The Nigerian financial markets resumed on Tuesday after the Easter holiday with exchange rates trading stable against other currencies.
After trading on Tuesday, at the investors and exporters forex window, naira closed at N360.21k per dollar, the same level it traded on Thursday last week before the holiday to mark the Easter celebration.
The Central Bank of Nigeria (CBN) official rate was stable at N305.65 per dollar, while naira was quoted at N359.83k/$ at the Nigerian Autonomous Foreign Exchange Fixing (NAFEX), gaining 0.05 percent against the dollar on Tuesday.
At the Treasury Bills market, the CBN will conduct a Primary Market Auction (PMA) today, April 4, offering N190.4 billion across the 91, 182 and 364-day tenors.
last week, trading was largely quiet due to tight system liquidity up until Thursday where the market witnessed a mildly bullish performance on the back of improved liquidity as N189.0 billion worth of matured T-Bills hit the system.
Consequently, the Apex bank also refrained from its regular OMO mop ups thus, average yield marginally declined 7bps on Thursday.
“We expect activity in the secondary market to remain quiet for the four trading sessions this week amidst the PMA auctions as traders remain cautious ahead of MPC meeting scheduled to hold today and tomorrow. We also do not rule out the possibility of OMO Auction towards the end of the week”, analysts at Afrinvest Securities limited said.
Hope Moses-Ashike
