SAT. 14 JANUARY, 2023-theGBJournal| Nigeria’s FX reserve maintained its accretion for the fourth consecutive week, as the gross reserve position rose by USD42.32 million w/w to close at USD37.21 billion (11 January 2023).
The naira was flat at NGN461.90/USD at the I&E window (IEW). At the parallel market, the Naira traded Friday at between N740 and N750 to the dollar.
On activity levels, the total turnover (12 January) at the IEW increased by 9.5% WTD to USD409.97 million, with trades consummated within the NGN426.00 – N477.26/USD band.
In the Forwards market, the naira depreciated at the 1-month (-1.3% to N476.61/USD), 3-month (-0.6% to N482.30/USD), and 6-month (-2.4% to N590.77/USD) contracts, but appreciated at the 1-year (+1.2% to N524.22/USD) contract.
Meanwhile, the overnight (OVN) rate dipped by 450bps to 10.0% as inflows from CRR refunds (NGN280.00 billion) and OMO maturities (N10.00 billion) kept system liquidity afloat.
Accordingly, the average system liquidity this week remained at a net long position of N430.30 billion, relative to the net long position of N351.00 billion in the prior week.
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