WED 15 SEPT, 2021-theGBJournal- The naira was flat at NGN412.06/USD at the I&E window but depreciated by 0.9% to NGN562.00/USD in the parallel market.
The overnight lending rate contracted by 95bps to 13.6% in the absence of any significant funding pressures on the system.
The NTB secondary market was bearish, as the average yield expanded by 65bps to 5.5%. Across the curve, the average yield expanded at the short (+97bps), mid (+60bps) and long (+42bps) segments as market participants sold off the 15DTM (+106bps), 120DTM (+72bps) and 344DTM (+66bps) bills, respectively. Similarly, the average yield at the OMO segment expanded by 7bps to 6.1%.
Trading in the Treasury bond secondary market was also bearish, as the average yield expanded by 13bps to 11.4%. Across the benchmark curve, the average yield expanded at the short (+12bps), and long (+20bps) ends following sell-offs of the JAN-2022 (+67bps) and JUL-2045 (+92bps) bonds; the mid-segment stayed unchanged.
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