Market News
Naira Inches Up At Official Window As Money Market Liquidity Improves - NEW TELEGRAPH
Nigeria’s currency and fixed-income markets ended yesterday’s session with a combination of modest gains and mild downward adjustments, as investors reacted to improving liquidity and selective profit-taking across various segments.
The naira appreciated by 0.3 per cent at the official window, closing at N1,450.00 per dollar. The modest strengthening is attributed to improved foreign exchange supply and ongoing stabilisation efforts by monetary authorities.
Liquidity conditions in the interbank market improved, causing the overnight lending rate to contract by 9 basis points to 24.8 per cent.
The movement indicates slightly reduced funding pressure among banks. The Nigerian Treasury Bills (NTB) secondary market traded bullishly as strong investor demand pushed average yields down by 6 basis points to 16.9 per cent. Activity across the curve reflected broad interest, with the short end of the market recording a 1bp decline driven by demand for the 91-day bill.
