…The T-bills secondary market traded with bullish sentiments, as the average yield contracted by 2bps to 25.1%
THUR NOV 28 2024-theGBJournal| The FGN bond secondary market traded on a calm note on Thursday, as the average yield remained unchanged at 19.1%.
Across the benchmark curve, the average yield pared at the short (+1bp) end, driven by sell pressures on the JAN-2026 (+2bps) bond, but closed flat at the mid and long segments.
The T-bills secondary market traded with bullish sentiments, as the average yield contracted by 2bps to 25.1%.
Across the curve, the average yield declined at the short (-2bps), mid (-2bps), and long (-2bps) segments following buying interests in the 84DTM (-2bps), 175DTM (-2bps) and 329DTM (-2bps) bills, respectively.
In contrast, the average yield expanded by 1bp to 27.2% in the OMO segment.
The overnight lending rate contracted by 200bps to 30.5%, following inflows from the FGN bond coupon (NGN5.66 billion).
Meanwhile, the naira appreciated by 1.0% to N1,644.86/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM), as traders digest the new Central Bank of Nigeria’s (CBN) policy on FX trading activities.
The Central Bank during the week notified the market of its intention to comple dealers to use the Bloomberg BMatch as the Electronic Foreign Exchange Matching System (EFEMS) for its trading activities in the FX market.
The Bloomberg BMatch platform is designed to enhance the integrity and operational efficiency of the FX market by providing transparent and automated matching of trades leading to market efficiency and greater price discovery.
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