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Nigeria Central Bank says foreign demand up a sign policy works

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Nigeria Central Bank says foreign demand up a sign policy works

The naira strengthened as foreign demand rose sharply for bonds auctioned by the Central Bank of Nigeria following a jumbo interest-rate increase to shore up the country’s battered currency.

The CBN said that foreigners bought almost fourth fifths of a 1.053 trillion naira ($682 million) auction of three-month to 12-month bills last week, lured by sharply higher yields, which it said was a sign that its policy actions to attract dollar inflows was working.

Foreign demand “underscored the level of confidence that the central bank now enjoys from investors,” said CBN spokeswoman Hakama Sidi Ali.  “The CBN is optimistic that its monetary policy measures are beginning to yield positive results,” she said.

Yields on 12-month notes rose to 21.5% at the auction, 450 basis points higher than the previous sale on Jan. 19. The three-month bill was sold at 19% compared with 10%.

The central bank lifted its benchmark policy rate by a much-larger-than-expected 400 basis points to 22.75% on Feb. 27 to attract foreign capital and help support the naira, which has lost around 70% of its value against the dollar since June.

The local currency gained 2.9% to 1,548 naira a dollar in official trading on Friday and dollar liquidity increased by more than a third to $296 million, according to FMDQ, which tracks the data for the nation.

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Source: bloomberg
Via: norvanreports
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