Naira trades flat at 363/dollar. Punch Online
The naira is expected to remain stable across its multiple exchange rates as the currency hit a resistance level for investors and the Central Bank of Nigeria continues to intervene on the official market.
According to Reuters, the local unit has hit resistance at 360/dollar for investors as banks are not willing to bid the United States currency below that level and as foreign investors continue to buy bonds at attractive yields, boosting dollar liquidity.
On the official market the naira has been quoted at around 305 per dollar for more than three months and is expected to trade at this level next week. Read more
FG Bonds Record 97% Oversubscription, Says DMO. Thisday Online
The Debt Management Office (DMO) has revealed that the 10-year tenor bond issued in the just-concluded October auction recorded a 97 per cent oversubscription.
The DMO, in a bond summary disclosed that the five-year tenor bond posted six per cent subscription, adding that of the N50 billion offered for each bond, the five-year tenor bond recorded N3 billion subscription from six successful bids.
Although the 10-year tenor bond recorded N97 billion subscription from 67 successful bids, the 20-year tenor bond was not on offer. Read more