TUE 07 SEPT, 2021-theGBJournal- The naira appreciated by 0.1% to NGN410.67/USD at the I&E window but stayed flat at NGN532.00/USD in the parallel market.
At the money market, overnight lending rate contracted by 125bps to 7.3%, following inflows from OMO maturities (NGN119.07 billion).
The NTB secondary market closed with bearish sentiments, as the average yield expanded by 9bps to 4.7%. Across the benchmark curve, average yield expanded at the short (+16bps) and mid (+30bps) segments following sell-offs of the 79DTM (+32bps) and 142DTM (+61bps) bills, respectively. Conversely, the average yield contracted at the long (-9bps) end due to demand for the 205DTM (-46bps) bill. Elsewhere, the average yield at the OMO segment closed flat.
Trading in the Treasury bond secondary market was also bearish, as the average yield expanded by 2bps to 11.0%. Across the benchmark curve, average yield expanded at the short (+2bps), mid (+2bps) and long (+2bps) segments as investors sold off the JAN-2022 (+6bps), JUL-2030 (+6bps) and MAR-2036 (+18bps) bonds, respectively.
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