MON 16 AUG, 2021-theGBJournal- The naira depreciated by 0.2% to NGN411.67/USD at the I&E window but remained flat at NGN515.00/USD at the parallel market.
The overnight lending rate expanded by 25bps to 17.5%, in the absence of any significant inflows into the system.
The NTB secondary market closed with bearish sentiments, as the average yield expanded by 23bps to 4.9%. Across the benchmark curve, average yield expanded at the short (+45bps), mid (+16bps) and long (+10bps) segments due to sell-offs of the 87DTM (+124bps), 164DTM (+23bps) and 192DTM (+20bps) bills, respectively. Elsewhere, the average yield at the OMO segment closed flat at 7.7%.
Trading in the Treasury bond secondary market was mixed, albeit with a bearish tilt, as the average yield expanded by 3bps to 11.5%. Across the benchmark curve, average yield expanded at the short (+8bps) end due to sell-off of the JAN-2022 (+44bps) bond, but was flat at the mid and long segments.-With Cordros Research
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