TUE, OCT 24 2023-theGBJournal|Trading in the NTB secondary market was bullish on Tuesday, as the average yield contracted by 3bps to 6.9%.
Across the curve, the average yield closed flat at the short and mid segments but declined at the long (-6bps) end as market participants demanded the 324DTM (-69bps) bill. Elsewhere, the average yield was unchanged at 12.0% in the OMO segment.
The FGN bond secondary market traded on a quiet note, as the average yield was flat at 14.4%.
Across the benchmark curve, the average yield inched higher at the short (+1bp) end following the sell-off of the JAN-2026 (+6bps) bond. Meanwhile, the average yield was flat at the mid and long segments.
The naira depreciated by 6.4% to N847.77/USD at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The overnight lending rate expanded by 110bps to 3.6%, in the absence of any significant funding pressure on the system.
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