Home Business Markets Brief| Bonds yield up 2bps to 18.0%, Naira drops 0.8%/US$ as...

Markets Brief| Bonds yield up 2bps to 18.0%, Naira drops 0.8%/US$ as T-bills yield falls 1bp to 18.8%

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WED, MAR 13 2024-theGBJournal| Sentiments in the T-bills secondary market remained bullish, as the average yield declined by 1bp to 18.8%.

Across the curve, the average T-Bills yield contracted at the short (-1bp), mid (-1bp) and long (-1bp) segments as investors demanded the 85DTM (-1bp), 176DTM (-1bp) and 344DTM (-2bps) bills, respectively. Similarly, the average yield pared by 1bp to 18.8% in the OMO segment.

Trading in the Treasury bond secondary market was bearish, as the average yield expanded by 2bps to 18.0%. Across the benchmark curve, the average yield advanced at the short (+6bps) end following profit-taking on the MAR-2027 (+29bps) bond but was unchanged at the mid and long segments.

The naira depreciated by 0.8% to NGN1,615.94/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

The overnight lending rate expanded by 114bps to 33.0%, in the absence of any significant outflows from the system.

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