WED 04 AUG, 2021-theGBJournal- The naira was flat at NGN411.50/USD at the I&E window but appreciated by 0.4% to NGN506.00/USD in the parallel market.
The overnight lending rate expanded by 100bps to 9.0%, in the absence of significant inflows into the system.
The NTB secondary market was mixed, albeit with a bullish tilt, as the average yield pared by 1bp to 5.7%. Across the benchmark curve, average yield contracted at the long (-2bps) end following market participants’ demand for the 344DTM (-17bps) bill, but stayed flat at the short and mid segments. Similarly, the average yield at the OMO segment contracted by 3bps to 8.1%.
Trading in the Treasury bond secondary market was mixed, as the average yield was unchanged at 11.9%. Across the benchmark curve, average yield contracted at the mid (-3bps) segment following investors’ demand for the FEB-2028 (-13bps) bond but expanded at the long (+3bps) end as investors sold off the APR-2037 (+19bps) bond; average yield was flat at the short end.
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