TUE 27 JULY, 2021-theGBJournal-The overnight lending rate expanded by 50bps to 16.3%, as funding pressures outweighed inflows from OMO maturities (NGN16.84 billion).
The NTB secondary market closed with bullish sentiments, as the average yield contracted by 41bps to 6.3%. Across the benchmark curve, average yield contracted at the short (-79bps), mid (-7bps) and long (-33bps) segments as market participants demanded for the 79DTM (-83bps), 184DTM (-62bps) and 338DTM (-80bps) bills, respectively.
Similarly, the average yield at the OMO segment contracted by 2bps to 8.6%.
Trading in the Treasury bond secondary market was mixed with a bullish tilt, as the average yield contracted by 9bps to 12.0%. Across the benchmark curve, average yield contracted at the short (-35bps) end due to demand for the JAN-2022 (-61bps) but expanded at the long (+5bps) end due to sell-off of the MAR-2050 (+20bps) bonds; the mid-segment closed flat.
Meanwhile, the local currency, the naira was flat at NGN411.67/USD and NGN504.00/USD at the I&E window and parallel market, respectively on a day the Central Bank of Nigeria (CBN) banned sales of Forex to the Bureau De Change.
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