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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.
CBN to Open N1.05trn Nigerian Treasury Bills for Subscriptions The Central Bank of Nigeria (CBN)…
Reflecting the absence of financial pressures, the overnight interest rate has declined following a significant rise in money market liquidity, which has now reached N6.8 trillion.
The interest rate differential between Open Market Operations (OMO) and Nigerian Treasury bills has widened significantly, driven by the Central Bank of Nigeria’s (CBN) decisive actions to draw hot money into the economy.
Repo and overnight lending rates diverged as banks’ deposits at the Central Bank’s Standing Deposit Facility fell following the midweek Treasury bills auction.
Overnight lending rate fell, while repo rate stayed unchanged on the back of surplus money market liquidity, supported by activities of banks and primary market repayment.
Risk-off Sentiment Shifts Yields on Nigerian Treasury Bills Reflecting risk-off sentiment in the debt market,…