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Interbank Rates Mixed as Outflow for FGN Bond Reduces Liquidity The interbank rates diverged in…
The naira fell by 54 basis points to N1,667 against the US dollar midweek as the foreign exchange (FX) market crisis deepened.
Trading activities in the Nigerian government bond secondary market ended on a bullish note amidst a surprising hike in the benchmark interest rate
In the absence of liquidity pressure, interbank rates were still adjusted upward in response to the Central Bank of Nigeria’s (CBN) monetary policy tightening.
The naira experienced strong negative price fluctuation in the foreign exchange (FX) market due to surging demand for import payments. The FX market was unable to meet the willing buyers US dollar demand due to a shortage in the official window.