The value of the Naira last week achieved a level of stability as the country’s foreign exchange (forex) reserve rises to $37.2 billion.
Across the forex market last week, the naira remained stable and traded within similar band as the previous week.
This is as the foreign reserve rose marginally by $0.4 million to $37.2 billion as at the 18th of January, 2003.
Investors at Afrinvest said, at the Investors & Exporters (I&E) Window, activity level improved 23.9 per cent ($115.7 million) to $599.7 million.
In the currency market, the base currency (dollar) appreciated 0.1 per cent against the price currency (naira) in the I&E window to N461.50/$1.00. Meanwhile, in the parallel market, the base currency (dollar) depreciated 2.0% against the price currency (naira) to N757.00/$1.00.
Outing at the Maloney market last week was also bullish in the secondary market.
Despite the 18.3 per cent uptick in system liquidity to N5,49 trillion, Over Night Policy Rate (OPR) and Over Night Rate (OVN) rates closed this week higher at 11.0 per cent and 11.5 per cent respectively from 9.7 per cent and 10.0 per cent in the previous week. Meanwhile, secondary market performance was bullish as average T-bills yield declined by 24 basis points (bps) week-on-week (w/w) to 3.7 per cent due to the relatively robust system liquidity. We observed buy interest only at tail of the curve with yield decline of 99bps w/w to close at 5.2 per cent.