Nigeria’s currency gained 0.12 percent against the dollar at the official window on Wednesday, owing to improved supply and lower demand for the greenback.

The daily foreign exchange turnover at the Investors and Exporters (I&E) forex window increased by 305.02 percent to $172.50 million on Wednesday, up from $42.59 million on Tuesday.

As a result, the naira closed at N410.50k per dollar on Wednesday, down from N411.00k on Tuesday, according to data from the FMDQ.

According to the results, currency traders who engaged in Wednesday’s trading held bids between N400.00k and N420.50k/$.

The foreign exchange rate remained unchanged at N482 in the Bureau De Change (BDC) segment and N485 in the parallel sector.

According to a study from FSDH Research, the Nigerian Treasury bills secondary market closed on a positive note on Wednesday, with average yield across the curve declining by 2 basis points to close at 4.72 percent, down from 4.74 percent the day before.

Due to purchasing interest in the NTB 11-Nov-21 maturity bill, the average yield through the long-term maturities fell by 5 basis points (-45 bps). The average yield for short- and medium-term maturities, however, remained unchanged at 2.92 percent and 3.54 percent, respectively.

On Wednesday, the Overnight (O/N) average stayed at 15.50 percent. The Open Buy Back (OBB) rate rose by 0.50 percent on Wednesday, closing at 15.00 percent, up from 14.50 percent the day before. Money prices are likely to stay high due to a lack of system liquidity, according to FSDH analysts.

The average yield around the curve in the Open Market Operation (OMO) bills market rose by 6 basis points to end at 8.10 percent on Wednesday, up from 8.04 percent the day before. Long-term maturities saw selling pressure, with the average yield up 11 basis points.

The average yields on short- and medium-term maturities, on the other hand, remained unchanged at 4.72 percent and 7.22 percent, respectively. Eight bills saw their yields rise, with the 11-Jan-22 maturity bill seeing the largest spike of 49 basis points, while 19 bills saw their yields remain unchanged.

The FGN bonds secondary market closed on a marginally negative note on Wednesday, according to the survey, as the average bond yield around the curve cleared higher by 5 basis points to close at 8.80 percent, up from 8.75 percent the day before. Average yields in the medium and long tenors of the curve increased by 25 and 8 basis points, respectively.

The best performer was the 26-APR-2049 maturity bond, which saw a 12 basis point decrease in yield, while the worst performer was the 26-APR-2029 maturity bond, which saw a 49 basis point rise in yield. Furthermore, in the short term, trading activity in the secondary bond market is expected to remain low.

No be their fault.

I laugh ooo. USA that is far from Nigeria just as the heaven is far from the earth is dictating our economy in all rounds. What a great country rule by unfortunate people!

Something wey go soon reach 500.

Dollar have been revolving from 400 to 500 naira from febuary till now but every commodity prices keeps on increasing weekly, what is the problem with our market?