MON SEPT 09 2024-theGBJournal| The FGN bond secondary market closed on a bearish note on Monday, as the average yield expanded by 2bps to 18.4%.
Across the benchmark curve, the average yield increased at the short (+2bps) and mid (+6bps) segments as players sold off the MAR-2025 (+4bps) and JUN-2033 (+30bps) bonds, respectively, while it remained unchanged at the long end.
The NTB secondary market traded with bullish sentiments, as the average yield dipped by 2bps to 20.0%.
Across the curve, the average yield increased at the short (+6bps) and long (+10bps) ends, driven by profit-taking on the 73DTM (+11bps) and 290DTM (+88bps) bills, respectively.
Meanwhile, the average yield declined by 31bps in the mid segment due to strong demand for the 94DTM (-52bps) bill. Similarly, the average yield declined by 1bp to 23.3% in the OMO segment.
The overnight lending rate contracted by 62bps to 31.1% in the absence of any significant inflow to the system.
Meanwhile, the naira appreciated by 0.8% to NGN1,580.46/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM).
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