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HomeBusinessNigeria's naira firms 0.46% as CBN sells N149.6 bln T-bills at PMA

Nigeria’s naira firms 0.46% as CBN sells N149.6 bln T-bills at PMA

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By Samuel Bankole

Nigeria’s currency, the naira, firmed against the United States greenback on Monday by 0.46 percent on the official foreign exchange window, according to the report from the FMDQ.

The local currency closed at N462.33 to the dollar on the I&E forex market on Monday, compared with N464 to the dollar it closed on Friday.

Traders said most participants at the NAFEX market maintained bids between N460.00 and N466.00 per dollar.

On the parallel market, the naira weakened by 0.41 percent to close at N741 against the greenback as the dollar supply scarcity persist at the segment of the forex market.

Meanwhile, the Central Bank of Nigeria (CBN) sold N149.65 billion worth of Treasury bills on the primary market, across three tenors of paper: 364-day, 182-day, and 91-day.

READ ALSO: Nigeria’s equity market cap sheds N418 bln on losses in MTN, Zenith Bank shares

The regulatory bank sold N143.85 billion in the 364-day paper, N3.02 billion in the 182-day bills, and N2.78 billion in the 91-day debt.

The stop rate for the 364-day tenor cleared lower at 14.70 percent (-4 bps).

However, the stop rates for the 91-day and 182-day tenors remained unchanged at 6.00 percent and 8.00 percent, respectively.

The auction was oversubscribed by 87 percent, with bid-to-cover ratios settling at 12.0x (91 days), 1.24x (182 days), and 1.90x (364 days).

At the money market, the interbank lending rates were flat, with the overnight rate closing at 19 percent while the open repo (OPR) rate remained unchanged at 18.63 percent.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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