FMDQ reports $32.61m FX turnover on Monday


The FMDQ Exchange reported $32.61 million foreign exchange turnover at Investors & Exporters (I & E FX) window on Monday.

The naira appreciated at the I&E window by 0.1 per cent to N410.67 against the Dollar but stayed flat at N483.00 against the Dollar in the parallel market.

Our correspondent gathered that Naira at the interbank market of the Central Bank of Nigeria (CBN) traded flat at N379  against the Dollar on Monday.

The overnight lending rate contracted by 25basis points to 15per cent, in the absence of significant funding pressure on the system.

Trading in the NTB secondary market was bearish, as the average yield expanded by 14basis points to 5 per cent.

Across the curve, the average yield was flat at the short end but expanded at the mid (+1 basis point) and long (+85 basis points) segments due to sell-offs of the 171DTM (+9bps) and 353DTM (+891 basis points) bills, respectively.

Similarly, the OMO segment’s average yield expanded by 10basis points to 8.5per cent.

The Treasury bond secondary market turned bullish, as the average yield contracted by 4 basis points to 12.2per cent.

Across the benchmark curve, average yield expanded at the short (+1 basis point) end due to sell-offs of the JAN-2026 (+35 basis points) bond but stayed flat at the mid-segment and contracted at the long (-10 basis points) end following demand for the MAR-2035 (-21 basis points) bond.