Naira drops 0.02% across two Nigerian currency markets as NIBOR sees halt to rate slide

The naira closed trading at N306 to the dollar at the inter-bank market on Monday, a drop of 0.02 percent in value against its Friday’s closing rate.

At the Investors and Exporters (I&E) foreign exchange window, the naira opened at N360.06, then traded high at N361.50 and eventually closed at N360.28, representing a 0.02 percent appreciation against Friday’s closing price.

A total of $181.01 million were bought and sold through the I&E window on Monday.

At the money market, the Nigerian Inter-Bank Offer Rate (NIBOR), witnessed a halt to the downward trend in rates across different tenors. The Open Buy Back (OBB) and Over Night (ON)/N rates closed at 25.17 percent and 26.67 percent respectively, representing a 7.00 percent and 7.17 percent appreciation against Friday’s closing position.

Yields on Nigerian Treasury Bills inched up by 1.48 percent on average across all maturities on diminished demand on all maturities, save for One million, Two million and 12 million papers, which produced a decline of seven basis points, 450 basis points and seven basis points respectively.

Admin