Naira strengthens to 1630/$ at official market

The naira appreciated on Tuesday in the official market, strengthening to ₦1,630.45/$ from ₦1,670.65/$ in the previous trading session, marking a 2.41 per cent increase.

Data from the FMDQ Exchange, which hosts the Nigerian Autonomous Foreign Exchange Market, also indicated a rise in daily turnover. By the close of trading, turnover reached $242.59 million, about 198.86 per cent higher than the $81.17 million recorded on Monday, suggesting improved market liquidity.

The naira in the official market traded at a high of ₦1,690/$ and a low of ₦1,601/$.

Meanwhile, the FGN Treasury Bills Market continued with prior trends, with trades completed on the newly issued 364-day bill at 20.30 per cent. Demand was observed on the 23 January NTB bid at 21.34 per cent, though offers were limited. Conversely, the 10 April bill was mostly offered at 23.30 per cent, with no bids matching.

Day-on-day, the average benchmark yield decreased by two basis points to 24.20 per cent.

Analysts at Comercio Partners forecasted a steady session in the Treasury bills segment.

In the Bonds Market, a similarly calm session occurred with a slight bullish tone, and the average benchmark yield held at 18.77 per cent day-on-day.

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