THUR 14 OCT, 2021-theGBJournal- The overnight lending rate expanded by 325bps to 11.3%, following outflows for net NTB issuances (NGN65.57 billion).
Trading in the NTB secondary market was bullish, as the average yield contracted by 9bps to 5.2%. Across the benchmark curve, the average yield contracted at the short (-29bps), and mid (-10bps) segments due to demand for the 14DTM (-34bps) and 105DTM (-18bps) bills, respectively; the long end was flat. Elsewhere, the average yield at the OMO segment was flat at 6.5%.
The Treasury bond secondary market was quiet as the average yield closed flat at 11.3%. Across the benchmark curve, the average yield expanded slightly at the short (+1bp) end following sell-off of the JAN-2026 (+21bps) bond but was flat at the mid and long segments.
The naira depreciated by 1.7% to NGN422.07/USD at the I&E window.
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