WED MAY 08 2024-theGBJournal| FGN bond secondary market were quiet Wednesday as the average yield closed flat at 18.5%.
Across the benchmark curve, the average yield inched higher at the short (+1bp) end due to profit-taking activities on the MAR-2025 (+2bps) bond but closed flat at the mid and long segments.
Trading in the NTB secondary market was mixed, albeit with a bullish bias, as the average yield pared by 1bp to 22.5%. Across the curve, the average yield declined at the short (-2bps), mid (-1bp) and long (-1bp) segments following interests in the 64DTM (-2bps), 169DTM (-1bp) and 323DTM (-2bps) bills, respectively. Similarly, the average contracted by 1bp to 18.7% in the OMO segment.
The overnight lending rate expanded by 25bps to 29.7%, in the absence of any significant funding pressure on the system.
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