Naira depreciated by N5.00k after trading on Thursday as the dollar was sold at N455.00k as against N450.00k sold on Wednesday at the black market.
Earlier on Thursday morning the dollar traded at N450, the same rate it closed on Wednesday at parallel market.
The local currency also weakened by N4.00k against the dollar as the retail Bureau market segment closed at N454 on Thursday from N450 closed with on the previous day.
At the Investors and Exporters (I&E) forex window Naira strengthened by N0.36k as the dollar was quoted at N386.58k on Thursday compared with N386.94k traded on Wednesday, data from FMDQ revealed.
The market opened on Thursday morning with Naira appreciating by N1.27k at an indicative rate of N385.83k compared with N387.10k opened with on Wednesday at the I&E window.
At the money market, the NT-bills market ended the trading session on a positive note on Thursday, with average yield across the curve declining by 1 basis point to close at 2.29 percent.
The CBN held its scheduled Primary Market Auction on May 13, selling NT-Bills worth N142.76 billion across the 91-day (N19.78 billion), 182-day (N40.09 billion), and 364-day (N82.89 billion) tenors. The stop rates for the 91-day and 182-day tenors cleared higher at 2.50 percent (+65 bps) and 2.85 percent (+35 bps), respectively, while the stop rate for the 364-day tenor remained unchanged at 3.84 percent.
In the OMO bills market, average yield across the curve declined by 52 bps to 8.91 percent according to a report by FSDH research.
The Overnight (O/N) rate declined by 3.23 percent to close at 4.40 percent. The Open Buy Back (OBB) rate also declined by 3.40 percent to close at 3.60 percent.
The report showed that the FGN bond market closed on a positive note on Thursday, as the average bond yield across the curve cleared lower by 2 bps to close at 6.30 percent.
On May 12, the Debt Management Office (DMO) released the revised external and domestic borrowing guidelines for the Federal Government, State Governments, and the Federal Capital Territory, and their agencies. For these revised guidelines, the DMO has provided a useful manual that serves to clarify the process for borrowing, requirements, compliance and documentation, as well as debt transparency.
