…Naira appreciated by 1.1% to NGN1,418.78/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
…Overnight lending rate expanded by 283bps to 19.8%,
WED, FEB 07 2024-theGBJournal|Activities in the NTB secondary market were bullish as the average yield contracted by 76bps to 11.2%.
Across the curve, the average yield declined across the short (-8bps), mid (-44bps) and long (-133bps) segments, as participants demanded the 92DTM (-19bps), 169DTM (-66bps) and 323DTM (-267bps) bills, respectively. Elsewhere, the average yield was flat at 9.6% in the OMO segment.
Similarly, trading in the FGN bond secondary market was bullish, as the average yield dipped by 2bps to 15.3%. Across the benchmark curve, the average yield was unchanged at the short and mid segments but contracted at the long (-4bps) end following bargain hunting in the JAN-2042 (-21bps) bond.
The overnight lending rate expanded by 283bps to 19.8%, in the absence of any significant funding pressure on the system.
Meanwhile, the Naira appreciated by 1.1% to NGN1,418.78/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
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