…The NTB secondary market average yield expanded by 9bps to 23.5% to close the day
…the FGN bond secondary market closed on a bearish note, as the average yield advanced by 4bps to 19.2%
THUR JULY 18 2024-theGBJournal|Bears had a field day Thursday in the Nigerian Fixed income market as both the FGN bonds and treasury bills yield rose on selloff.
The NTB secondary market average yield expanded by 9bps to 23.5% to close the day.
Across the curve, the average yield pared at the short (-1bp) and mid (-1bp) segments following buying interest in the 70DTM (-1bp) and 161DTM (-2bps) bills, respectively.
The average yield expanded at the long (+19bps) end, due to the selloff of the 231DTM (+110bps) bill. Elsewhere, the average yield contracted by 2bps to 24.2% in the OMO segment.
Similarly, the FGN bond secondary market closed on a bearish note, as the average yield advanced by 4bps to 19.2%.
Across the benchmark curve, the average yield increased at the short (+1bp) and mid (+20bps) segments, as investors took profits off the JAN-2026 (+1bp) and JUN-2033 (+80bps) bonds respectively.
The average yield closed flat at the long end.
On the other hand, the overnight lending rate contracted by 5bps to 32.4%, in the absence of any significant inflows into the system.
Meanwhile, the naira appreciated by 1.0% to NGN1,566.82/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM) after weeklong depreciation against the dollar.
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