Naira Weakens as Inter-Bank Rates Falls 

The naira weakened across the three currency pair today. A atbpress time, it had depreciated by 26bps against the dollar to trade at N162.27/$. The local currency had also depreciated by 26bps and 49bps against Pound and Euro respectively to trade at N270.80/£ and N217.35/€ in that order.
The average interbank rate fell by 16 bps to 12.98 percent. There were no OMO auctions held by the CBN today.
Quiet trading in the treasury bills market led to a 1bp contrac- tion in average yields to 10.81 percent. Trading was mixed across the maturity spectrum as about half of the instruments were un- changed while the other half contracted marginally.
Sell pressure from the 0.69-5.19 TTM Instruments led to a meager expansion of one bps in the bond market average yield to 11.57 percent. However, bullish trading in the 19.93 TTM instrument which contracted by 13 bps to 11.93 percent helped suppress the bearish trading in earlier-dated instruments.

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