Nigeria’s currency on Wednesday maintained gain at the Investors and Exporters (I&E) forex window, as dollar supply declined.
After trading on Wednesday the market closed with Naira firming against the dollar by 0.08 percent to N408.67k compared to N409.00k closed on Tuesday, data from the FMDQ revealed.
Currency traders who participated in the trading on Wednesday maintained bids at between N381.00k and N412.00k/$, data from the FMDQ show.
The daily foreign exchange market turnover declined by 26.20. percent to $35.37 million on Wednesday from $47.93 million recorded on Tuesday.
At the Bureau De Change (BDC) segment and parallel market, the local currency steadied at N485 and N486 respectively.
At the money market, the Nigeria treasury bills secondary market closed on a flat note on Wednesday with the average yield across the curve remaining unchanged at 4.13 percent, according to a report by the FSDH research.
Average yields across short-term, medium-term, and long-term maturities closed at 2.40 percent, 3.68 percent, and 5.34 percent, respectively. At the Primary Market Auction held today, the CBN offered NT-Bills worth N95.68 billion across 91-day (N10.00 billion), 182-day (N17.60 billion), and 364-day (N68.08 billion) tenors.
The Overnight (O/N) rate increased by 2.08 percent to close at 9.25 percent on Wednesday as against the last close of 7.17 percent on Tuesday, and the Open Buy Back (OBB) rate increased by 1.92 percent to close at 8.25 percent from 6.33 percent on the previous day.
At the Open Market Operation (OMO) bills market, the average yield across the curve remained unchanged at 6.45 percent. Average yields across short-term, medium-term, and long-term maturities closed at 4.21 percent, 5.76 percent, and 7.27 percent, respectively.
