…Naira crash further
WED SEPT 04 2024-theGBJournal| The Treasury bond secondary market closed on a bullish note, as the average yield declined by 3bps to 18.5%.
Across the benchmark curve, the average yield expanded slightly at the short (+1bp) end due to profit taking activities on the JAN-2026 (+1bp) bond but declined at the long (-7bps) end following demand for the JUN-2038 (-60bps) bond.
The average yield closed flat at the mid segment.
Meanwhile, the Nigerian treasury bills secondary market traded with bullish sentiments, as the average yield contracted by 4bps to 20.9%.
Across the curve, the average yield declined at the short (-1bp), mid (-1bp) and long (-8bps) segments, driven by buying interest in the 92DTM (-1bp), 155DTM (-2bps) and 295DTM (-71bps) bills, respectively.
Similarly, the average yield pared by 1bp to 22.8% in the OMO segment.
The naira depreciated by 0.9% to N1,625.88/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
At the money market, the overnight lending rate expanded by 565bps to 29.2% in the absence of any significant funding pressures in the system.
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