Money market rates rose today as Open Buy Back and Overnight rates closed up by 233basis points and 208basis points at 17 per cent and 17.25 per cent respectively.
The bond market was slightly negative today, particularly at the midpoint of the curve. The yields on the 5yr and 7yr benchmark bonds close flat at 12.16 per cent and 12.78 per cent respectively, while the yield on the 10-year bond saw a 16bps uptick, printing at 13.10 per cent.
“In the near term, we expect market activity to be influenced by liquidity levels and foreign investor participation,” according to analysts at Investment One research.
According to the Central Bank of Nigeria (CBN), the nation’s external reserve continued its decline, as it dropped by $26 million on Tuesday to close at $34.077 billion, representing a 0.08per cent decline when compared to $34.103 billion recorded on Monday.
Nigeria’s foreign reserve has lost about $1.292 billion year-to-date, having recorded declines consecutively for 33 days.
The current position also represents the lowest level in over one year. The last time Nigeria’s foreign reserve position was this low was on May 7, 2021, when it stood at $31.19 billion.
