MON, FEB 26 2024-theGBJournal| Activities in the FGN bond secondary market were bearish, as the average yield increased by 2bps to 16.7%.
Across the benchmark curve, the average yield advanced at the short (+1bp) and long (+4bps) ends as players took profits off the MAR-2024 (+3bps) and JUN-2038 (+41bps) bonds, respectively.
The average yield was unchanged at the mid segment.
Proceedings in the NTB secondary market were bullish, as the average yield declined by 4bps to 16.6%. Across the curve, the average yield contracted at the short (-1bp) and long (-8bps) ends following buying interest in the 87DTM (-2bps) and 346DTM (-57bps) bills, respectively.
Conversely, the average yield expanded at the mid (+2bps) segment due to the sell-offs on the 178DTM (+23bps) bill. Elsewhere, the average yield advanced by 35bps to 18.1% in the OMO segment.
The overnight lending rate contracted by 150bps to 24.3%, in the absence of any significant inflows into the system.
Meanwhile, The naira appreciated by 5.2% to NGN1,582.94/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
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