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The average yield on Nigerian Treasury bills declined slightly to 23% in the secondary market as inflation rate accelerated further. The latest data from the statistics office showed that the consumer price index rose 24 basis points to 34.19% in June, the level seen 28 years ago.

The naira underperformed expectations, depreciated further against the US dollar in the official currency market on Monday after FX sales to authorised dealers last week. Some analysts projected that the exchange rate would start to recalibrate after the apex bank recommenced FX intervention sales in the official window last week.