…Overnight lending rate contracts 119bps to 1.3% and
…Naira closes flat at N483/$ at the parallel market
TUE, 24 NOV, 2020-theGBJournal- The Treasury bonds secondary market remained bullish, as the average yield pared by 2bps to 3.9%. Across the curve, average yield declined at the short (-1bp) and mid (-8bps) segments, following demand for the JUL-2021 (-5bps) and FEB-2028 (-20bps) bonds, respectively, while it expanded slightly at the long (+1bp) end, due to profit-taking on the APR-2037 (+3bps) bond.
Trading in the NTB secondary market was mixed, with bullish bias, as average yield pared by 1bp to 0.1%.
Across the curve, average yield was unchanged at the short and mid segments, but contracted at the long (-2bps) end, following demand for the 338DTM (-20bps) instrument. Conversely, average yield expanded marginally by 1bp to 0.2% at the OMO secondary market.
The overnight lending rate contracted by 119bps to 1.3%, following inflows into the system for OMO maturities (NGN113.06 billion).
In the currency market, the naira strengthened by 0.1% to NGN385.50/USD at the I&E window, but was flat at NGN483.00/USD, at the parallel market.-With Cordros Research
Twitter-@theGBJournal|email: info@govandbusinessjournal.com.ng
