TUE FEB 25 2025-theGBJournal| The FGN bond secondary market was bullish as the average yield declined by 53bps to 18.9%.
Across the benchmark curve, the average yield decreased at the short (-101bps), mid (-28bps), and long (-32bps) segments, driven by interest in the MAR-2025 (-452bps), FEB-2031(-51bps), and JUN-2053 (-86bps) bonds, respectively.
The Treasury bills secondary market traded with bullish sentiments as the average yield declined by 3bps to 20.0%.
Across the curve, the average yield declined at the short (-1bp), mid (-1bp), and long (-5bps) segments, driven by demand for the 86DTM (-1bp), 177DTM (-1bp), and 331DTM (-49bps) bills, respectively. Similarly, the average yield declined by 230bps to 22.6% in the OMO segment.
The overnight lending rate declined by 233bps to 30.6% following inflows from OMO maturities (N813.25 billion).
Meanwhile, the naira at the official FX rate appreciated by 0.2% to N1,501.42/USD.
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