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Thursday, July 2, 2020

Nigeria central bank working to unify FX rates across markets – document

ABUJA, June 24 - The Nigerian central bank will work towards gradual unification of exchange rates across all forex windows, the bank said in a document seen by Reuters on Wednesday. Nigeria, Africa's largest economy, operates a multiple exchange rate regime which it has...

The U.S. currency’s global demand as an ‘emergency dollar’ could be waning, Deutsche Bank says

A “big question” for investors right now over the U.S. dollar is whether it should be trading at a safe-haven risk premium as concerns rise over a potential second wave of virus infections, Goel told CNBC’s “Street Signs” on Monday. His comments came after the...

FGN Bond Stop Rates Fall as Investors Opt for Better Rates…

In line with our expectations, DMO sold FGN bonds worth N100 billion at the primary market auction, viz: 5-year, 12.75% FGN APR 2023 worth N30.07 billion, 15-year, 12.50% FGN MAR 2035 paper worth N72.25 billon and 30-year, 12.98% FGN MAR 2050 debt worth N53.74...

Stop Rates Decline Further amid Sustained Demand Pressure…

In line with our expectations, CBN Hey refinanced N14.61 billion T-bills which matured via Primary market at lower rates for all maturities as investors demand for short term government debt instruments increased; stop rates for the 91-day bills fell to 1.80% (from 2.00%), the...

Naira Depreciated Against USD at I&E FX Window amid Declining External Reserves…

In the just concluded week, Naira depreciated against the USD at the Investors and Exporters FX Window (I&E FXW) by 0.19% to close at N386.50/USD as external reserves declined week-on-week by 0.36% to USD36.32 billion on Thursday, June 19, 2020. Also, NGN/USD exchange rate rose...

FGN Bond Yields Depreciate for Most Maturities on Renewed Sell Pressure…

In the just concluded week, the values of FGN bonds traded at the over-the-counter (OTC) segment depreciated for most maturities tracked amid renewed sell pressure. Specifically, the 10- year, 16.29% FGN MAR 2027 debt and the 20-year, 16.25% FGN APR 2037 bond fell by N1.76...

Stop Rates Decline as Investors Park Funds in Short Term Government Debt Instruments…

In the just concluded week, CBN refinanced N90.94 billion T-bills which matured via Primary market at lower rates for most maturities as investors parked their funds in short term government debt instruments in line with our expectations; stop rate for the 91-day bills fell to...

Naira Appreciated Against USD at I&E FX Window as Bonny Light Crude Price Rises

In line with our expectations, Naira appreciated against the USD at the Investors and Exporters FX Window (I&E FXW) by 0.19% to close at N386.50/USD as Bonny Light crude price appreciated by 3.92% to USD39.77/barrel. However, Naira closed flat against the USD at the Bureau...

WEEKAHEAD-Nigeria-FX: Naira seen range-bound across currency markets

Nigeria’s naira is seen range-bound across markets next week, traders say, after the central bank last week revised the currency rate on the futures market amid dollar shortages plaguing the economy. The naira opened at 387.50 against the dollar, a range at which it has...

FGN Bond Yields Move in Mixed Directions across Maturities…

In the just concluded week, the values of FGN bonds traded at the over-the-counter (OTC) segment moved in mixed directions across maturities tracked. The 5-year, 14.50% FGN JUL 2021 paper and the 7-year, 13.53% FGN MAR 2025 note lost N0.45 and N0.86, respectively while their...
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