Traders said demand at the auction was significantly lower than the previous primary market auction, as the total subscription level settled at N168.58. The auction closed with the CBN allotting precisely what was offered with respective stop rates of 6.0 per cent, 8.0 per cent and 14.74 per cent.
This week, traders expect the system liquidity to remain pressured in the absence of any significant inflow into the financial system. They also envisage higher yields in the Treasury bills secondary market, following expectations of low inflows into the financial system. At the investors’ and exporters’ foreign exchange window, the Naira depreciated slightly by N0.05 or 0.01 per cent week on week to close at N461.38 to the dollar from N461.33 despite the growing foreign exchange demand pressure on the Naira.
On the other hand, the dollar gained at the 6-Month and 12-Month contracts against the Naira by +0.14% and +0.62% week on week to close at contract offer prices of N511.96 to the greenback and N565.28 respectively.
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