• Thursday, March 28, 2024
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BusinessDay

Foreigners sell OMO bills but naira sees soft decline at I&E window

The yields on Nigerian OMO bills spiked to 17 percent at the end of trading Monday from 14.12 percent Friday, traders said, as investors sold off on Nigerian assets in reaction to the downturn in oil prices.
The discount rate on the one year bill rose by as much as 15.2 percent from 12.45 percent.

The naira meanwhile was relatively unscathed compared to emerging market peers, after declining less than 1 percent to N366.71 from N366.25 Monday, according to FMDQ data.

The South African rand on the other hand plunged by almost 8 percent against the dollar Monday, touching its weakest level on a closing basis since January 1980, as investors fled riskier assets, with tumbling oil prices adding to nervousness spurred by the spreading coronavirus.