Nigeria’s currency on Monday lost 0.31 percent to the dollar at the official market despite increased liquidity.
The foreign exchange daily market turnover on Monday rose by 44.30 percent to $168.19 million from $116.55 million recorded on Friday, according to the data from the FMDQ.
Consequently, the naira/exchange rate closed at N411.67k on Monday as against N410.38k closed on Friday.
Currency traders who participated at the trading session on Monday maintained bids at between N400.00k and N412.20k per dollar.
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At the parallel market, naira strengthened by 0.59 percent to close at N503 per dollar on Monday compared to N506 traded on Friday. Naira steadied at N500 per dollar at the Bureau De Change (BDC) segment.
The Overnight (O/N) rate increased by 6.75 percent to close at 11.50 percent on Monday as against the last close of 4.75 percent on Friday, and the Open Buy Back (OBB) rate increased by 6.50 percent to close at 11.00 percent compared to 4.50 percent on the previous day.
A report by FSDH Research noted that the Nigerian Treasury Bills secondary market closed on a flat note on Monday, with the average yield across the curve remaining unchanged at 6.69 percent. Average yields across short-term and medium-term maturities closed flat at 4.89 percent and 5.49 percent, respectively. However, the average yield across the long-term maturities declined by 1 basis point.
