Naira depreciates by 0.11% at I &E FX window

0
100
naira

Story by Kayode Tokede

The naira on Monday depreciated by 0.11per cent against the dollar to N362.29 at the Investors & Exporters Foreign Exchange (I&E FX) window but was flat at N360.00 against the dollar at the parallel market

The overnight lending rate widened by 436basis points to 16.79per cent, as system liquidity became strained ahead of the upcoming CBN foreign exchange auction across the Wholesale, Invisibles & SME segments.

Activities in the Treasury bills market were bearish as the average yield increased by 10bps to 12.61%. Yield expanded across the short (+10bps), mid (+11bps) and long (+10bps) segment of the curve, following selloffs of the 10DTM (+56bps), 185DTM (+37 bps) and 213DTM (+106bps) instruments, respectively.

Trading in the bond secondary market was mixed, as average was flat at 14.24per cent. Selloffs of the JAN-2026 (+1bps) and JUL-2034 (+14bps) bonds, led to yield expansion at the mid (+1bps) and long (+3bps) segments of the curve, respectively. Conversely, investors’ interest in the JUL-2021 (-5bps) bond, led to yield contraction at the short (-3bps) end of the curve..

LEAVE A REPLY

Please enter your comment!
Please enter your name here