NAFEM: Naira depreciates by 4.1 % to close at N809.02/Dollar

The naira on Monday depreciated by 4.1per cent to N809.02 against the dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

At the money market, the overnight lending rate expanded by 19basis points to 16.9per cent, in the absence of any significant funding pressure on the system.

 The Nigerian Treasury bills secondary market traded on a bearish note, as the average yield expanded by 9bps to 14.4 per cent.

Across the curve, the average yield contracted at the short (-1bp) and long (-2bps) ends, following buying interest in the 80DTM (-1bp) and 353DTM (-3bps) bills, respectively. Meanwhile, the average yield advanced at the mid (+33bps) segment as players sold off the 157DTM (+124bps) bill. Elsewhere, the average yield contracted by 2bps to 15.9 per cent in the OMO segment.

 Similarly, the Treasury bond secondary market traded with bearish sentiments, as the average yield expanded by three per cent to 15.7 per cent.

Across the benchmark curve, the average yield expanded at the short (+13bps) end due to profit-taking activities on the JAN-2026 (+55bps) bond but pared at the mid (-1bp) and long (-1bp) segments, as investors demanded the JUN-2033 (-5bps) and JUN-2034 (-10bps) bonds, respectively.

Back to top button