primarily to an increased inflow from the rise in crude oil prices. Accordingly, the following data ended up this way, external reserve, MPR/lending rate, and the inflation rate were $38.89 billion,11.50 percent, and 15.60 percent, respectively.
The overnight lending rate, which is the interest rate charged amongst banks when they borrow from each other in the overnight market, contracted by 25 bps from 3.000% to 2.80% following an absence of any significant funding pressure.
The treasury bills secondary market traded with optimistic feelings today, with the average yield falling 5 basis points to 3.4 percent.
The majority of the day's action was seen at the long (-15bps) end, as market players wanted the 343DTM (-109bps) bill; the average yield in the short and mid segments was unchanged. In the OMO category, the average yield remained steady at 3.3 percent.
The secondary market for Treasury bonds was optimistic, with the average yield falling by 19 basis points to 10.6 percent.
Following purchasing activity in the MAR-2024 (-64bps), JUL-2030 (-153bps), and MAR-2035 (- 54bps) bonds, the average yield contracted at the short (-17bps), mid (-38bps), and long (- 9bps) segments throughout the benchmark curve.
|Currencies||Buy Rate||Sell Rates|
|GBP - NGN||760.00||770.00|
|USD - NGN||560.00||570.00|
|EUR - NGN||645.00||655.00|