WED SEPT 11 2024-theGBJournal Activities in the FGN bond secondary market were bullish on Wednesday, as the average yield dipped by 2bps to 18.4%.
Across the benchmark curve, the average yield declined at the short (-2bps) and long (-4bps) ends due to buying interests in the MAR-2025 (-12bps) and JAN-2042 (-24bps) bonds, respectively, but remained unchanged at the mid segment.
The Treasury bills secondary market traded with bullish sentiments, as the average yield contracted by 3bps to 20.0%.
Across the curve, the average yield declined at the short (-5bps), mid (-1bp), and long (-2bps) segments, driven by participants’ demand for the 57DTM (-31bps), 176DTM (-1bp), and 288DTM (-54bps) bills, respectively.
Meanwhile, the average yield expanded by 5bps to 23.6% in the OMO segment.
The naira appreciated by 5.1% to N1,558.75/US$ in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The overnight lending rate expanded by 11bps to 31.6% in the absence of any significant funding pressure on the system.
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