The naira was stable against
The CBN offered a total of
At the interbank segment of the forex market, the nation's currency which climbed to N166.20 to a dollar early yesterday, closed higher at N165.97 to a dollar.
Dealers told Reuters that the panic observed in the market in the last two trading session was starting to subside, especially since the Central Bank of
The suspension of Sanusi Lamido Sanusi as CBN governor over allegations of financial recklessness had triggered panic across the financial markets. This also led to huge forex demand especially by offshore investors.
The currency had fallen to a record low on of N169 to a dollar last Thursday, until the central bank intervened to prop it up.
Also yesterday, yields on government debt were broadly stable, as offshore investors remained on the sidelines even as dealers said turbulence at the central bank had largely been priced in locally.
"People are still cautious," said one currency dealer. "Offshore investors are on the sidelines, waiting for the storm to calm down before they come back again."
For some local players, that reticence was a buying opportunity. Local pension funds bought up debt being sold off by foreign investors, with the result that the benchmark 10-year government bond yield was stable at around 13.8 percent, or about 10 basis points below Friday's close.
Other maturities were also broadly stable.
The acting CBN Governor, Dr.
The Group Managing Director/Chief Executive Officer,
With Agency Report
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