TUE DEC 03 2024-theGBJournal|The naira remained stable at N1,672.69/USD in the Nigerian Autonomous Foreign Exchange Market (NAFEM) but appreciated by 1.1% to N1,655.74/USD in the Electronic Foreign Exchange Matching System (EFEMS).
Activities in the Treasury bills secondary market were bearish, as the average yield expanded by 30bps to 25.4%.
Across the curve, the average yield expanded at the short (+31bps) and mid (+81bps) segments due to the selloffs of the 65DTM (+143bps) and 170DTM (+120bps) bills, respectively, but declined at the long (-2bps) end following buying interests in the 324DTM (-2bps) bill. In contrast, the average yield contracted by 2bps to 27.0% in the OMO segment.
Meanwhile, the Treasury bond secondary market traded on a calm note, as the average yield remained unchanged at 19.1%.
Across the benchmark curve, the average yield expanded at the short (+1bp) end, driven by sell pressures on the JAN-2026 (+2bps) bond, but contracted at the mid (-2bps) following demand for the FEB-2031 (-5bps) bond. The average yield closed flat at the long end.
The overnight lending rate contracted by 78bps to 27.1% in the absence of any significant inflows into the system.
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