WED. 01 FEB, 2023-theGBJournal| Proceedings in the FGN bond secondary market were bullish, as the average yield contracted by 9bps to 13.0%. Across the benchmark curve, the average yield contracted at the short (-9bps), mid (-19bps), and long (-5bps) segments as investors demanded the JAN-2026 (-30bps), APR-2029 (-26bps), and APR-2049 (-20bps) bonds, respectively.
The Nigerian Treasury bills secondary market traded with bearish sentiments, as the average yield expanded by 2bps to 1.6%. Across the curve, the average yield closed flat at the short and mid segments but expanded at the long (+5bps) end following the selloff of the 295DTM (+95bps) bill. Elsewhere, the average yield was flat at 2.0% in the OMO segment.
Meanwhile, the overnight lending rate contracted by 13bps to 10.9%, in the absence of any significant funding pressure on the system while the naira stayed flat at NGN461.50/USD at the I&E window.
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