Browsing: Naira

The average yield on Nigerian Treasury bills declined in the secondary market ahead of the inflation report for the month of June, which is scheduled to be released. The market expects the inflation rate to slow down in the month due to base effects. Investors and authorised dealers increased buying interest in the fixed income market following the apex bank auction on Wednesday.

The naira appreciated in the official window after additional foreign currency inflows boosted Nigeria’s external reserves. At the Nigerian autonomous FX market, the naira appreciated by 0.47% to close at ₦1,554.65 per US dollar. FX analysts said eligible US dollar demand remained elevated even though the exchange rate trended positively– albeit marginally.