Browsing: CBN

The average yield on Nigerian Treasury bills rose in the secondary market as portfolio holders adjusted their positions downward. The risk off sentiment culminated from the need for liquidity while inflation continues to damage market returns.The average yield on Nigerian Treasury bills rose in the secondary market as portfolio holders adjusted their positions downward. The risk off sentiment culminated from the need for liquidity while inflation continues to damage market returns.

The naira appreciate by 12.35%  to N1,173.88 at the official market at the close of business on Tuesday but FMDQ left fx spot rate data at N1339 instead, creating confusion for majority of news platforms. However, the platform has corrected after flood of wrong FX spot were reported.

Nigeria’s sovereign Eurobonds experienced positive trading activity in the international market, which caused yield to decline by 7 basis points. Foreign investors logged fresh demand for Nigeria’s US dollar, causing the average yield to decline by 0.07% to 9.91%, according to Cowry Asset Management Limited.

In the bond market, there was slight trading activity for FGN Bonds in the secondary space. However, the average yield stayed muted at 18.69%, sustaining negative interest yield on naira asset.

With rights issue in the pipeline, Moruf Oseni Wema Bank Managing Director/Chief Executive Officer said the Nigerian lender’s capital base stands at N55 billion. Oseni said this at the 2023 annual meeting with shareholders, adding that Wema Bank is set to raise N200 billion in capital within the 24-month timeline issued by the Central Bank of Nigeria (CBN).

The naira rate appreciated strongly on Tuesday, gained 12.35% day-on-day to N1,173.88 per United States (US) dollar in the Nigerian autonomous foreign exchange market.

Fixed interest securities investors trimmed interest in Nigerian government bonds in their portfolios to align with their investment appetite amidst fast changing market dynamics and a widening real return on naira assets.

Equities investors gained about N142 billion on Monday in the local exchange as stocks rally. Data from the Nigerian Exchange showed that key performance indicators improved following fresh bargain hunting on fat or high valuation stocks.

The Central Bank of Nigeria (CBN) hiked spot rate on its one year open market operations bills (OMO) by 99 basis points to 22.49%, details from latest primary market auction results showed..

The naira lost weight across the foreign currency markets as volume of US dollar demand continued to eclipse market supply in the absence of, or rather too week