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  • Business - Market Data
  • Updated: March 08, 2022

March 7, 2022 FX, Money Market, Fixed Income Summary Report

In the I & E exchange window and the CBN Interbank market, the naira remained flat at NGN416.67/USD and NGN416.50/USD, respectively, while the disparity in the parallel market remains as the naira exchanges between NGN575/USD and NGN580/USD, depending on the state, location, amount, and negotiating prowess.

Other economic indices remained unchanged despite external constraints from the continuing Russia-Ukraine war and a nationwide gasoline crisis. As a result, the external reserve, MPR/lending rate, and inflation rate were at $38.89 billion, 11.50 percent, and 15.60 percent, respectively.

Following the lack of any major funding pressure, the overnight lending rate, which is the interest rate charged among banks when they borrow from each other in the overnight market, fell by 433 basis points (bps) from 13.89 percent to 9.50 percent.

Trading in the secondary market for Treasury bills was mixed, with the average yield closing flat at 3.4 percent. Similarly, the average yield in the OMO category remained constant at 3.3 percent.

The secondary market for Treasury bonds was optimistic, with the average yield falling 15 basis points to 10.4 percent.

 

Across the benchmark curve, the average yield contracted in the mid and long segments as a result of purchasing activity in the APR-26,2029 (-25bps), JUL-23,2030 (-30bps), and Jul-14, 2034 (-45bps) notes, respectively, while the MAR-18, 2036 (-67bps) and APR-18, 2037 (-59bps) bonds.

 

The average yield at the short end, on the other hand, was comparatively less positive following minor changes at the APR-27, 2023 (-4bps), MAR-14, 2024 (-2bps), and MAR-23,2025 (-1bp) bonds.

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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
USD - NGN 415.23 416.23
EUR - NGN 457.42 458.52
GBP - NGN 547.98 549.30
More Exchange Rate

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