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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.
Money market liquidity topped N6 trillion at the close of the trading session last week despite a substantial rise from the open market operation conducted by the Apex Bank.
The average yield on Nigerian Treasury bills eased slightly by 6 basis points (bps) week on week to 17.51% on Friday, as deposit money banks and other portfolio managers remain bullish.
Excess liquidity in the banking system, which peaked above N6 trillion, shrank due to outflows relating to the settlement of OMO and Nigerian Treasury bills sold at the primary market auctions.
Nigerian Treasury Bills Rally after Midweek Rates Swing The Nigerian Treasury bills rallied in the…
The Nigerian overnight financing rate (NOFR) was steadied at 22% amid fluctuations in banking system liquidity, market analysts said in a separate report.
The banking system’s excess liquidity surged as the monetary authority maintained its stance of economic tightening while seeking to tame Nigeria’s double-digit headline inflation.