Naira stable at N386.50k at I&E window on liquidity squeeze -

Nigeria’s currency on Wednesday was stable as the foreign exchange market closed at N360.50k, the same rate that was quoted on Tuesday at the Investors and Exporters (I&E) forex window.

The forex window observed lower volume passing through the market due to tightened system liquidity, according to analysts at FSDH research. Most banks maintained bids between N365.85k and N389.99k per dollar.

Earlier in the morning, the market opened with an indicative rate of N387. 08k, which represents a N0.02k depreciation when compared with N387.10k opened with on the previous day at I&E window.

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

The local currency was also stable at the retail bureau and the official market where the dollar was quoted at N460 and N361.00k.

The Nigerian treasury bills (NT-bills) market closed on a positive note Wednesday, with average yield across the curve declining by 8 bps to close at 2.07 percent.

In the OMO bills market, average yield across the curve increased by 4 bps to close at 5.11 percent.

A report by FSDH research showed that the FGN bond market closed on a positive note on Wednesday, as the average bond yield across the curve cleared lower by 1 basis point to close at 5.06 percent.

Despite the economic downturn and COVID-19 pandemic, Dangote Cement Plc has successfully tapped the market, raising the largest corporate bond in the Nigerian debt capital market. FMDQ Securities Exchange Limited has completed the listing of the Dangote Cement Plc’s Series 1 Bonds worth N100.00 billion issued under its N300.00 billion Bond Programme.

This high-value issue will not only promote credible benchmark pricing and valuation in the debt capital market but also encourage investor’s confidence in the potential of the Nigerian capital market in current challenging times, in view of the COVID-19 pandemic.

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Hope Moses-Ashike

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.