THUR, JULY 13 2023-theGBJournal |The naira appreciated by 4.9% to NGN746.28/USD at the I&E window.
The overnight lending rate expanded by 8bps to 1.4%, in the absence of any significant outflows from the system.
Quiet trading persisted in the Treasury bills secondary market as the average yield closed flat at 6.3%.
Meanwhile, proceedings in the FGN bond secondary market were bearish, as the average yield expanded by 6bps to 12.8%.
Across the benchmark curve, the average yield contracted at the short (-1bp) end, as investors demanded the MAR-2024 (-2bps) bond, but expanded at the long (+11bps) end due to the sell-off of the JUL-2034 (+46bps) bond. Elsewhere, the average yield closed flat at the mid segment.
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