MON 05 JULY, 2021-theGBJournal- The naira was flat at NGN411.13/USD and NGN503.00/USD at the I&E window and parallel market, respectively.
Meanwhile at the Money and Fixed Income Market, the overnight lending rate contracted by 175bps to 10.8%, in the absence of any significant funding pressures on the system.
The NTB secondary market was mixed, albeit towards a bearish sentiment, as the average yield expanded by 4bps to 6.6%. Across the benchmark curve, average yield expanded at the long (+9bps) end following sell-offs of the 269DTM (+93bps) bill. The short and mid segments closed flat. Elsewhere, the average yield at the OMO segment pared by 1bp to 9.9%.
Trading in the Treasury bond secondary market closed flat with a bearish tilt, as the average yield was unchanged at 11.5%. Across the benchmark curve, average yield expanded at the mid (+4bps) segment following sell-offs of the JUL-2030 (+7bps) but contracted at the long (-1bp) due to demand for the APR-2037 (-13bps); the short end was flat.-With Cordros Research.
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