TUE 04 JAN, 2022-theGBJournal– The naira appreciated by 2.9% to NGN422.67/USD at the I&E window.
At the money market, the overnight lending rate contracted by 300bps to 7.5% following inflows from OMO maturities (NGN70.00 billion).
The NTB secondary market was mixed, with a bullish bias, as the average yield pared by 1bp to 4.4%. Across the curve, the average yield was unchanged at the short and mid segments but contracted at the long (-2bps) end following demand for the 233DTM (-14bps) bill. Elsewhere, the average yield expanded by 4bps to 5.5% in the OMO segment.
The Treasury bond secondary market was bearish as the average yield expanded by 2bps to 11.4%. Across the benchmark curve, the average yield pared at the short (-1bp) and mid (-1bp) segments due to demand for the APR-2023 (-4bps) and FEB-2028 (-3bps) bonds, respectively. Conversely, the average yield expanded at the long (+6bps) end, as investors sold off the APR-2049 (+40bps) bond.
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