…Across the benchmark curve, the average yield declined at the short (-4bps) end following buying interest in the MAR-2024 (-10bps) bond but expanded at the long (+2bps) end
…The overnight lending rate expanded by 30bps to 1.8%, following the debits for the FGN bond auction
…The FGN bond secondary market activities were mixed, as the average yield remained at 14.4%.
WED, OCT 18 2023-theGBJournal|The naira appreciated by 7.3% to N790.68/USD at the Nigerian Foreign Exchange Market (NFEM). The rebound suprised market after its heavy 8.2% to N848.12/USD depreciation at the Nigerian Foreign Exchange Market (NFEM) on Tuesday.
The overnight lending rate expanded by 30bps to 1.8%, following the debits for the FGN bond auction (NGN374.76 billion).
The NTB secondary market traded with bullish sentiments as the average yield declined by 1bp to 6.5%. Across the curve, the average yield was unchanged at the short and long ends but contracted at the mid (-4bps) segment as investors demanded the 99DTM (-26bps) bill. Meanwhile, the average yield stayed at 12.1% in the OMO segment.
The FGN bond secondary market activities were mixed, as the average yield remained at 14.4%.
Across the benchmark curve, the average yield declined at the short (-4bps) end following buying interest in the MAR-2024 (-10bps) bond but expanded at the long (+2bps) end as market players sold off the APR-2037 (+8bps) bond. Elsewhere, the average yield closed flat at the mid segment.
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