Naira gains 0.18% at official market after CBN's shakeup -

Naira appreciated against the dollar by 0.18 percent at the Investors and Exporters (I&E), on Tuesday, the first trading day after a shakeup at the Central Bank of Nigeria (CBN).

After trading on Tuesday, the Naira dollar was quoted at N471.67 as against the last close of N472.50 on Friday.

Most currency dealers who participated in the foreign exchange auction on Tuesday maintained bids between N460.00 and N477.00 per dollar.

President Bola Ahmed Tinubu, on Friday, suspended Emefiele, following the ongoing investigation of his office and the planned reforms in the financial sector of the economy.

The local currency on Tuesday gained 0.66 percent against the dollar at the parallel market following low demand as speculators adopt a wait-and-see approach, after the suspension of the governor of the Central Bank of Nigeria.

Related News

“There is no demand for dollars, people are not buying because they are speculating that the dollar will fall following the CBN governor’s suspension,” a trader told BusinessDay.

At the money market, the Nigeria Treasury Bills (NTB) secondary market closed on a flat note on Tuesday with the average yield across the curve remaining unchanged at 6.34 percent, according to a report by FSDH research.

Average yields across short-term and medium-term maturities closed flat at 4.49 percent and 5.30 percent, respectively. However, the average yield across the long-term maturities decreased by 0.01 percent.

NTB for February 8, 2024, March 7,2024, May 9, 2024, and April 11, 2024 maturity bills witnessed mild buying interest with a yield decline of 1 basis point each.

The Overnight (O/N) rate increased by 0.20 percent to close at 12.30 percent on Tuesday as against the last close of 12.10 percent, and the Open Repo (OPR) rate also increased by 0.20 percent to close at 11.90 percent compared to 11.70 percent on the previous day.

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.