Supply and demand forex factory
The naira is likely to remain stable against the United States dollar next supply and demand forex factory as demand for the greenback weakens whenever the unit trades below 360 per dollar. Exporters FX window and that offshore investors had been buying local debt in search of yields, boosting liquidity on the currency market, Reuters reported on Thursday. On the official market, the naira was quoted at 305. 70, supported by the Central Bank of Nigeria’s regular intervention.
Meanwhile, the Central Bank of Nigeria raised N252. Treasury bill auction on Wednesday as investors piled demand into the higher yielding one-year debt. 22bn of one-year debt at a rate of 13. 09bn of three-month debt at 12 per cent, and N69. 57bn of six-month maturity debt at 13. Traders said some offshore funds participated at the auction, helping boost dollar liquidity on the currency window for investors to keep naira rates stable. The central bank has maintained tightened liquidity to attract foreign buyers.
5bn through Eurobonds in the first quarter to refinance a portion of its domestic treasury bill portfolio at lower cost. It repaid N198bn worth of treasury bills in December, instead of rolling them over, to lower costs. Investors bid as high as 18. 5 per cent for the one-year paper. However, the government has been offering debt at lower yields to track declining inflation, which fell for the eleventh straight month in December, to 15. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH. Atom bank launches first-time buyer range – but are 95 per cent mortgages the best way to get on the ladder?
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It comes after Britvic, which shared the factory with Colman’s, announced in October it was stopping production there. Unilever then said it too was considering moving production away from Norwich. The proposals we are now moving forward with represent the best long-term solution for Colman’s production in the UK, while preserving the historic link with Norwich. When is a good time to start investing? The comments below have not been moderated.
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