THUR 24 FEB, 2022-theGBJournal-Trading in the NTB secondary market was bearish, as the average yield expanded by 7bps to 3.7%. At yesterday’s NTB auction, the CBN offered NGN115.28 billion for sale with a total subscription of NGN602.65 billion.
Eventually, the CBN allotted NGN258.01 billion – NGN5.36 billion of the 91-day, NGN11.03 billion of the 182-day and NGN241.61 billion of the 364-day bills – at respective stop rates of 2.24% (previously 2.48%), 3.30% (unchanged), and 4.35% (previously 5.20%). Elsewhere, the average yield contracted by 26bps to 4.6% in the OMO segment.
The overnight lending rate expanded by 367bps to 13.2%, following outflows for net NTB issuances (NGN142.73 billion).
The Treasury bond secondary market traded with mixed sentiments, albeit with a bullish tilt, as the average yield pared by 1bp to 11.0%. Across the benchmark curve, the average yield contracted at the short (-1bp) and long (-9bps) ends following demand for the MAR-2024 (-1bp) and MAR-2035 (-8bps) bonds, respectively but expanded at the mid (+13bps) segment as investors sold off the APR-2029 (+53bps) bond.
The naira depreciated by 0.1% to NGN416.25/USD at the I&E window.
Twitter-@theGBJournal|Facebook-The Government and Business Journal|email: gbj@govbusinessjournal.ng|
