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MARKETS: Bonds yield contracts 7bps to 3.8% driven by demand for maturities across the curve, naira gains 2.0% to N490/$ at the parallel market

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TUE, 01 DEC, 2020-theGBJournal- The Treasury bonds secondary market remained bullish, as average yield contracted by 7bps to 3.8%.
Across the curve, average yield declined at the short (-17bps) and mid (-4bps) segments, following demand for the MAR-2025 (-40bps) and FEB-2028 (-14bps) bonds, respectively. Average yield was flat at the long end of the curve.
The overnight lending rate declined by 44bps to 1.0%, following inflows to the system from OMO maturities (NGN93.06 billion).
Activity in the NTB secondary market continued with mixed sentiments, following the minimal activity in the space. As a result, average yield was flat at 0.1%. Similarly, average yield at the OMO secondary market was unchanged at 0.1%.
Meanwhile, at the FX market, the persisting illiquidity at the I&E window dragged the naira down by 1.0% to NGN394.00/USD. The currency however appreciated significantly, by 2.0% to NGN490.00/USD in the parallel market.
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