WED, 13 JULY, 2022-theGBJournal| The overnight lending rate was unchanged at 14.0% in the absence of any significant funding pressure on the system.
Activities in the NTB secondary market were bearish, as the average yield expanded by 5bps to 6.9%. Across the curve, the average yield expanded at the short (+18bps) end as participants sold off the 29DTM (+110bps) bill but contracted at the mid (-1bp) segment due to demand for the 134DTM (-1bp) bill. The average yield closed flat at the long end. Similarly, the average yield expanded by 105bps to 7.4% in the OMO segment.
Proceedings in the Treasury bond secondary market were bearish as the average yield expanded by 4bps to 11.3%. Across the benchmark curve, the average yield expanded at the short (+17bps) end as investors sold off the MAR-2024 (+78bps) bond but contracted at the long (-2bps) end following demand for the MAR-2050 (-14bps) bond. Conversely, the average yield was unchanged at the mid segment.
The naira appreciated by 0.4% to NGN424.58/USD at the I&E window.
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