When compared to the stable rate of the naira as against the USD in the I & E window official market which exchanged at N411.43/USD, the former's selling rate fluctuated around a resistance and support level of N548 to N545 at the parallel market.
The Money Policy Rate (MPR), inflation rate and gross external reserves remain unchanged as they closed at 11.50%, 16.63%, and $41.51 billion respectively, showing stability in government policies on all macroeconomic indices of the nation’s economic life.
The overnight bank lending rate fell to 13.75%, which signified a 150 basis points drop from its Friday, November 12, 2021, rate of 15.25%. This was due to the absence of any significant funding pressures on the system.
Furthermore, the treasury bill-secondary market remained flat across all benchmarks especially at the short and mid–segments but contracted at the long segment by -1 basis point as investors demanded the 283 DTM bills.
Consequently, the total T-bills dropped to N196.18billion at its November 10, 2021, auction with the 91-day, 182-day, and 365-day interest rates of 2.50%, 3.50%, and 6.50% respectively.
Finally, the average yield at the Operation Market Operation (OMO) segment contracted by 11basis points to close at 5.5%.
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