Inter-bank market rates dip 0.02% on low trading activity
Adesola Afolabi was a businessamlive reporter and Head of Financial desk.
The Nigerian Inter-bank currency market rate closed Tuesday at N305.90, representing a 0.02 percent depreciation against closing price at previous sessions as activity remained low with quotes ranging between N305.35/$ and N306.35/$
At the Investors and Exporters (I&E) foreign exchange window the dollar opened at N361.85, traded high at N363.00 and eventually closed at N361.68, representing a 0.09 appreciation against
Monday’s closing price. Total trade was $155.68 million transacted through the I&E window.
At the money market, overnight (O/N) rate closed at 8.00 percent representing a 2.57 percent depreciation against previous closing position, while Open Buy-Back (OBB) rate closed at 7.17 percent representing a 2.26 percent depreciation.
Rates for 30-Day and 90-Day money fell to 13.03 percent and 13.83 percent respectively, while the 180-Day NIBOR increased to 15.53 percent.
For treasury bills, rates trended upwards by an average of 5 basis points, while bond yields traded relatively flat from the day’s opening levels.