Nigeria’s currency on Monday recorded marginal appreciation of 0.06 percent at the official market as liquidity rose significantly by 138.04 percent.
The dollar was quoted at N411.55k on Monday compared to N411.75k quoted on Friday at the Investors and Exporters (I&E) forex window, data from the FMDQ showed.
Currency traders who participated at the trading session on Monday maintained bids at between N400.00k and N412.29k per dollar.
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The foreign exchange market daily turnover increased to $176.13 million on Monday from $73.99 million, the same data indicated.
At the Bureau De Change (BDC) and the parallel market, naira closed flat at N500 and N505 per dollar respectively.
At the money market, the Overnight (O/N) rate decreased by 5.50 percent to close at 15.00 percent on Monday as against the last close of 20.50 percent on Friday, and the Open Buy Back (OBB) rate decreased by 5.25 percent to close at 14.50 percent compared to 19.75 percent on the previous day.
The Nigerian Treasury Bills secondary market closed on a flat note on Monday, with the average yield across the curve remaining unchanged at 6.89 percent, a report by FSDH Research nted. Average yields across short-term, medium-term, and long-term maturities closed at 4.58 percent, 5.57 percent, and 8.28 percent, respectively.
In the Open Market Operation (OMO) bills market, the average yield across the curve decreased by 13 bps to close at 9.76 percent as against the last close of 9.89 percent. Buying interest was seen across short-term, medium-term, and long-term maturities with average yields falling by 9 bps, 25 bps, and 4 bps, respectively. Yields on 24 bills compressed with the OMO 11-Jan-22 maturity bill registering the highest yield decrease of 51 bps.
The Federal Government Bonds secondary market closed on a mildly positive note on Monday, as the average bond yield across the curve cleared lower by 5 bps to close at 9.66 percent from 9.71 percent on the previous day. Average yield across the short tenor of the curve decreased by 7 bps, while the average yield across the medium tenor of the curve increased by 4 bps. However, the average yield across the long tenor of the curve remained unchanged.
