THUR 31 MARCH, 2022-theGBJournal| The overnight lending rate contracted by 33bps to 5.0%, despite debits for net NTB issuances (NGN30.90 billion).
Activities in the Treasury bills secondary market were quiet, as the average yield closed flat at 3.2%. At yesterday’s NTB auction, the CBN offered NGN143.29 billion for sale with a total subscription of NGN247.61 billion.
Accordingly, the CBN allotted NGN13.88 billion for the 91-day, NGN20.00 billion for the 182-day, and NGN139.96 billion for the 364-day bills – at respective stop rates of 1.75% (previously 1.74%), 3.00% (unchanged), and 4.45% (previously 4.00%).
Similarly, the average yield stayed flat at 3.6% in the OMO segment.
The Treasury bond secondary market closed on a bullish note, as the average yield contracted by 4bps to 10.6%. Across the benchmark curve, the average yield was flat at the short end; but contracted at the mid (-5bps) and long (-7bps) segments as investors demanded the JUL-2030 (-7bps) and MAR-2036 (-18bps) bonds, respectively.
The naira appreciated by 0.2% to NGN416.17/USD at the I&E window.
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