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MarketNews
The Central Bank of Nigeria (CBN) hiked rates on Nigerian Treasury bills on Wednesday, with one-year paper attracting most of the allotment.
The short-term benchmark interest rates trended higher in the money market as banks faced liquidity constraints that kept funding rates elevated on the back of the settlement for the Nigerian Treasury bills (NTB) auction.
The Nigerian naira exchange rate dropped to N1,500 per U.S. dollar at the official currency market on Thursday, marking the fourth successive price depreciation due to FX liquidity shortfall.
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