Last week, the apex bank mopped up N166 billion by issuing secondary market treasury bills . The resulting outflow, which offset inflow of N46.25 billion from matured TBs occasioned 660 basis points increase in average short term cost of funds in the interbank money market last week.
In a statement announcing the launch, the CBN said: “The Clean Note Policy provides a uniform standard for circulation of only clean and fit notes; while the Banknote Fitness Guidelines provide the industry with clear and acceptable criteria for determining the quality of bank notes in circulation.” Data from FMDQ, however, showed that the indicative exchange rate of the I&E window rose to N360.64 per dollar last week from N360.29 per dollar the previous week, indicating 35 kobo depreciation for the naira. The depreciation might not be unconnected with the sharp decline in the volume of dollars traded in the window last week, which fell by 63 percent to $700 million from $1.9 billion the previous week.
The report stated: “The Manufacturing PMI in the month of April stood at 57.7 index points, indicating expansion in the manufacturing sector for the twenty-fifth consecutive month. The index grew at a faster rate when compared to the index in the previous month.
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