TUE, DEC 12 2023-theGBJournal|Trading in the NTB secondary market was bullish, as the average yield contracted by 15bps to 10.9%.
Across the curve, the average yield was unchanged at the short and mid segments but declined at the long (-30bps) end due to demand for the 317DTM (-140bps) bill. Elsewhere, the average yield pared by 1bp to 14.6% at the OMO segment.
Similarly, activities in the FGN bond secondary market were bullish, as the average yield declined by 15bps to 14.8%.
Across the benchmark curve, the average yield expanded at the short (+9bps) and mid (+10bps) segments due to sell pressures on the APR-2029 (+50bps) and JUL-2030 (+29bps) bonds, respectively, but contracted at the long (-37bps) end following participants’ demand for the JAN-2042 (-70bps) bond.
The overnight lending rate contracted by 74bps to 16.2%, in the absence of any significant inflow into the system.
The naira depreciated by 0.1% to N865.03/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
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