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Author: Marketforces Africa
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The Nigerian local currency, the naira, experienced a slight gain against the US dollar in the official FX market on Tuesday as Nigeria recorded additional foreign currency inflows into external reserves.
The average yield on Nigerian Treasury bills declined slightly to 23% in the secondary market as inflation rate accelerated further. The latest data from the statistics office showed that the consumer price index rose 24 basis points to 34.19% in June, the level seen 28 years ago.
The naira underperformed expectations, depreciated further against the US dollar in the official currency market on Monday after FX sales to authorised dealers last week. Some analysts projected that the exchange rate would start to recalibrate after the apex bank recommenced FX intervention sales in the official window last week.
Interest Rate on Nigerian Treasury Bills Rises to 21.24%
The Nigerian naira depreciated further in the official currency market, down by 3.59% to N1,563.80 per US dollar despite foreign currency (FX) sales intervention by the apex bank last week.
FBN Holdings market value has plunged by about 50% below its peak market value reached when Femi Otedola and Oba Otudeko ramped up the financial group company shares on the Nigerian Exchange.
Cadbury Nigeria Plc’s market valuation surged by about 10% as investors’ sentiment on fast moving consumer goods (FMCG) players stock improved in the domestic market.
Pension Fund Administrators (PFAs) parked 63% of pension assets in federal governPension Fund Administrators (PFAs) parked 63% of pension assets in federal government debt securities as assets under management climbed to N20.2 trillion in May.ment debt securities as assets under management climbed to N20.2 trillion in May.
The short-term benchmark interest rates in the money market declined in the absence of significant pressure on liquidity levels in the financial system. According to data from FMDQ, the repo rate declined by 14 basis points to 31.61% on Friday, while the overnight lending rate dipped by 15 basis points to 32.45%.
NGX Group Launches e-Offering Platform after SEC Approval