THUR 09 SEPT, 2021-theGBJournal- The naira stayed flat at NGN411.67/USD at the I&E window but depreciated by 0.9% to NGN540.00/USD in the parallel market.
The overnight lending rate expanded by 367bps to 13.0% amid funding pressures from net NTB issuances (NGN71.34 billion).
The NTB secondary market was bearish, as the addition of new bills from yesterday’s primary auction led the average yield to expand by 11bps to 4.8%.
Across the benchmark curve, average yield was flat at the short and mid segments, but contracted at the long (-16bps) end following demand for the 245DTM (-108bps) bill.
Elsewhere, the average yield at the OMO segment expanded by 8bps to 6.2%.
Trading in the Treasury bond secondary market was mixed, albeit with bullish bias, as the average yield contracted by 3bps to 11.0%. Across the benchmark curve, average yield contracted at the short (-9bps) end due to investors’ demand for the APR-2023 (-43bps) bond, but was unchanged at the mid and long segments.
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