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Finance
Investors’ whetted appetites dragged the average yield on Nigerian Treasury bills down by 15 basis points, according to a market update released by Afrinvest Securities Limited.
The naira declined against the US dollar at the official window on Thursday, marking the seventh consecutive session of depreciation in the local currency.
The U.S. dollar weakened against other major currencies amid geopolitical concerns and trade uncertainties, fuelling negative sentiment.
Slow but steady, the Nigerian local currency, the naira, continues its downward trajectory for the sixth consecutive day, largely driven by FX liquidity shortfall in the official window.
NGX Drops as Investors Dump Shares in Big Banks The Nigerian Exchange (NGX) All-Share Index…
The average yield on Nigerian Treasury bills declined to 17.04% in the secondary market due to sustained positioning in the naira curve.
For the fifth trading session, the naira declined against the US dollar amid tightening liquidity, driven by the Apex Bank’s efforts to prevent the local currency from gaining momentum.