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Nigeria's naira rose to a five-week high against the dollar in intraday trading on Wednesday, a day after the central bank hiked interest rates to tame inflation and lifted restrictions on foreign investors participating in its fixed-income auctions.
The currency rose to 1,200 per dollar on the official market, LSEG data showed, strengthening above the parallel market levels at about 1,340.
Africa's largest economy has been grappling with dollar shortages that pushed its currency to a record low of 1,851 per dollar last month, though central bank Governor Olayemi Cardoso has said that dollar liquidity is improving.
Last week, Nigeria's central bank said it had cleared all of its verified foreign exchange backlog, part of its strategy to stabilise the naira and tame soaring inflation.
The central bank on Tuesday raised its monetary policy rate 200 basis points to 24.75% from 22.75%, a month after its largest hike in around 17 years.
The central bank paid 26.6% for the one-year Treasury bill at its last auction two weeks ago, but investors at Wednesday's auction expect yields to rise above secondary market quotes of around 22.75% for the one-year bill and around 20.6% for the benchmark 10-year note.
Goldman Sachs analysts Andrew Matheny and Bojosi Morule said the central bank's further rate hike and "the emphasis on improving monetary transmission mechanism by mopping up liquidity will help to rebuild policy credibility", boosting Treasury bill yields to about 28% to 29%.
In the past, lenders faced constraints in fulfilling foreign investors' bids as they incurred extra costs on settlement day if they borrowed from the central bank's discount window to pay for bills.
Foreign investors can now pre-fund their accounts and get naira at the prevailing exchange rate for the auctions, analysts said.
"With this policy mix and with more inflows likely, including a Eurobond, we remain constructive on the naira, with our forex strategists forecasting an appreciation to 1,200 versus the dollar over the next 12 months," Matheny and Morule wrote in a research note to clients on Wednesday.
The central bank hopes the auctions can attract sufficient foreign interest to boost dollar liquidity.
Tellimer economist Patrick Curran said that "while forex liquidity has improved, it is still well below pre-pandemic levels and a boost in dollar supply will be needed to support further naira appreciation."
By Chijioke Ohuocha and Elisha Bala-Gbogbo, Reuters
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Frank Geng Quarong was discovered in her room after having stabbed her several times there.
The killing of the 22-year-old university student shocked Nigerians and the case was closely followed.
Death sentences are rarely carried out in Nigeria. Quarong has 90 days to appeal against the verdict.
Speaking on behalf of the family, the victim's brother, Sadiq Sani, described the sentence of death by hanging handed down by the court in Kano as justice. He said that whoever kills anyone deserved to be killed too.
"We thank God for showing us this day... I pray that my sister's soul continues to rest in peace," he told the BBC.
Her family remember the young agriculture undergraduate as kind and jovial.
Quarong, 49, and Ms Sani had been in a relationship since 2020 after having met in a shopping mall, according to Mr Sani.
He was in the country working for a Nigerian textiles firm.
Talking shortly after the killing in September 2022, family friend Ahmad Abdullahi described what had happened.
He remembered coming to the family home and seeing that "a lot of people had gathered outside the house".
"That was when we knew something bad had happened. Geng was her boyfriend and had good relations with her family prior to that day.
"Before the incident they were having issues as she was no longer interested and he didn't want to let go."
According to neighbours, on the night of the killing Quarong was heard knocking heavily on the gate to the Sani family home.
When Ms Sani's mother opened the gate he pushed her aside and rushed straight to Ms Sani's room, locking it from the inside.
Her shouts and cries attracted the family and before anyone could break down the door to help she had been stabbed several times.
She died later in hospital.
Nigeria currently has more than 3,400 people on death row and the last execution was carried out in 2012.
By Mansur Abubakar, BBC
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The News Agency of Nigeria gathered that Mr Aziegbemi reunited with his family at 3 a.m. on Tuesday after 10 days in captivity.
Clem Aziegbemi, on behalf of the family, said the PDP leader was released unhurt.
“As a member of the Aziegbemi family, we say thank you all for your great show of love and solidarity with us all through the period of the abduction of our beloved son, brother, cousin, and leader, Dr Tony Aziegbemi.
“Thank you, all…. We are most grateful for all your valuable contributions through prayers and steadfastness. God bless,” he said.
Mr Aziegbemi was ambushed at the Bishop Edokpolor Boulevard Junction, off Country Home, GRA Benin City, while returning from the Government House, where he held a meeting with Governor Godwin Obaseki
His abduction came less than a month after his party conducted a primary election for the 21 September governorship election in the state.
When contacted, the police spokesperson in Edo, Chidi Nwabuzor, said the police would soon issue an official statement on the development.
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