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LequteMan
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Following CBN's decision to cut interest rates, Nigeria's naira fell to 242 against the dollar on the unofficial market.
This is a 0.8 percent fall from 240 the previous day.
The currency, which is pegged at a rate of 197 naira to the greenback on the official interbank market, traded at 235 on the unofficial market on Monday.
Also yields on Nigeria's bonds fell below 10 percent across maturities as trading started on Wednesday.
The apex bank had cut benchmark interest rate to 11 percent from 13 percent on Tuesday, its first reduction in the cost of borrowing in more than six years.
"We expect bond yields to decline further in the secondary market," Samir Gadio, head of Africa strategy at Standard Chartered Bank said.
Reuters
This is a 0.8 percent fall from 240 the previous day.
The currency, which is pegged at a rate of 197 naira to the greenback on the official interbank market, traded at 235 on the unofficial market on Monday.
Also yields on Nigeria's bonds fell below 10 percent across maturities as trading started on Wednesday.
The apex bank had cut benchmark interest rate to 11 percent from 13 percent on Tuesday, its first reduction in the cost of borrowing in more than six years.
"We expect bond yields to decline further in the secondary market," Samir Gadio, head of Africa strategy at Standard Chartered Bank said.
Reuters
