The average yield on Nigerian Treasury bills (NTB) climbed by 12 basis points (bps) in the secondary market on Wednesday as investors sold off naira assets.

The naira spot rate depreciated against the US dollar in the Nigerian foreign exchange market (NFEM) as international payments exceeded supply-side volume.

The Nigerian Exchange (NGX) All-Share Index (ASI) climbed as equities investors gained N99 billion, extending the 3-day rally. The Nigerian stock market closed on a positive note as buying interest persisted in several large- and mid-cap stocks.

The Ekiti Government has begun the disbursement of N55.6 million in grants to 177 entrepreneurs selected across the state under the Innovation Enterprise Support Fund (IESF), in partnership with FirstBank of Nigeria.

Audiera price (BEAT) surged by about 27% in 24 hours to $5.98, dramatically outperforming a flat broader market, driven primarily by increased speculative buying pressure.

The dollar comes under pressure on Wednesday amid a surge in U.S. inflation, buoyed by a global energy crisis. The US dollar index, which tracks the Greenback’s value against six major currencies, is down 0.1% to 99.8 on Wednesday as US inflation data surged to a three-year high.