Nigerian naira flat against US dollar on the streets, appreciate 0.16% at IEW
Adesola Afolabi was a businessamlive reporter and Head of Financial desk.
The Nigerian naira traded flat against the American dollar at N362 on the streets Monday while it appreciated by 0.16 percent to N362 in the investor and exporter foreign exchange window (IEW)
Total turnover in the IEW was lower by 21.63 percent as $179.06 million were traded within the N345-N363/$ range.
Money market statistics show overnight lending rate surged 1,087 bps to 23.79 percent, from 12.92 percent in the previous session, on the back of a squeeze in liquidity due to outflows for FX sales.
Activities in the treasury bills market were bullish, amidst still relatively healthy liquidity, as average yield fell by 18 bps to close at 12.20 percent. Yields moderated at the short (-28 bps), mid (-18 bps), and long (-3 bps) ends of the curve, on the back of demand for the 66DTM (-98 bps), 136DTM (-63 bps), and 248DTM (-16 bps) bills respectively.
At the bond market, bullish sentiments prevailed with average yield trending southwards by 9 bps to 13.82 percent.
Buy sentiment was spread across all ends (short: -16 bps; mid: -4 bps; long: -6 bps) of the curve, with the FEB-2020 (-35bps), FEB-2028 (-16 bps), and MAR-2036 (-21 bps) bonds recording significant contractions, respectively.