SAT. 11 MARCH 2023-theGBJournal | Nigeria’s FX reserve declined for the eighth consecutive week, falling by USD197.84 million w/w to US$36.41 billion (09 March).
Meanwhile, the naira appreciated by 0.1% to N461.50/US$ at the I&E window (IEW), with total turnover at the window (as of 09 March 2023) increasing by 29.0% WTD to US$471.43 million, as trades were consummated within the N446.00 –N478.52/USD band.
In the Forwards market, the naira rate appreciated across the 1-month (+0.1% to N466.68/USD), 3-month (+0.8% to N482.13/US$), 6-month (+0.6% to N508.90/US$), and 1-year (+0.1% to N542.79/US$) contracts.
Meanwhile at the money market, the overnight (OVN) rate contracted by 161bps w/w to 10.8%, as the healthy liquidity from the prior week coupled with this week’s inflow from OMO maturities (N50 billion) were enough to outweigh the debits for net NTB issuances (NGN100 billion).
Notwithstanding, the average system liquidity closed lower at a net long position of N294.52 billion (vs a net long position of N908.57 billion in the prior week).
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