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Nigerian financial markets in Nigeria are closed today for the new year celebrations.
However, a review of the performance on the stock market in 2016 shows that the NSE all share index fell by 6.47 percent, to close at 26,874.62 points, compared with 28,642.25 with which it opened the year.
Also, the money market rates also trended southward across all tenors with the 1month, 3month and the 6 month nibor rates contracting by 12 basis points, 78 basis points and 43 basis points, each.
On the other hand, bonds and treasury bills were bullish as increased demand compressed yields across almost all tenors.
At the currency market, the Naira closed at 305 naira to the US Dollar while the local currency however closed at 490 Naira to the US Dollar, at the parallel market, down over 45 percent year-on-year.
research analysts expect low FX liquidity, high inflation, interest rates and the tapered fiscal spending to remain largely in play this January.
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