Marketing Integration in Black Market Exchange Rates - 18th December 2023

Marketing Integration in Black Market Exchange Rates - 18th December 2023

The Naira experienced a 4.58% decline in the official financial foreign exchange (FX) market, despite a notable 21.10% surge in dollar liquidity on Wednesday. Post-trading, the exchange rate stood at N904.65 per dollar, indicating a weakening compared to Tuesday’s rate of N865.03 at the Nigerian Autonomous Foreign Exchange Market (NAFEM), as reported by FMDQ data.

The daily turnover in the foreign exchange market, reflecting the dollar volume in official transactions, rose by 21.10% to $120.89 million on Wednesday from Tuesday’s $99.09 million. Buyers and sellers were willing to transact at rates ranging from N720.50 to as high as N1,186 in the spot market.

In the money market, the secondary market for Nigerian Treasury Bills (NT-Bills) closed on a marginally positive note. FSDH Research’s market report indicated a one-basis-point decrease in the average yield across the curve, settling at 11.20%, down from 11.21% the previous day.

Medium and long-term maturities saw a one-basis-point decline in average yields each, while short-term maturities remained unchanged.

The Overnight (O/N) rate increased by 1.98% to close at 18.19%, compared to the previous day’s 16.21%. The Open Repo (OPR) rate also rose by 1.48%, closing at 17.19% as opposed to the previous day’s 15.71%.

Leave a Reply

Your email address will not be published. Required fields are marked *

×
Verified by MonsterInsights