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MarketNews
South African Rand (ZAR) weakened against trading pairs in the forex market on Thursday as global commodity prices fell amid a stronger US dollar.
The naira depreciated strongly against the US dollar in the Nigerian foreign exchange market (NFEM) on Wednesday as pressure on the local currency deepened.
The Central Bank of Nigeria (CBN) repriced the 364-day Treasury bill rate at the midweek auction to 15.89%, with total subscriptions exceeding N1 trillion.
The Central Bank of Nigeria (CBN) allotted OMO bills with 141 days to maturity worth N2.523 trillion at the spot rate of 20.10% on Monday to banks and foreign portfolio investors (FPIs).
The naira rose against the US dollar at the Nigerian Foreign Exchange Market (NFEM) amidst a 132% surge in forex market turnover, reflecting increased trading activities at the official window.
Interbank rates were mixed last week as banking system liquidity declined by approximately 21% to close at about N3 trillion.
Nigerian Treasury bill yields slipped as investors moved newly issued papers into the secondary market following more than N2.4 trillion in subscription rejections at the midweek auction.
Short-term benchmark interest rates diverged as banking system liquidity balance declined sharply
The Nigerian money market rates closed mixed on Wednesday as financial system liquidity declined by 38% on the day due to the settlement of the OMO bills auction.