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.

Interest Rate on Nigerian Treasury Bills Rises to 21.24%

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%.

With relatively healthy buying interest, GTCO, Access Holdings and UBA Plc were among other Nigerian banking names driving momentum on the Nigerian Exchange (NGX) during early trading hours on Wednesday.

The average yield on Nigerian Treasury bills (NTB) climbed by 68 basis points as deposit money banks, and other authorised dealers in the fixed income market reduced their holdings amidst spot rates adjustment expectations.