MON, MAR 04 2024-theGBJournal| Sentiments in the NTB secondary market were bullish, as the average yield contracted by 3bps to 17.2%.
Across the curve, the average yield declined at the short (-1bp), mid (-2bps) and long (-3bps) segments, driven by investors’ interest in the 80DTM (-2bps), 171DTM (-3bps) and 339DTM (-4bps) bills, respectively.
Similarly, the average yield contracted by 3bps to 17.9% in the OMO segment.
Trading in the FGN bond secondary market was relatively quiet, as the average yield remained at 17.1%. Across the curve, the average yield inched higher at the short (+1bp) end, following profit-taking activities on the MAR-2025 (+3bps) bond but was unchanged at the mid and long segments.
At the money market, the overnight lending rate contracted by 70bps to 27.5%, despite the debits for the OMO auction (N1.06 trillion) conducted on Friday.
At the FX market, the naira appreciated by 0.9% to N1,534.19/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
Recall that the value of the Naira to the dollar strengthened by 704 bps week-on-week to print at N1,548.25/$ last week at the Nigerian Autonomous Foreign Exchange Market Window.
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