Markets
Naira Surge to 1,244/USD Freezes FX Trade, Turnover Slides $3.5 Bln
Nigeria’s foreign exchange market turnover plummeted in April, according to the latest FMDQ Exchange report. Total spot forex turnover nosedived 27.68% from March levels to $9.12 billion amid a dramatic strengthening of the naira against the U.S. dollar. The average $/NGN spot rate crashed over 22% to 1,244.66 in April compared to 1,524.04 the prior […]
Naira Bond Yields Invert as Inflation Surges Above 33%
Nigeria’s sovereign bond yield curve inverted in April as rising inflation eroded real returns across all maturities, according to the latest FMDQ Exchange data. The spread between 3-month and 10-year government bond yields narrowed to -0.06 percentage points, down 4.43 percentage points from March. This inverted the yield curve, with shorter-dated yields exceeding longer tenors. […]