WED, OCT 25 2023-theGBJournal| Trading in the Treasury bills secondary market was bearish on Wednesday as the average yield expanded by 8bps to 7.0%.
Across the curve, the average yield was unchanged at the short end but expanded at the mid (+43bps) segment as market participants took profits off the 134DTM (+120bps) bill.
Meanwhile, the average yield contracted at the long (-6bps) end following demand for the 337DTM (-56bps) bill. Elsewhere, the average yield closed flat at 12.0% in the OMO segment.
In the same vein, activities in the Nigerian Treasury bonds secondary market were bearish, as the average yield expanded by 2bps to 14.4%.
Across the benchmark curve, the average yield expanded at the short (+4bps) and long (+1bp) ends as investors sold off the MAR-2024 (+10bps) and JUN-2053 (+10bps) bonds, respectively. Meanwhile, the average yield was unchanged at the mid segment.
The naira appreciated by 5.8% to N801.10/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The overnight lending rate expanded by 60bps to 4.2%, in the absence of any significant outflows from the system.
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