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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 average yield on Nigerian Treasury Bills moderated as fixed-income investors piled into positions amid spot-rate repricing across standard tenors on new issuance.
Money market rates were broadly stable as excess liquidity in the Nigerian financial system topped N7 trillion, reflecting the Apex Bank’s lack of significant mop-up actions.
The Central Bank of Nigeria (CBN) allotted about N245 billion in OMO bills to investors across two short tenors at the open market operation conducted to mop up excess liquidity.
Yields on Nigeria’s sovereign US dollar bonds slipped across the short, belly, and long ends of the curve as foreign portfolio investors and asset managers returned to international markets and piled into oil-linked issuers.
Money market rates diverged as liquidity surplus in the Nigerian banking system eased to about N8.6 trillion ahead of Thursday’s Treasury bills auction settlement.
The naira rose against the US dollar at the Nigerian foreign exchange market (NFEM) on Wednesday as data showed interbank FX trading moderated.