TUE, JAN 30 2024-theGBJournal| The naira traded unchanged at N1,348.63/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM) as of 30th January after falling 33.9% on Monday from the previous week.
The local currency ended last week’s trading at N891.90/US$1 and gaining just 1.18%.
The the parallel market rate fell, losing 4.23% to close at N1,420.00/US$1, and bringing closer the official and market rates.
Activities in the NTB secondary market were bearish, as the average yield expanded by 60bps to 8.9%.
Across the curve, the average yield expanded at the short (+21bps), mid (+80bps) and long (+74bps) segments following selloffs of the 9DTM (+148bps), 163DTM (+138bps) and 282DTM (+183bps) bills, respectively. Similarly, the average yield increased by 125bps to 9.6% in the OMO segment.
The Treasury bond secondary market traded with bearish sentiments, as the average yield expanded by 10bps to 14.0%.
Across the benchmark curve, the average yield increased at the short (+18bps) and long (+8bps) ends due to profit-taking activities on the MAR-2027 (+151bps) and JUN-2053 (+66bps) bonds, respectively.
Meanwhile, the average yield was flat at the mid segment.
The overnight lending rate contracted by 40bps to 14.4%, in the absence of any significant inflows into the system
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