Nigeria’s currency weakened by N0.50k on Wednesday as the dollar was quoted at N386.50k as against N386.00k quoted on Tuesday at the Investors and Exporters (I&E) forex window.

In the I&E FX market, trade volumes remained very low due to tightened liquidity. Most participants maintained bids between N380.00 and N391.49 per dollar, according to analysts at FSDH Research.

The foreign exchange daily turnover rose by 44.93 percent to $18.71 million on Wednesday from $12.91 million recorded on Tuesday, data from FMDQ indicated.

The market opened with an indicative rate of N387.75k on Wednesday at the I&E window. This represents a marginal appreciation of N0.17k when compared with N387.92k opened with on the previous day.

At the black market and retail bureau, naira remained stable as the dollar was sold at N467 and N468, respectively.

The NT-bills market closed on a positive note on Wednesday, with average yield across the curve declining by 1 basis point to close at 1.91 percent.

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At the Primary Market Auction held on Wednesday, the CBN offered NT-Bills worth N107.05 billion across 91-day (N5.85 billion), 182-day (N26.60 billion), and 364-day (N74.60 billion) tenors.

In the OMO bills market, average yield across the curve increased by 6 bps to close at 5.73 percent, a report by FSDH said.

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 4.23 percent.

The DMO is expected to within the week release the FGN Bond issuance calendar for the third quarter of 2020, which could impact the market sentiment. Furthermore, FGN bond coupon payment worth N40.68 billion is expected to support the system liquidity.

“We expect the bullish sentiment to continue for the remaining part of the week,” the analysts said.

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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