TUE APRIL 23 2024-theGBJournal| The naira depreciated further Tuesday by 5.1% to N1,300.15/US$1 at the Nigerian Autonomous Foreign Exchange Market (NAFEM) even as the Central Bank of Nigeria sold foreign exchange to Bureau de Change at N1,021/US$.
Recall that the naira also fell by 5.2% to N1,234.49/US$1 on Monday at NAFEM.
At the Money Market, the overnight lending rate contracted by 21bps to 30.8%, in the absence of any significant inflows into the system.
Trading in the NTB secondary market closed on a bullish note, as the average yield contracted by 7bps to 25.1%.
Across the curve, the average yield increased at the short (+77bps) end due to sell pressures on the 16DTM (+391bps) bill but dipped at the mid (-2bps) and long (-44bps) segments driven by interests in the 156DTM (-2bps) and 226DTM (-511bps) bills, respectively.
Elsewhere, the average yield advanced by 41bps to 18.8% in the OMO segment.
Meanwhile, activities in the FGN bond secondary market turned bullish, as the average yield declined by 5bps to 18.9%.
Across the benchmark curve, the average yield decreased at the short (-13bps) and mid (-6bps) segments as market players demanded the JAN-2026 (-72bps) and APR-2032 (-16bps) bonds, respectively.
Meanwhile, the average yield stayed flat at the long end.
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