WED, JAN 24 2024-theGBJournal| The FGN bond secondary market closed on a bearish note on Wednesday, as the average yield expanded by 2bps to 13.5%.
Across the benchmark curve, the average yield closed flat at the short and mid segments but increased at the long (+3bps) end driven by profit-taking activities in the MAR-2050 (+40bps) bond.
The Treasury bills secondary market is still not spared the bearish sentiments, as the average yield expanded significantly by 255bps to 6.7%.
Across the curve, the average yield was flat at the short and mid segments but advanced at the long (+511bps) end following sell pressures on the 211DTM (+791bps) bill. Meanwhile, the average yield was unchanged at 8.4% in the OMO segment.
Meanwhile, the naira depreciated by 0.4% to NGN882.24/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
At the money market, the overnight lending rate contracted by 90bps to 20.0%, following the inflow from FGN bond coupon payments (NGN21.55 billion).
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