To maintain its free fall, the naira on Monday depreciated by 5.6 per cent to N1,419.11 against the dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The local currency, according to the FMDQ Exchange, reached high and low of N1,451.00 and N1,060.00 against the dollar, respectively.
According to the FMDQ Exchange, the total turnover trade stood at $147.83 million
However, the overnight lending rate contracted by 58basis points to 30.7 per cent, following the inflows from FGN bond coupon payments (N53.35 billion).
Activities in the Treasury bills secondary market was bullish, as the average yield declined by 12bps to 22.2 per cent.
Across the curve, the average yield dipped at the short (-34 basis points), mid (-3 basis points) and long (-4 basis points) segments due to buying interest in the 24DTM (-179 basis points), 178DTM (-4basis points) and 332DTM (-6 basis points) bills, respectively. Similarly, the average yield contracted by 3 basis points to 18.8 per cent in the OMO segment.
Trading in the Treasury bond secondary market was mixed, as the average yield remained at 18.9 per cent.
Across the benchmark curve, the average yield expanded at the short (+2 basis points) end due to profit-taking activities on the MAR-2025 (+4 basis points bond but pared at the mid (-1 basis point) segment driven by demand for the JUN-2033 (-4 basis points) bond.
Meanwhile, the average yield closed flat at the long end.
