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MarketNews
Nigerian OMO bills auctioned by the Central Bank last week attracted N6.1 trillion from investors chasing double-digit returns on naira-denominated assets.
Money market rates climbed strongly, trending at double digits highs, on the back of sustained liquidity squeeze in the banking system. The market opened the week with more than N60 billion deficit in the absence of significant inflows to boost liqudity condition in the financial market.
The naira depreciated further against the dominant US dollar at the Nigerian autonomous foreign exchange (FX) market, settling near N1690 per greenback on Tuesday.
The Nigerian Exchange (NGX) lost about N69 billion from its opening market capitalisation after selloffs festival
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In the bonds market, trading activity remained muted, with the average yield holding steady at 19.41%. The subdued yield on FGN bonds and tight liquidity in the financial system has keep trading activities in check.