MON, AUGUST 28 2023-theGBJournal | Activities in the Treasury bills secondary market were bullish, as the average yield contracted by 89bps to 7.3%.
Across the curve, the average yield declined at the short (-266bps) and mid (-131bps) segments as participants demanded the 10DTM (-385bps) and 101DTM (-247bps) bills, respectively.
Meanwhile, the selloff of the 318DTM (+125bps) bill drove the yield expansion at the long (+6bps) end. Elsewhere, the average yield pared by 1bp to 11.2% in the OMO segment.
Similarly, the FGN bond secondary market traded with bullish sentiments, as the average yield contracted by 5bps to 14.0%. Across the benchmark curve, the average yield contracted at the short (-16bps) and mid (-4bps) segments as investors demanded the MAR-2024 (-102bps) and APR-2029 (-10bps) bonds, respectively. Conversely, the average yield was flat at the long end.
The overnight lending rate contracted by 130bps to 23.9%, in the absence of any significant inflows into the system.
The naira appreciated by 0.8% to N772.12/USD at the I&E window.
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