MON 15 NOV, 2021-theGBJournal- The NTB secondary market traded quietly, albeit with bullish bias, as the average yield pared by 1bp to 5.2%. Across the benchmark curve, the average yield was flat at the short and mid segments but contracted at the long (-1bp) end as investors demanded the 283DTM (-6bps) bills. Similarly, the average yield at the OMO segment contracted by 11bps to 5.5%.
The overnight lending rate contracted by 150bps to 13.8% in the absence of any significant funding pressures on the system.
The naira was flat at NGN415.10/USD at the I&E window.
Trading in the Treasury bond secondary market was mixed, albeit with a bearish bias, as the average yield expanded slightly by 1bp to 11.2%. Across the benchmark curve, the average yield contracted at the short (-1bp) end following demand for the APR-2023 (-2bps) bond but expanded at the mid (+1bp) and long (+1bp) segments due to sell-offs of the JUL-2030 (+6bps) and APR-2037 (+5bps) bonds, respectively.
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