Economy

Naira closes at N360.13 to dollar at investors window

Naira remains stable at N359.3 to dollar, at parallel market
Written by Maritime First

…As DMO says FG to auction N100bn bonds on March 27***

The Naira on Tuesday exchanged at N360.13 to the dollar at the investors window as market turnover stood at 277.11 million dollars.

At the parallel market in Lagos, the naira remained stable closing at N358 to the dollar, while the Pound Sterling traded at N475 and the Euro at N405.

Trading at the Bureau De Change (BDC) segment saw the naira closing at N360 to the dollar, while the Pound Sterling and the Euro traded at N475 and N405.

Currency traders commended the efforts of the Central Bank of Nigeria in maintaining stability at the foreign exchange market.

Meanwhile, the Federal Government will auction by subscription N100 billion worth of bonds on March 27, the Debt Management Office (DMO) says.

The DMO said in a circular on its website on Tuesday in Abuja, that the five-year re-opening bonds of N40 billion to mature in April 2023 was offered at 12.75 per cent.

It said that the seven-year re-opening bonds also of N40 billion to mature in March 2025 would be auctioned at 13.53 per cent.

It added that the 10-year bonds, also re-opening, of N20 billion which would be due in Feb. 2028, would be auctioned at 13.98 per cent.

According to the DMO, units of sale is N1,000 per unit, subject to a minimum subscription of N50 million and in multiples of N1,000 thereafter. 

The DMO explained that the bonds are backed by the full faith and credit of the Nigerian Government, with interest payable semi-annually to bondholders, while bullet repayment will be made on maturity date.

Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.

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Maritime First