Demand for dollars by the end-users outweighed the supply on Tuesday leading to Naira depreciating by 0.13 percent at the Investors and Exporters (I&E) forex window.

After trading on Tuesday, the dollar closed at N386. 50k as against N386.00k quoted on Monday, data from the FMDQ revealed.

Most participants maintained bids between N362.00 and N389.00 per dollar analysts at FSDH research said.

The foreign exchange daily turnover declined by 88.31 percent to $14.37 million on Tuesday from $122.89 million recorded on Monday at the I&E window.

Read Also: https://businessday.ng/markets/currency-watch/article/volume-of-dollar-sales-at-ie-forex-window-falls-to-937-27m/

Earlier in the morning, the market opened with an indicative rate of N387. 10k, which represents an N0.24k depreciation when compared with N386.86k opened with on the previous day at the I&E window.

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Naira was stable on the black market as the dollar traded at N458 on Tuesday, the same rate since last week.

The local currency was also stable at the retail bureau and the official market where the dollar was quoted at N460 and N361.

At the money market, NT-bills market closed on a positive note on Tuesday, with average yield across the curve declining by 36 bps to close at 2.15 percent.

In the Open Market Operation (OMO) bills market, average yield across the curve declined by 32 bps to close at 5.07 percent according to FSDH report.

The FGN bond market closed on a positive note today, as the average bond yield across the curve cleared lower by 18 bps to close at 5.07 percent.

Nova Merchant Bank Limited is planning to raise up to N10.0 billion by issuing seven-year Fixed Rate Subordinated Unsecured Bonds under its SEC-approved N50 billion Debt Issuance Programme. The issue will be conducted via a funding vehicle – NOVAMBL Investments SPV PLC. The bonds are callable after five years.

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Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.

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