MON, DEC 11 2023-theGBJournal|The naira appreciated by 27.2% to N864.29/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM)
Last week, the exchange rate at the NAFEM window extended its losses, dropping 15.64% to close at N1,099.64/US$1.
The parallel market also followed the trend albeit with a smaller loss of 2.51% to settle at N1,195.00/US$1. This further narrowed the gap between the official and street market rates to 8.73% (25.65% a week previously).
At The Treasury bills secondary market, trading was mixed, but with a bullish bias, as the average yield pared by 1bp to 11.0%.
Across the curve, the average yield closed flat at the short end but dipped at the mid (-1bp) and long (-2bps) segments, following demand for the 178DTM (-1bp) and 346DTM (-2bps) bills, respectively. Likewise, the average yield contracted by 2bps to 14.6% at the OMO segment.
Elsewhere, trading in the Treasury bond secondary market was quiet, as investors anticipated today’s auction result. Thus, the average yield closed flat at 14.9%.
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