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MARKETS: Bond yields yield expand 10bps to 3.9%profit-taking, Naira gains 1.0% to N485/$ in the parallel market

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WED, 02 DEC, 2020-theGBJournal- The Treasury bonds secondary market was bearish today, as average yield expanded by 10bps to 3.9%. Across the curve, average yield expanded at the short (+10bps) and long (+16bps) segments, due to profit-taking on the APR-2023 (+40bps) and APR-2037 (+129bps) bonds, respectively. Average yield was flat at the mid-segment of the curve.
The overnight lending rate was unchanged at 1.0%, in the absence of any significant movement in the system.
The NTB secondary market remained mixed, as average yield was flat at 0.1%. At the OMO secondary market, average yield pared by 1bp to 0.1%.
At the FX market, it was mixed fortune for the naira. While it depreciated further by 0.3% to NGN395.00/USD at the I&E window it appreciated by 1.0% to NGN485.00/USD in the parallel market, continuing the trend witnessed Tuesday.
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