TUE 09 NOV, 2021-theGBJournal- The NTB secondary market was quiet, though with a bearish bias, as the average yield expanded slightly by 1bp to 5.3%.
Across the benchmark curve, the average yield was flat at the short and mid-segments but expanded at the long (+1bp) end as market participants sold off the 303DTM (+14bps) bill. Elsewhere, the average yield contracted by 7bps at the OMO segment to 6.0%.
Trading in the Treasury bond secondary market was bearish, as the average yield expanded by 4bps to 11.3%. Across the benchmark curve, the average yield expanded at the short (+10bps) and long (+2bps) ends as investors sold off the APR-2023 (+51bps) and MAR-2050 (+6bps) bonds, respectively; the mid-segment was unchanged.
The overnight lending rate contracted by 192bps to 3.3% in the absence of any significant funding pressures on the system.
The naira depreciated by 0.1% to NGN415.07/USD at the I&E window.
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